Quick Quiz (2)

A quick 10 questions from section 2 of the syllabus aimed at higher and standard level students.

1) Define demand

2) State three factors that determine demand

3) Define supply

4) Use a supply and demand diagram to show the effect on a subsidy given to the producer

5) Draw a diagram to illustrate a maximum price

6) Define using the relevant formula price elasticity of demand.

7) For a luxury product what value would you expect to find in terms of income elasticity of demand?

8) Use a diagram to illustrate the importance of elasticity for a firm producing an elastic product in terms of pricing decisions and total revenue.

9) Explain the concepts of substitutes and complements using cross elasticity of demand.

10) Draw a buffer stock diagram

The New IB Economics Course (1) [8 Sep 2011]
Diagrams [28 Apr 2011]
U6th IB Economists [21 Mar 2011]
The Final Countdown [19 Mar 2010]
Last minute advice… [11 May 2009]
Quick Quiz (6) [11 May 2009]
Quick Quiz (5) [10 May 2009]
Quick Quiz (4) Market Failure [10 May 2009]
Quick Quiz (3) Higher Level Only [10 May 2009]
Quick Fire Quizzes [10 May 2009]
Paper 2 ( Standard) and Paper 3 (Higher) [4 May 2009]
Paper 2 Higher Level [3 May 2009]
Paper 1- The Essay [3 May 2009]
Common Exam Topic [29 Apr 2009]
Diagrams [29 Apr 2009]
IB Economics Exams - 2 Weeks to Go [26 Apr 2009]
Calling all Upper Sixth Economists [29 Mar 2009]

TEACHER RESOURCE NEWSLETTER FOR IB DIPLOMA - ADD YOUR DETAILS