Quick Quiz (3) Higher Level Only

Ten questions for higher level students on section 2 from the syllabus.

1) Explain the law of diminishing returns

2) Draw a diagram to show economies of scale.

3)Explain the difference between abnormal and normal profit

4) Explain the difference between accounting and abnormal profit

5) State two other firm objectives aside from profit maximization

6) Draw the long run equilibrium position for a firm in perfect competition

7) Explain what is meant by ‘shut down’ price.

8) Outline the key features of a ‘contestable market’.

9) Outline the three main forms of price discrimination

10) Explain the difference between productive, allocative and dynamic efficiency

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 (2) [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]

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