With only 24 hours to go before the first IB economics exam I will post through the day a series of 10 question quizzes to see how well you have revised. The first one is from section 1 of the syllabus and is suitable for both higher and standard level students.

1) Define macroeconomics

2) Give an normative economic statement. Why is your chosen statement normative?

3) What is meant by the term ceteris paribus? Give an example

4) State the four factors of production

5) Define the term opportunity cost

6) Explain the difference between a free and economic good

7) Draw a production possibilities curve to illustrate the concept of opportunity cost

8) What is the basic economic problem?

9) Explain the difference between a centrally planned and free market economy. Use real world examples.

10) Briefly outline the difference between economic growth and economic development.