Unit 1: Introduction to Economics
Topic 1.1: What is Economics? Questions
Practice 20 exam-style questions for IB Economics Topic 1.1. Review the question stems below, then unlock the full Question Bank to access markschemes, model answers, and AI grading.
11 mark
Most real-world economies are best described as:
Markscheme and model answer locked
Unlock Question2define1 mark
2026• vault
Define the term opportunity cost.
Markscheme and model answer locked
Unlock Question31 mark
A student has two hours of free time and can either study for an exam or play football. If the student chooses to study, the opportunity cost is:
Markscheme and model answer locked
Unlock Question41 mark
The three basic economic questions that every society must answer are:
Markscheme and model answer locked
Unlock Question61 mark
A student has two hours of free time and can either study for an exam or play football. If the student chooses to study, the opportunity cost is:
Markscheme and model answer locked
Unlock Question7outline2 marks
2026• vault
Outline the difference between a consumer good and a capital good.
Markscheme and model answer locked
Unlock Question8outline3 marks
2026• vault
Outline the three basic economic questions that all economies must answer.
Markscheme and model answer locked
Unlock Question91 mark
A government decides to spend more on military equipment and less on education. This is an example of:
Markscheme and model answer locked
Unlock Question11define1 mark
2026• vault
Define the term opportunity cost.
Markscheme and model answer locked
Unlock Question131 mark
A government decides to spend more on military equipment and less on education. This is an example of:
Markscheme and model answer locked
Unlock Question14distinguish2 marks
2026• vault
Distinguish between a free good and an economic good.
Markscheme and model answer locked
Unlock Question15outline3 marks
2026• vault
Outline the three basic economic questions that all economies must answer.
Markscheme and model answer locked
Unlock Question16define2 marks
2026• vault
Define the term price mechanism.
Markscheme and model answer locked
Unlock Question17define1 mark
2026• vault
Define the term free good.
Markscheme and model answer locked
Unlock Question19outline2 marks
2026• vault
Outline the difference between a consumer good and a capital good.
Markscheme and model answer locked
Unlock QuestionReady to practice Topic 1.1?
Get instant AI feedback on your answers, view detailed markschemes, and track your progress across all IB Economics topics.
Start Practising Now