Practice Definition (4.1) - Microeconomics - IB 10 Individuals & Societies

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10 questions

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6 sample questions

Question 1.
Define microeconomics.
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Focus on the scale of study.
Question 2.
What does scarcity refer to?
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Think about wants versus needs.
3Question 3.
What does microeconomics study?
- National policies
- Individual and firm decisions
- Global economics
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Remember the scale of analysis.
4Question 4.
True or False: Opportunity cost is the benefit gained from the chosen option.
- True
- False
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Consider what you give up, not the choice itself.
Question 5.
Provide a real-life scenario where you had to choose between two items due to limited funds. Explain the opportunity cost associated with your choice.
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Think about a recent purchase you made.
Question 6.
Evaluate how a sudden increase in the price of gasoline might affect consumer demand for hybrid cars. Discuss the factors that come into play.
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Consider how price changes influence consumer behavior.

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