Practice What Is Microeconomics? (1) - Microeconomics - IB 10 Individuals & Societies

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10 questions

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5 cards from this section. Quick, good the night before a test.
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6 questions · about 4 min · pass mark 70%. Hints available.
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Quiz
4 questions · about 3 min · pass mark 70%. Hints available.
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6 sample questions

Question 1.
Define microeconomics.
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Think about what microeconomics focuses on.
Question 2.
What is opportunity cost?
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Consider what you give up when making a decision.
3Question 3.
What does microeconomics study?
- National economic policies
- Individual and firm behavior
- Global trade
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Consider the level of analysis in economics.
4Question 4.
True or False: Scarcity means resources are unlimited.
- True
- False
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Think about the definition of scarcity.
Question 5.
Imagine you are a farmer deciding between planting corn or potatoes. If the demand for corn increases sharply but the price of potatoes remains steady, how does this affect your decision-making regarding opportunity cost?
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Consider the potential earnings from each crop.
Question 6.
Suppose a new technology allows firms to produce goods at a lower cost. Discuss how this would influence the supply curve and market equilibrium in that industry.
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Think of the relationship between production costs and supply.

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