780 exam-style questions with answers and explanations, organised by the official syllabus. Try the samples below, then practise the full bank free.
Which of the following is NOT a factor of production?
Answer: money
The four factors are land, labour, capital and enterprise. Money is a medium of exchange, not a productive resource.
Which of the following would shift the demand curve for coffee to the right?
Answer: higher incomes, coffee a normal good
Higher incomes raise demand for a normal good (shift right). A cheaper substitute or bad health news would shift coffee demand left; a price change is a movement along.
Which of the following is an injection into the circular flow of income?
Answer: investment
Injections are investment, government spending and exports. Saving, taxation and imports are leakages (withdrawals).
The imposition of a tariff on an imported good will typically
Answer: raise the domestic price and reduce imports
A tariff raises the price of imports, so domestic price rises, imports fall, domestic production rises, and consumer surplus falls.
780 IB Economics questions — free with an account. Spaced repetition, streaks and full exam simulations included.
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