Economics Trivia Quiz: Techniques And Concepts!
There are different ways in which a country or organization can attain economic stability and therefore attain growth where it is located and compared to others. Do you think that you have a good understanding of the techniques and concepts when it comes to economics from your IB Economics HL? Take this quiz on how to write the paper 1.
- 1.
You have one hour to write your Paper 1. Which of the following is the most appropriate time distribution between the different questions?
- A.
Question (a) - 30 minutes. Question (b) - 30 minutes
- B.
Question (a) - 20 minutes. Question (b) - 40 minutes
- C.
Question (a) - 40 minutes. Question (b) - 20 minutes
- D.
Question (a) - 25 minutes. Question (b) - 35 minutes
Correct Answer
D. Question (a) - 25 minutes. Question (b) - 35 minutesExplanation
It is important to plan your test according to how many points are available in each question. Question (a) is worth 10/25 points, which should require (to be exact) 24 minutes of testing time. Thus question (b) should get appr. 36 minutes.Rate this question:
-
- 2.
You receive a paper 1 question as follows: "Explain how a firm operating in an oligopolistic market might attempt to increase its market share" What are the key words that should be either defined or explained in your introduction?
- A.
Firm, oligopoly, market share
- B.
Firm, market share
- C.
Oligopoly, market share
- D.
Oligopoly, attempt
Correct Answer
C. Oligopoly, market shareExplanation
Oligopoly and market share are the key words here, where "oligopoly" requires a proper definition and "market share" a mere description. Don't define "firm", because in this question it is common knowledge.Rate this question:
-
- 3.
Consider the same question: "Explain how a firm operating in an oligopolistic market might attempt to increase its market share" Which one of the following listed ways would not be relevant to discuss?
- A.
Product differentiation to create brand loyalty
- B.
Collusion
- C.
The creation of entry barriers
- D.
The concentration ratio - how to measure market shares
Correct Answer
D. The concentration ratio - how to measure market shares -
- 4.
Consider the following question: "Evaluate the view that producers, and not consumers, are the main beneficiaries of oligopolistic market structures" What does the "evaluate" imply about this question?
- A.
Candidates not referring to negative aspects of oligopoly for consumers cannot reach the top mark band.
- B.
Candidates not referring to negative aspects of oligopoly for producers cannot reach the top mark band.
- C.
Candidates not referring to positive aspects of oligopoly for consumers cannot reach the top mark band.
- D.
Candidates not referring to positive aspects of oligopoly for the government cannot reach the top mark band.
Correct Answer
C. Candidates not referring to positive aspects of oligopoly for consumers cannot reach the top mark band. -
- 5.
Consider this question: "Explain the principle of comparative advantage and the benefits which might arise from free trade" What should the answer include?
- A.
An explanation of how free trade might lead to higher living standards
- B.
An explanation of comparative advantage with a clear reference to opportunity cost
- C.
A distinction between absolute and comparative advantage
- D.
An explanation of how free trade might lead to greater choice for consumers
Correct Answer
B. An explanation of comparative advantage with a clear reference to opportunity costExplanation
All options are relevant but the explanation of comparative advantage is crucial. It is important to note that opportunity cost is a main feature of comparative advantage.Rate this question:
-
- 6.
Consider this question: "Explain how development might be measured" Can an answer only containing full exlanations of two different measures access the top mark band?
- A.
Yes, if the definition of development is included too
- B.
Yes
- C.
No, at least three different measures must always be explained
- D.
Yes, but only if one of them is the Lorenz Curve
Correct Answer
A. Yes, if the definition of development is included tooExplanation
For most paper 1 (a) questions, it is enough to discuss two benefits/methods/measures/whatever, to reach the top mark band. However these discussions must be detailed and any key definitions must not be left out. To be safe, mention a third and a fourth!Rate this question:
-
- 7.
Consider this question: "Evaluate the likely effect of a falling rate of inflation on the performance of an economy" The "evaluate" implies that
- A.
You should not only mention positive effects but also negative effects of a falling inflation rate
- B.
You should pick out the most likely effect - the effect on the balance of payments - and discuss the good and bad sides with this effect
- C.
You should think very hard about this question
Correct Answer
A. You should not only mention positive effects but also negative effects of a falling inflation rate -
- 8.
Consider this question: "The effect of a decrease in aggregate demand on output and the price level depends on the shape of the aggregate supply curve." Explain this statement. What is probably the best way to start the answer to this question?
- A.
Draw two diagrams where the aggregate supply curve have different shapes, and illustrate the effect on price level/output when there is an inward shift of the aggregate demand curve
- B.
Define aggregate demand and aggregate supply
- C.
Distinguish between short run aggregate-supply and long-run aggregate supply
Correct Answer
B. Define aggregate demand and aggregate supplyExplanation
Always start off with the key definitions! Then go ahead and do everything in option (A.) and discuss (C.) only if there is time.Rate this question:
-
- 9.
Consider this question: "Evaluate the importance of membership of a trading bloc for the export performance of a country" Is it relevant at all to discuss the importance of other factors for the export performance of a country?
- A.
No, you must focus on the key word "trading bloc" and show how a membership in one can affect the export performance
- B.
No, because the focus should be on what it means to be a member of a trading bloc
- C.
Yes, because in order to evaluate something's importance, the importance of other factors should be discussed to enable comparisons.
Correct Answer
C. Yes, because in order to evaluate something's importance, the importance of other factors should be discussed to enable comparisons. -
- 10.
Consider this question: "Explain the determinants of price elasticity of demand" - A definition of price elasticity of demand is required here.
- A.
True
- B.
False
Correct Answer
A. True -
Quiz Review Timeline +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
-
Current Version
-
Mar 21, 2022Quiz Edited by
ProProfs Editorial Team -
Mar 30, 2011Quiz Created by
IBLindman
- Cartography Quizzes
- Civics Quizzes
- El112 Quizzes
- English Quizzes
- Geography Quizzes
- History Quizzes
- Humanities Quizzes
- Law Quizzes
- Linguistics Quizzes
- Logic Quizzes
- Math Quizzes
- Philosophy Quizzes
- Political Science Quizzes
- Politics Quizzes
- Science Quizzes
- Social Science Quizzes
- Sociology Quizzes
Back to top