Which of the following is a normative statement?

:br

::indent
- A. $\hspace{1em}$ The inflation rate is 2$\%$ higher than last year

- B. $\hspace{1em}$ The economy has grown faster this year than last year
- C. $\hspace{1em}$ The unemployment rate has fallen by 5$\%$
- D. $\hspace{1em}$ The richest 10$\%$ of people own too much wealth 


Which of the following falls within the realm of normative economics?

:br

::indent
- A. $\hspace{1em}$ The use of value judgments

- B. $\hspace{1em}$ The use of models 
- C. $\hspace{1em}$ The use of logic
- D. $\hspace{1em}$ The possibility of refutation


Identify the positive statement from the following choices: 

:br

::indent
- A. $\hspace{1em}$ Public education is provided free by the government.

- B. $\hspace{1em}$ Education must be provided free of charge by the government.
- C. $\hspace{1em}$ The government budget for public education must be increased.
- D. $\hspace{1em}$ Public education ought to be better than private education.


Define the term $\text{\textquotedblleft}$ceteris paribus$\text{\textquotedblright}$.

:br

::indent

- A. $\hspace{1em}$ All other things are held constant forever.

- B. $\hspace{1em}$ All other things are held constant.
- C. $\hspace{1em}$ All other things are unimportant.
- D. $\hspace{1em}$ All other things are equally important.


With regards to the origin of economic ideas in a historical context, which of the following happened in the 19th century?

:br

::indent
- A. $\hspace{1em}$ The Keynesian revolution

- B. $\hspace{1em}$ The Marxist critique of classical economic thought
- C. $\hspace{1em}$ The rise of macroeconomic policy
- D. $\hspace{1em}$ The monetarist/new classical counter revolution


Which of the following is a feature of the $\text{\textquoteleft}$circular economy' which has become more popular in 21st-century economic thought?

:br

::indent
- A. $\hspace{1em}$ Emphasizing repair, refurbishment, and remanufacture

- B. $\hspace{1em}$ Designing products to be replaced after a while 
- C. $\hspace{1em}$ Extracting materials for all new products from the environment
- D. $\hspace{1em}$ Once used, products end up in landfill sites


Say's Law of Markets can be summarised as $\text{\textquoteleft}$supply creates its own demand'. What does this economic principle mean?

:br

::indent
- A. $\hspace{1em}$ If a product is supplied, then households will immediately buy it.

- B. $\hspace{1em}$ If a product is supplied, then households will eventually want it.
- C. $\hspace{1em}$ If a product is supplied, then households will have the income to demand it.
- D. $\hspace{1em}$ If a product is supplied, then households will be dependent on it.


Maximisation of utility assumes:

:br

::indent
- A. $\hspace{1em}$ consumers are rational and that their purchases of goods and services will maximise their satisfaction

- B. $\hspace{1em}$ producers are rational and that they would always maximise their profits
- C. $\hspace{1em}$ governments are rational, and they would always maximise their tax revenues.
- D. $\hspace{1em}$ consumers make choices out of habit


Economic Methodology, History of Economic Thought

Original Data Response Questions to develop skills in analysing and evaluating data that you need for Paper 2 and 3. 

Foundations

Foundations (all)

EC0162

EC0012

EC0160

EC0007

EC0021

EC0014

EC0158

EC0366

EC0370

EC0165

EC0166

EC0161

EC0023

Scarcity, Choice, Opportunity Cost, Production Possibilities Curve, Circular Flow Model

Scarcity, Choice, and the PPC

EC0159

EC0178

EC0011

EC0013

EC0016

EC0179

EC0157

EC0015

How Economists Approach the World

EC0022

EC0163

EC0164

EC0024

Microeconomics Part I

Demand, Supply, and Equilibrium

EC0218

EC0219

EC0216

EC0032

EC0136

EC0223

EC0220

EC0217

EC0133

EC0425

EC0451

EC0446

EC0376a

Elasticities

EC0228

EC0042

EC0034

EC0037

EC0169

EC0167

EC0502hl

EC0374

EC0368

EC0369

EC0376b

Law of Demand, Law of Supply, Determinants of Demand & Supply, Equilibrium, the Price Mechanism, Allocative Efficiency

Demand & Supply, Equilibrium

EC0135

EC0031

EC0033

EC0017

EC0134

EC0018

EC0019

EC0020

EC0215

EC0377a

EC0221

EC0222

EC0224

EC0460

EC0375

EC0559

EC0569

EC0570

EC0571

Price Elasticity of Demand (PED), Income Elasticity of Demand, Price Elasticity of Supply (PES)


EC0041

EC0040

EC0171

EC0096

EC0170

EC0036

EC0038

EC0035

EC0039

EC0043

EC0168

EC0044

EC0225

EC0226

EC0227

EC0229

EC0230

EC0231

EC0232

EC0233

EC0234

EC0235

EC0384a

EC0384b

EC0379a

EC0426

EC0427

EC0531

Behavioural Economics, Alternative Business Objectives

Behavioural Economics

EC0003

EC0004

EC0006

EC0172

EC0001

EC0002

EC0175

EC0005

EC0174

EC0176

EC0177

EC0173

EC0403b

EC0403a

EC0455

EC0456

Microeconomics Part II

Government Intervention

EC0289

EC0137

EC0095

EC0138

EC0140

EC0094

EC0470

EC0439

EC0377b

Market Failure

EC0363

EC0318

EC0303

EC0322

EC0364

EC0101

EC0321

EC0317

EC0092

EC0510

EC0442

EC0407a

Market Power

EC0274

EC0275

EC0360

EC0358

EC0273

EC0281

EC0277

EC0279

EC0278

EC0353

EC0356

EC0359

EC0355

EC0352

EC0473

EC0472

Taxes, Subsidies, Price Controls, Impact of Government Intervention

EC0142

EC0144

EC0141

EC0143

EC0139

EC0093

EC0290

EC0291

EC0292

EC0293

EC0432

EC0294

EC0295

EC0407b

EC0567b

EC0407

EC0420

EC0567a

Negative Externalities, Positive Externalities, Common Pool Resources, Public Goods, Asymmetric Information, Equity

IB Economics HL - Questionbank

How Economists Approach the World

Question 1

Question 2

Question 3

Question 4

Question 5

Question 6

Question 7

Question 8

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