What this practice covers
These questions are drawn from past IB Economics papers and filtered to what is economics?. You answer, you find out immediately whether you were right, and you get the reasoning for the correct option and for each distractor. Wrong answers go to a mistakes locker so you can come back to exactly those.
Practice is free. You need an account only so your progress and your mistakes are still there next time.
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What examiners see students get wrong here
These are the errors that cost marks on what is economics?, taken from our own topic notes. Read them before you practise and you will recognise the traps in the questions.
- Confusing scarcity (permanent, universal) with shortage (temporary, market-specific).
- Defining opportunity cost as "what you gave up" rather than the next best alternative forgone.
- Treating money as capital.
- Calling something a free good because its price is zero.
- Describing economic systems as pure types when every real economy is mixed.
- Answering only "what to produce" when asked about the three basic questions.
Revise it first
If any of the above is unfamiliar, work through the notes before practising: What is Economics? revision notes.