Practice Individual Decision-Making - 1.1 | Chapter: Microeconomics | IB MYP Grade 10: Individuals & Societies - Economics
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1.1 - Individual Decision-Making

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

Define scarcity.

💡 Hint: Think about resources and wants.

Question 2

Easy

What does opportunity cost mean?

💡 Hint: Consider what you forego in making a decision.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What describes the law of demand?

  • A) Price increases lead to increased demand
  • B) Price decreases lead to decreased demand
  • C) Price increases lead to decreased demand
  • D) Price has no effect on demand

💡 Hint: Recall the inverse relationship.

Question 2

True or False: Opportunity cost always involves money.

  • True
  • False

💡 Hint: Consider examples beyond financial decisions.

Solve 1 more question and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

Consider a scenario where a consumer must choose between two job offers. Offer A pays $60,000 with a 1-hour commute, while Offer B pays $50,000 with a 15-minute commute. Calculate the opportunity cost if the individual chooses Offer A, assuming they value their travel time at $20/hour.

💡 Hint: Consider the total time and monetary value related to your choice.

Question 2

Analyze how a government subsidy for organic crops could impact the demand and supply of those products in the market. Explain the potential effects on equilibrium price and quantity.

💡 Hint: Think about how subsidies affect costs and thus production decisions.

Challenge and get performance evaluation