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Practise MYP Individuals & Societies questions on 2 Economic Decision-making and Production and review the explanations to check your understanding.
Use these questions for topic practice and to find ideas you want to revisit in your notes or lessons.
Fill in the Blank: When an entrepreneur develops a synthetic alternative to a rare mineral, they are effectively __________ the impact of scarcity through innovation.
In one day, Mexico can produce either 350 avocados or 70 blenders. Panama can produce either 150 avocados or 50 blenders. Mexico can produce more of both goods. However, Panama might still benefit from trade because it has a lower opportunity cost in producing:
What characterizes a point that lies exactly on the curve of a Production Possibilities Frontier (PPF)?
True or False: 'Working harder' is the most significant long-term factor for increasing a country's national income.
Which of the following pairs would both be categorized under the factor of production 'Land'?
ignoring
measuring
increasing
mitigating
Both goods
Blenders
Avocados
Neither good
The combination is currently unattainable
It represents a state of zero opportunity cost
Resources are being underutilized
It is productively efficient
True
False
A bank loan and a gold mine
A tractor and a farmer
A factory building and its manager
Crude oil and a waterfall