Practice Economic Decision-Making and Production with authentic MYP MYP Individuals & Societies exam questions for both SL and HL students. This question bank mirrors Paper 1, 2, 3 structure, covering key topics like core principles, advanced applications, and practical problem-solving. Get instant solutions, detailed explanations, and build exam confidence with questions in the style of MYP examiners.
Which of the following best describes the factor of production referred to as 'land' in the context of resource allocation?
Fill in the Blank: When an entrepreneur develops a synthetic alternative to a rare mineral, they are effectively __________ the impact of scarcity through innovation.
Mexico can produce 350 avocados while Panama can only produce 150. 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)?
Scarcity is a fundamental economic problem because while the resources used for production are finite, human needs and wants are ___________.
True or False: According to the text, 'working harder' is the most significant long-term factor for increasing a country's national income.
Who held the primary control over land in the feudal economic systems of Medieval Europe, Japan, and Russia?
Slavery is described as an economic system where individuals are compelled to work through __________ to achieve goals like crop production or construction.
In the talent show analogy for a market economy, what does the 'audience response' represent?
Which of the following pairs would both be categorized under the factor of production 'Land'?
Practice Economic Decision-Making and Production with authentic MYP MYP Individuals & Societies exam questions for both SL and HL students. This question bank mirrors Paper 1, 2, 3 structure, covering key topics like core principles, advanced applications, and practical problem-solving. Get instant solutions, detailed explanations, and build exam confidence with questions in the style of MYP examiners.
Which of the following best describes the factor of production referred to as 'land' in the context of resource allocation?
Fill in the Blank: When an entrepreneur develops a synthetic alternative to a rare mineral, they are effectively __________ the impact of scarcity through innovation.
Mexico can produce 350 avocados while Panama can only produce 150. 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)?
Scarcity is a fundamental economic problem because while the resources used for production are finite, human needs and wants are ___________.
True or False: According to the text, 'working harder' is the most significant long-term factor for increasing a country's national income.
Who held the primary control over land in the feudal economic systems of Medieval Europe, Japan, and Russia?
Slavery is described as an economic system where individuals are compelled to work through __________ to achieve goals like crop production or construction.
In the talent show analogy for a market economy, what does the 'audience response' represent?
Which of the following pairs would both be categorized under the factor of production 'Land'?