Practice Resource allocation 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?
Which of the following sets of concepts can be illustrated using a production possibilities frontier (PPF)?
Why might a government intervene in a largely market-based economy?
When an economy is operating at a point located directly on the Production Possibilities Frontier (PPF) curve, it is described as being:
According to economic theory, which of the following is a specific reason why a government might intervene in a market-based economy to alter its outcomes?
What is the primary function of an economic system?
What was the primary purpose of using command-like organization, such as slavery, in many ancient economies?
In a market economy, producers are incentivized to respond to consumer preferences because higher demand can lead to increased __________.
True or False: A central planning authority in a command economy can easily set efficient prices because the information required for production decisions remains static and unchanging.
What movement on a Production Possibility Frontier (PPF) would be caused by improvements in technology or economic growth?