DP IB Economics: HL
Exam Questions

Economics as a Social Science, The Problem of Choice, The Production Possibilities Curve Model (PPC), Modelling the Economy

Economic Methodology, Economic Thought

Demand, Price & Quantity, Non-Price Determinants of Demand

Supply, Price & Quantity, Non-Price Determinants of Supply

Market Equilibrium & Disequilibrium, Functions of the Price Mechanism, Consumer & Producer Surplus

Rational Consumer Choice, Behavioural Economics in Action, Business Objectives

Price Elasticity of Demand (PED), The Significance of PED, Income Elasticity of Demand (YED)

Understanding Price Elasticity of Supply (PES)

Reasons for Government Intervention in Markets, Government Intervention: Indirect Taxes & Subsidies, Government Intervention: Price Controls, Government Intervention: Direct Provision, Regulation & Nudges

Market Failure, Negative Externalities, Positive Externalities, Common Pool (Access) Resources, Government Intervention to Address Market Failure, Other Interventions to Address Market Failure

Public Goods

Asymmetric Information

An Introduction to Market Structures, Profit Maximisation, Market Power & Perfect Competition, Market Power & Monopolies, Market Power & Oligopolies, Market Power & Monopolistic Competition, Market Power & Government Intervention

Markets Cause Inequality

National Income & the Circular Flow of Income, National Income Terminology & Calculations, The Business Cycle, Appropriateness of Using GDP/GNI to Measure Well-being, Alternative Measures of Well-being

Aggregate Demand (AD), Short-run Aggregate Supply (SRAS), Alternative Views of Aggregate Supply (AS), Shifts of the Long-run Aggregate Supply (LRAS), Macroeconomic Equilibrium

An Introduction to Macroeconomic Objectives, Economic Growth, Low Unemployment, Low & Stable Rate of Inflation, Sustainable Levels of Government Debt, Potential Conflicts Between Macroeconomic Objectives

Measuring Inequality & Poverty, Causes Of Inequality & Poverty, Using Taxation to Reduce Inequality & Poverty, Other Policies to Reduce Inequality & Poverty

An Overview of Monetary Policy, The Tools of Monetary Policy

An Overview of Fiscal Policy, The Keynesian Multiplier, An Evaluation of Fiscal Policy

An Overview of Supply-Side Policies, The Effectiveness of Supply-Side Policies

The Advantages of Free Trade, Absolute & Comparative Advantage

Tariffs, Quotas, Export Subsidies, Administrative Barriers

Arguments for & Against Trade Protection

Understanding Economic Integration, Types of Trading Blocs, The World Trade Organisation (WTO)

Types of Exchange Rate Systems, Causes & Consequences of Exchange Rate Fluctuations, Fixed Versus Floating Exchange rate Systems

Components of The Balance Of Payments, Exchange Rates & the Balance Of Payments, Persistent Current Account Deficits, Marshall-Lerner & J-Curve, Persistent Current Account Surpluses

The Sustainable Development Goals, The Relationship Between Sustainability & Poverty

Single Indicators of Development, Composite Indicators of Development, Evaluating the Different Approaches

Poverty Traps, Economic, Political & Social Barriers

Trade Strategies, Diversification & Social Enterprise, Market-Based & Interventionist Policies, Merit Goods & Inward Foreign Direct Investment, Foreign Aid & Development Assistance, Institutional Change, Evaluating Market Orientated Approaches Versus Government Intervention, Progress Towards Sustainable Development Goals