Economics HL
IB Questions
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Question 1 of 5
Explain how innovation in technology and improvements in labor skills through education can affect the production possibilities curve (PPC) of an economy.
Evaluate the role of government policies in promoting innovation and increasing workforce skills as a means of achieving sustainable economic development.
Question 2 of 5
Explain how the concept of opportunity cost affects a firm's decision to invest in new technology in a competitive market.
Evaluate the effectiveness and potential drawbacks of government subsidies for encouraging innovation and technological advancements in industries with high initial capital costs.
Question 3 of 5
Define and explain the concept of opportunity cost in economic decision-making. Provide examples to illustrate your explanation.
Discuss how different economic systems address the issue of scarcity and resource allocation. Consider planned economies, market economies, and mixed economies in your discussion.
Question 4 of 5
Explain the concept of opportunity cost and illustrate it using a diagram of a firm operating under increasing returns to scale.
Discuss the effectiveness and ethical considerations of using price discrimination as a strategy by firms in monopolistic markets.
Question 5 of 5
Explain how the concept of opportunity cost might impact government decision-making in allocating resources to healthcare.
Evaluate the potential impact of implementing protectionist policies on a country's trade balance.