100+ Free IB Economics HL Practice Questions
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Marginal utility is defined as:
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Key Facts: IB Economics HL Exam
1-7
IB grading scale per subject
IBO Diploma Programme
20/30/30/20
Paper 1 / Paper 2 / Paper 3 / IA weighting (%)
IB Economics guide
240 hours
Higher Level guided learning hours
IBO subject brief
100
Free practice questions here
OpenExamPrep
IB Economics HL is graded 1-7 with Paper 1 worth 20%, Paper 2 worth 30%, Paper 3 (HL-only policy paper) worth 30%, and the Internal Assessment portfolio worth 20%. HL covers all SL content plus theory of the firm, Phillips curve, multiplier, Marshall-Lerner, and Paper 3 policy analysis.
Sample IB Economics HL Practice Questions
Try these sample questions to test your IB Economics HL exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.
1Which of the following is NOT one of the nine key concepts of the IB Economics syllabus?
2Behavioural economics challenges the assumption of which classical concept?
3Who coined the term 'nudge' and developed nudge theory?
4Bounded rationality refers to the idea that decision-makers:
5Placing fruit at eye level in a school canteen to increase healthy eating is an example of:
6Confirmation bias is best described as the tendency to:
7A production possibility curve (PPC) shifting outward illustrates which key concept?
8A 'positive' economic statement is one that:
9Setting organ donation to 'opt-out' rather than 'opt-in' to raise donor rates exploits:
10Which of the following best demonstrates the key concept of efficiency?
About the IB Economics HL Exam
IB Economics HL is a Higher Level subject in the IB Diploma Programme assessed through three written papers and an internal assessment portfolio. The current syllabus (first exams 2022) is organised around nine key concepts and four units covering introduction to economics, microeconomics, macroeconomics, and the global economy, with HL students adding theory of the firm, Phillips curve, multiplier, terms of trade, and Marshall-Lerner content plus a quantitative policy-focused Paper 3.
Questions
100 scored questions
Time Limit
4 hours 45 minutes total written exam time across 3 papers
Passing Score
Grade 4 is widely accepted as a pass; full DP requires 24+ points total (1-7 scale per subject)
Exam Fee
Set by school; IBO subject registration fee approx $119 USD per exam (International Baccalaureate Organization (IBO))
IB Economics HL Exam Content Outline
Introduction to economics
Nine key concepts (scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence, intervention), positive vs normative economics, PPC, behavioural economics including biases, bounded rationality, choice architecture, and nudge theory (Thaler and Sunstein)
Microeconomics (HL)
Demand and supply, PED/PES/YED/XED, market failure, plus HL theory of the firm: utility and indifference curves, costs (FC, VC, TC, AC, MC) short-run vs long-run, revenue (TR, AR, MR), profit maximisation MR=MC, perfect competition, monopoly with price discrimination 1st/2nd/3rd degree, monopolistic competition, oligopoly with kinked demand, game theory, Nash equilibrium and prisoner's dilemma
Macroeconomics (HL)
Circular flow with leakages and injections, AD/AS, business cycle, unemployment, inflation, plus HL Phillips curve (SR vs LR, NAIRU, expectations-augmented), multiplier 1/(1-MPC) and accelerator, fiscal multiplier with MPC/MPS/MPM/MPT, monetary policy and quantitative easing, Laffer curve, interventionist vs market-based supply-side policies
The global economy (HL)
Gains from trade, comparative advantage, protectionism (tariffs, quotas, subsidies) with consumer and producer surplus, exchange rate regimes, balance of payments, plus HL terms of trade calculation, Marshall-Lerner condition |PEDx+PEDm|>1, J-curve, economic integration, economic development strategies and Sustainable Development Goals
HL Paper 3 policy analysis
Selecting appropriate policies for given scenarios (demand vs supply-side problems), evaluating fiscal, monetary, supply-side, and trade policy combinations, plus quantitative manipulation of data including multiplier, surplus, and exchange rate calculations
How to Pass the IB Economics HL Exam
What You Need to Know
- Passing score: Grade 4 is widely accepted as a pass; full DP requires 24+ points total (1-7 scale per subject)
- Exam length: 100 questions
- Time limit: 4 hours 45 minutes total written exam time across 3 papers
- Exam fee: Set by school; IBO subject registration fee approx $119 USD per exam
Keys to Passing
- Complete 500+ practice questions
- Score 80%+ consistently before scheduling
- Focus on highest-weighted sections
- Use our AI tutor for tough concepts
IB Economics HL Study Tips from Top Performers
Frequently Asked Questions
What is the format of IB Economics HL?
IB Economics HL has Paper 1 (1h 15min, extended response, 20%), Paper 2 (1h 45min, data response, 30%), Paper 3 (1h 45min, HL-only policy paper with quantitative and policy questions, 30%), plus an Internal Assessment portfolio of three 800-word commentaries on news articles worth 20%.
When are IB Economics exams taken?
IB exams are sat in two annual sessions: May (Northern Hemisphere schools) and November (Southern Hemisphere schools). Results are released in early July and early January respectively.
How is IB Economics HL graded?
Each IB subject is graded on a 1-7 scale, where 7 is the highest. Grade 4 is widely treated as a pass, and the full Diploma requires at least 24 points across six subjects plus core requirements.
What is the difference between IB Economics SL and HL?
HL covers all SL content plus theory of the firm (costs, revenue, perfect competition, monopoly, oligopoly, game theory), Phillips curve, multiplier and accelerator, terms of trade, and Marshall-Lerner. HL also sits Paper 3, a 1 hour 45 minute policy paper with quantitative analysis.