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100+ Free IB Economics SL Practice Questions

Pass your IB Diploma Economics Standard Level exam on the first try — instant access, no signup required.

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Key Facts: IB Economics SL Exam

2022

First exams current syllabus

IB Economics subject guide

150 hours

Recommended teaching time

IB Economics SL guide

30%

Internal Assessment weighting

IB Economics subject guide

100

Free practice questions here

OpenExamPrep

IB Economics SL is assessed via Paper 1 (extended-response, 1h 15min, 30%) and Paper 2 (data response, 1h 45min, 40%), plus an Internal Assessment portfolio of three commentaries on news articles (30%). The syllabus, first examined in 2022, is built around four units and nine key concepts spanning micro, macro, and global economics.

Sample IB Economics SL Practice Questions

Try these sample questions to test your IB Economics SL exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Which statement best defines the fundamental economic problem?
A.Unlimited wants combined with scarce resources
B.Inflation rising faster than wages
C.Persistent unemployment in developing economies
D.Imbalance between exports and imports
Explanation: Scarcity arises because human wants are unlimited but the resources to satisfy them (land, labour, capital, enterprise) are finite. Every economic system exists to address this gap by deciding what, how, and for whom to produce.
2Which of the following is best classified as the factor of production 'capital'?
A.A new bakery oven owned by the firm
B.Shares in a listed company held by an investor
C.A worker's monthly wage payment
D.A bank loan taken out to expand the firm
Explanation: In economics, capital refers to physical goods used to produce other goods - machines, tools, buildings, ovens. Shares and loans are financial capital, not the economic factor of production.
3An economy moves from point A inside its PPC to point B on the PPC. This best illustrates
A.A reduction in unemployment of resources
B.Long-run economic growth
C.A worsening of the terms of trade
D.A fall in the labour force
Explanation: Points inside the PPC indicate idle or under-employed resources. Moving onto the curve uses those resources fully, so the move shows a reduction in unemployment, not a shift of the curve outward (which would be growth).
4Sara has two hours and can either revise economics or work a part-time job earning $15 an hour. The opportunity cost of choosing to revise is
A.$30 of forgone earnings
B.Two hours of leisure time
C.The mark she might gain in the exam
D.Zero because revision is free
Explanation: Opportunity cost is the value of the next best alternative forgone. Choosing two hours of study means giving up two hours x $15 = $30 of wages, the best alternative use of the time.
5Which of the following is a positive economic statement?
A.A 10% tariff on steel raised import prices by 8% last year
B.The government should reduce inequality through higher taxes
C.Free healthcare is a fundamental human right
D.It is unfair that food prices have risen so quickly
Explanation: A positive statement describes what is and can be tested with evidence. The 10% tariff and 8% price effect is empirically verifiable. The others contain value judgements (should, fair, right) and are normative.
6In a pure free-market (laissez-faire) economic system, the key allocator of resources is
A.The price mechanism through demand and supply
B.The central planning ministry of the state
C.An international organisation such as the IMF
D.Traditional customs and inheritance
Explanation: In a free market, prices signal scarcity and preferences. Rising prices ration goods and incentivise extra supply; falling prices do the opposite. No central authority decides what is produced.
7Which of the following best describes the IB key concept 'interdependence'?
A.Economic actors and economies rely on one another through markets and trade
B.Resources are insufficient to satisfy all wants
C.Output per unit of input rises over time
D.Wealth and income are distributed fairly across society
Explanation: Interdependence captures how households, firms, governments, and countries depend on each other in circular flow, supply chains, and global trade. Decisions by one agent affect others, a recurring IB key concept.
8The reward to the factor of production 'enterprise' is
A.Profit
B.Wage
C.Rent
D.Interest
Explanation: Entrepreneurs combine the other factors of production and bear risk; their reward is profit. Wage rewards labour, rent rewards land, and interest rewards capital lent.
9A country's PPC shifts outward primarily because of
A.An increase in the quantity or quality of factors of production
B.A short-run reduction in unemployment
C.A rise in the average price level
D.Higher consumer confidence boosting demand
Explanation: Outward shifts of the PPC require more or better resources - extra labour, more capital, technological progress, or improved land. Cyclical changes in unemployment or demand move the economy along or toward the existing curve but do not shift it.
10Which IB key concept refers to producing the maximum output from a given set of resources?
A.Efficiency
B.Equity
C.Sustainability
D.Choice
Explanation: Efficiency in IB Economics relates to using resources so that the maximum benefit (output, satisfaction) is achieved with the least waste. Equity is about fairness, sustainability about the long-run environment, and choice about decisions under scarcity.

About the IB Economics SL Exam

IB Diploma Economics Standard Level is a Group 3 individuals and societies course on the syllabus first examined in May 2022. Content is organised around four units (Introduction to Economics, Microeconomics, Macroeconomics, and The Global Economy) and woven around nine key concepts: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence, and intervention. Assessment combines two written papers with a portfolio Internal Assessment of three article commentaries.

Questions

100 scored questions

Time Limit

Paper 1: 1h 15min, Paper 2: 1h 45min, plus Internal Assessment portfolio

Passing Score

Grade 4 commonly used as a pass; grades 1-7 awarded (7 highest)

Exam Fee

School-set entry fee (varies by school and country) (International Baccalaureate Organization (IBO))

IB Economics SL Exam Content Outline

~10%

Unit 1: Introduction to Economics

The economic problem of scarcity and choice, opportunity cost, factors of production (land, labour, capital, enterprise) and their rewards, the production possibilities curve (PPC), economic systems (free market, planned, mixed), positive vs normative economics, and the nine key concepts (scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence, intervention)

~30%

Unit 2: Microeconomics

Demand and supply, market equilibrium and price mechanism, consumer and producer surplus, price elasticity of demand (PED) and its determinants and total revenue, cross-price elasticity (XED), income elasticity (YED), price elasticity of supply (PES), market structures basics, market failure (negative and positive externalities of production and consumption, public goods, merit and demerit goods, asymmetric information), government intervention (indirect taxes specific and ad valorem, subsidies, price ceilings, price floors, direct provision, regulation)

~30%

Unit 3: Macroeconomics

Measuring economic activity (GDP, GNI, real vs nominal, per capita, OECD Better Life and HDI alternatives), aggregate demand (C+I+G+(X-M)) and aggregate supply (SRAS, LRAS, classical and Keynesian), the Keynesian multiplier 1/(1-MPC), macroeconomic objectives (growth, low unemployment, low and stable inflation around 2%, equity), unemployment types (frictional, structural, cyclical, seasonal), inflation (CPI, demand-pull vs cost-push, hyperinflation), deflation, fiscal policy (direct vs indirect taxes, government spending), monetary policy (central bank interest rates), supply-side policy (market-based and interventionist)

~30%

Unit 4: The Global Economy

International trade and comparative advantage (Ricardo), terms of trade, benefits and costs of free trade, protectionism (tariffs, quotas, subsidies, embargoes, administrative barriers) and arguments for and against, balance of payments (current, capital, financial accounts), exchange rates (fixed, floating, managed) and appreciation/depreciation effects, Marshall-Lerner condition, globalisation and multinationals, economic integration (PTA, FTA, customs union, common market, economic union), WTO/IMF/World Bank, economic development indicators (HDI, Gini, MPI), barriers to development (poverty cycle, debt, conflict), development strategies (aid, FDI, trade, microfinance), sustainability and SDGs

How to Pass the IB Economics SL Exam

What You Need to Know

  • Passing score: Grade 4 commonly used as a pass; grades 1-7 awarded (7 highest)
  • Exam length: 100 questions
  • Time limit: Paper 1: 1h 15min, Paper 2: 1h 45min, plus Internal Assessment portfolio
  • Exam fee: School-set entry fee (varies by school and country)

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 SL Study Tips from Top Performers

1Learn IB command terms precisely (define, explain, discuss, evaluate) - markschemes reward the level of analysis demanded
2Practise drawing fully labelled diagrams (demand/supply, externalities, AD/AS, tariff) - examiners reserve marks specifically for correct diagrams
3Use real-world examples (RWEs) in every essay - the syllabus expects current, specific case studies rather than generic statements
4Weave the nine key concepts (scarcity, choice, efficiency, equity, well-being, sustainability, change, interdependence, intervention) into your analysis

Frequently Asked Questions

When was the current IB Economics syllabus first examined?

The current IB Economics syllabus was first examined in May 2022. It replaces the previous (2013) syllabus and is built around four units and nine key concepts that thread through every topic.

How is IB Economics SL assessed?

IB Economics SL is assessed by Paper 1 (extended-response questions on microeconomics and macroeconomics, 1 hour 15 minutes, 30%) and Paper 2 (data-response question on international economics and development, 1 hour 45 minutes, 40%), plus an Internal Assessment portfolio of three commentaries on news articles worth 30%.

What is the difference between IB Economics SL and HL?

HL covers all SL content plus HL-only quantitative material and an additional Paper 3 policy paper requiring calculations and policy recommendations. HL has 240 teaching hours compared with 150 hours at SL.

When are IB Economics exams sat?

IB Diploma exams are held in May (Northern Hemisphere schools) and November (Southern Hemisphere schools). Results are released in early July or early January respectively.