Question 1
What is the primary definition of opportunity cost in economic decision-making?
Correct Answer:
The value of the next best alternative forgone when a choice is made
Question 2
Which of the following causes a movement along a product's demand curve rather than a shift of the demand curve?
Correct Answer:
A change in the price of the product itself
Question 3
If the price of a product increases by 10% and quantity demanded falls by 15%, what is the price elasticity of demand (PED)?
Correct Answer:
-1.50 (Elastic)
Question 4
If a product has a negative Income Elasticity of Demand (YED < 0), how is this product classified?
Correct Answer:
An inferior good
Question 5
If the Cross Price Elasticity of Demand (XED) between Good X and Good Y is -2.5, what is the economic relationship between Good X and Good Y?
Correct Answer:
Good X and Good Y are strong complements
Question 1
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Prepare with the European Baccalaureate Economics Practice Questions - European Baccalaureate Economics Exam practice quiz. This question bank includes 100 questions covering price, market, economic, curve, and good. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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European Baccalaureate Economics Practice Questions - European Baccalaureate Economics Exam

This practice set contains 100 questions from the matching question bank and focuses on price, market, economic, curve, and good. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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