IGCSE Economics Final Exam Review
Questions And Answers 2026 Guaranteed
A+
D
O
N
O
T
Definition of opportunity cost - ANSWER-the cost of the
C
next best opportunity forgone
O
The effects of opportunity cost on workers -
PY
ANSWERspecialization
The production possibility curve represents - ANSWERthe
maximum combination of products that can be produced in
an economy
,How can a country be on its PPC? - ANSWER-All
resources are used; there is efficiency (in the use of
resources)
A movement along the PPC results in -
ANSWERopportunity cost
in order for the PPC to shift outwards, there must be -
D
ANSWER-economic growth
O
N
The two ways for economic growth are -
ANSWERIncrease in the quality (of the factors of
O
production);
T
Increase in the quantity (of the factors of production)
C
The market system refers to - ANSWER-the method of
O
allocating scarce resources through (the market forces of)
PY
demand and supply
Markets consist of - ANSWER-buyers and sellers
The market system is also known as - ANSWER-the price
mechanism
,the market system establishes - ANSWER-market
equilibrium
market equilibrium is when - ANSWER-demand equals
supply
market disequilibrium occurs when - ANSWER-the market
price is either above or below the equilibrium price
D
O
if the price of a product is above the equilibrium price there
will be a - ANSWER-surplus
N
O
if the price of a product is below the equilibrium price there
T
will be a - ANSWER-shortage
C
O
The price mechanism refers to - ANSWER-the system of
relying on (the market forces of) supply and demand to
PY
allocate resources
In the market system, (sector) decides on the fundamental
questions regarding production - ANSWER-the private
sector
, Features of the market system include - ANSWER-There
is no government interference in economic activities;
Products are allocated on the basis of price; The allocation
of resources is based on financial incentives; competition
creates choice and opportunities for firms and private
individuals
Definition of Micro-Economics - ANSWER-The study of
particular markets and sections of the economy (rather
D
than the economy as a whole)
O
N
Microeconomics is concerned with - ANSWER-the
(economic) factors that affect choices and the effects of
O
changes (in these factors) on decision makers
T
C
Microeconomics tends to use (something) rather than
O
(something) to explain (something) - ANSWER-theory;
empirical evidence; changes (in individual markets and
PY
industries)
Definition of Macro-Economics - ANSWER-The study of
economic behavior and decision making in the whole
economy (rather than individual segments of the
economy)
Questions And Answers 2026 Guaranteed
A+
D
O
N
O
T
Definition of opportunity cost - ANSWER-the cost of the
C
next best opportunity forgone
O
The effects of opportunity cost on workers -
PY
ANSWERspecialization
The production possibility curve represents - ANSWERthe
maximum combination of products that can be produced in
an economy
,How can a country be on its PPC? - ANSWER-All
resources are used; there is efficiency (in the use of
resources)
A movement along the PPC results in -
ANSWERopportunity cost
in order for the PPC to shift outwards, there must be -
D
ANSWER-economic growth
O
N
The two ways for economic growth are -
ANSWERIncrease in the quality (of the factors of
O
production);
T
Increase in the quantity (of the factors of production)
C
The market system refers to - ANSWER-the method of
O
allocating scarce resources through (the market forces of)
PY
demand and supply
Markets consist of - ANSWER-buyers and sellers
The market system is also known as - ANSWER-the price
mechanism
,the market system establishes - ANSWER-market
equilibrium
market equilibrium is when - ANSWER-demand equals
supply
market disequilibrium occurs when - ANSWER-the market
price is either above or below the equilibrium price
D
O
if the price of a product is above the equilibrium price there
will be a - ANSWER-surplus
N
O
if the price of a product is below the equilibrium price there
T
will be a - ANSWER-shortage
C
O
The price mechanism refers to - ANSWER-the system of
relying on (the market forces of) supply and demand to
PY
allocate resources
In the market system, (sector) decides on the fundamental
questions regarding production - ANSWER-the private
sector
, Features of the market system include - ANSWER-There
is no government interference in economic activities;
Products are allocated on the basis of price; The allocation
of resources is based on financial incentives; competition
creates choice and opportunities for firms and private
individuals
Definition of Micro-Economics - ANSWER-The study of
particular markets and sections of the economy (rather
D
than the economy as a whole)
O
N
Microeconomics is concerned with - ANSWER-the
(economic) factors that affect choices and the effects of
O
changes (in these factors) on decision makers
T
C
Microeconomics tends to use (something) rather than
O
(something) to explain (something) - ANSWER-theory;
empirical evidence; changes (in individual markets and
PY
industries)
Definition of Macro-Economics - ANSWER-The study of
economic behavior and decision making in the whole
economy (rather than individual segments of the
economy)
