Unit 2: Microeconomics
Topic 2.4: Critique of the Maximizing Behaviour of Consumers and Producers Questions
Practice 20 exam-style questions for IB Economics Topic 2.4. Review the question stems below, then unlock the full Question Bank to access markschemes, model answers, and AI grading.
11 mark
Rational consumer behaviour assumes that consumers:
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Rational producer behaviour assumes that firms:
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2026
Define the term bounded self-control.
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2026
Define the term rational consumer choice.
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Explain the concept of rational producer behaviour.
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Explain how bounded rationality challenges the traditional economic assumption of rational behaviour.
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2026
Define the assumption of rational consumer behaviour in microeconomic models.
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Explain how default options work as nudges and why they are effective.
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Explain what a nudge is and give two examples of nudges used in policy.
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The concept of marginal utility is important because:
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The assumption of rationality in economics implies that:
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2026
Distinguish between maximising behaviour and satisficing behaviour.
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Explain the concept of diminishing marginal utility and how it relates to the demand curve.
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Explain the concept of loss aversion and give an example of how it affects economic behaviour.
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Bounded rationality, as proposed by Herbert Simon, means that:
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