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IB Economics HL 2.4.1 Hl Rational Consumer Choice Questions

Practise IB Economics HL 2.4.1 by explaining utility-maximizing choice, its assumptions and behavioural limits such as bounded rationality and self-control, using marked exam evidence.

Syllabus
First assessment 2022
Course
Economics HL
Level
HL

Exam points

  • Define rational consumer choice as decisions that maximize utility under complete, transitive preferences.
  • Explain the assumptions of consumer rationality, utility maximization and perfect information.
  • Apply behavioural limitations such as bounded rationality, biases and bounded self-control to consumer decisions.

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