Exam Practice

Topics: Supply and demand, Economics, Inflation Pages: 22 (7233 words) Published: July 12, 2013
Exam practice: paper 1 (SL and HL)
Introduction to paper 1
Paper 1 has the same structure for both standard and higher levels.

Paper 1: SL and HL Duration of paper 1 Focus and structure of paper 1 1 hour and 30 minutes Section A focuses on section 1 of the syllabus (microeconomics). Students must answer one question from a choice of two. Section B focuses on section 2 of the syllabus (macroeconomics). Students must answer one question from a choice of two. Structure of questions and marks earned in paper 1 Each question consists of two parts, (a) and (b). Students must answer both parts. Part (a) earns a maximum of 10 marks, and part (b) a maximum of 15 marks, making a total of 25 marks for the question. Assessment objectives in paper 1 Part (a) of the questions examines assessment objectives 1, 2 and 4. Part (b) of the questions examines assessment objectives 1, 2, 3 and 4. Maximum marks earned in paper 1, and percentage in total IB Economics grade Since the student must answer two questions, paper 1 earns a maximum of 50 marks. Paper 1 accounts for 40% of the student’s overall grade at standard level, and 30% of the student’s overall grade at higher level.

Organisation of paper 1 questions in the CD-ROM
Paper 1 questions are organised by section, i.e. section A on microeconomics followed by section B on macroeconomics, and by chapter within each section. This makes it easier for you to practise exam questions as you study each chapter in the textbook. The syllabus consists of ‘SL/HL core’ topics, which are topics that are common to both SL and HL, and of HL topics that are for HL only. Corresponding to this division, the questions in each chapter have been divided into ‘SL/HL core’, which should be attempted by all students at both SL and HL, and ‘HL’ which should be attempted by HL students.

(HL students may note that some chapters may not have any HL questions; this is because there are no HL topics in these chapters that are examined in HL paper 1.) You will notice that in each chapter there are more part (a) questions than part (b) questions. The reason for this is that the syllabus contains more learning outcomes with command terms that correspond to assessment objective 2, which is the one most commonly used for part (a) questions. (For example, Chapter 2 has no command terms at all corresponding to assessment objective 3, and therefore no part (b) questions.) Note that you will find markschemes to many of the paper 1 questions on the teacher support website at ibdiploma.cambridge.org.

© Cambridge University Press 2012

Economics for the IB Diploma

1

Exam practice: paper 1 (SL and HL)

Paper 1 section A: Microeconomics
Chapter 2 Competitive markets: demand and supply
SL/HL core topics (SL paper 1 and HL paper 1) Part (a) questions 2.1 (a) Explain the meaning of the law of demand, and using examples and diagrams, distinguish between movements along and [10 marks] shifts of the demand curve. 2.2 (a) Explain the meaning of the law of supply, and using examples and diagrams, distinguish between movements along and [10 marks] shifts of the supply curve. 2.3 (a) ‘Quantity demanded increases as price falls. Yet as demand falls, price falls.’ Using diagrams, explain whether these two statements contradict each other. [10 marks] 2.4 (a) ‘Quantity supplied increases as price increases. Yet as supply increases, price falls.’ Using diagrams, explain whether these two statements contradict each other. [10 marks] 2.5 (a) You observe that over time, the number of computers produced and sold increases, and the price of computers falls. Using diagrams, explain whether this violates the law of [10 marks] supply. 2.6 (a) You observe that over a period of some years the price of strawberries has increased, and the quantity of strawberries consumers buy has also increased. Using diagrams, explain whether this violates the law of demand. [10 marks] 2.7 (a) In the standard demand and supply analysis, an increase...
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