Economics DP Mock

Feb 2011

Results

• Average score – 29.5 / 55 = (5)

• Highest score – 43• Lowest score – 13

IB Grade Total (max 55)1 0-42 5-123 13-194 20-265 27-336 34-397 40+

Paper 1

• Average score 9.1 / 15

Questions What on? # answers Average (15)

1 +ve externalities

7 8

2 Interest rates 11 9.6

3 Exchange rates

3 10

4 Globalisation 0 0

Paper 2

• Average 10.4 / 20

Question What on # answers Average (20)

1 Micro 17 8.5

2 Macro 12 12.2

3 International 13 11

4 Development 1 9

Overriding Issues

1. Diagrams2. 4 mark questions3. Timing4. Essay structure5. Evaluation!!!!

DIAGRAMS MUST BE…

Properly labeled

• Each incorrect or absent label is one less mark

Given plenty of room

• Use about 1/3 page for each one.

Done in pen

• Pencil can easily be rubbed out in transit

Not done on a one page at the end

• Incorporate diagrams into answers. Normally straight after the definitions

A good example

4 MARK QUESTIONS

• For 90% of the questions it’s a simple formula:– Definition (2-3 lines)– Diagram (1/3 page)– Explain the diagram (1/2 page)

• A good answer need only take 1 side of IB paper

• Keep it simple. ATBQ set. Don’t try and be clever. Normal the question is fairly basic.

TIMING

Timing

• Essential in every exam• Economics DP exams not that time pressured

– so no excuses!• Paper 1: 10 marker – 15 mins

15 marker – 45 mins• Paper 2: per question – 40 mins

ESSAY STRUCTURE

• 95% of questions are a pro/con or yes/no essay:– Discuss the view that exchange rates are the most

important factor in export sales– Discuss the view there is strong justification for

government intervention in the health market– Evaluate a decision that government placing large

orders is the only way to guarantee supply of treatment

– Evaluate the Fed’s decision to raise interest rates– Evaluate the WTO’s aim for eliminating direct aid

Essay structure

1. Start with definition. Always.– Exchange rates / interest rates / government intervention / export support etc

etc

2. One side of the argument– Come up with one point. Max two.– “There is strong justification for government intervention for two primary

reasons. First…”

3. Other side of the argument– “On the other hand there are other factors other than exchange rates which

impact export sales. The two most notable are…”

4. Evaluation paragraph– Pull it all together. ATBQ– “On balance I would say government bulk buying is not the most effective way

to guarantee supply. This is because…”

The other 5%

• This tends to be a policies question:– “What polices should the government follow to

protect its domestic producers…”• Same as before but with 3 main paragraphs:

1. Definition2. One policy. Explain, look at pros and cons3. Second policy – as above4. Third policy – as above5. Evaluation – which is the best policy and why?

EVALUATION

evaluation was…

• Universally poor• Most of the time not attempted• Often what were attempts at evaluation

paragraphs were little more than summaries and/or recaps

evaluation is…

• If no evaluation the max marks available are:– 8 for 15 mark essay– 5 for 8 mark essays

• Without evaluation you can not get 16/85 marks

• Almost impossible to get a 7 (65/85). Difficult to get a 6 (55/85)

Evaluation is…

• Passing judgment on the theory. Suggesting why something may or may not happen:– “A rise in interest rates should reduce consumption.

This is because blah blah blah. – However the extent to which consumption will fall

depends on consumer confidence. If confidence is high, a rise in interest rates will have limited impact, possibly only slowing down the rise on consumption rather than actually decreasing it. Indeed this may be what the government wants – trying to stop the economy from growing too fast in a boom period”

Or…

• Weighing up your arguments:– “On balance the most likely impact on an economy of a

rise in interest rates is a slowing down in the increase or a fall in AD. This is because whilst interest rates can impact both inflation and exchange rates, there are many other factors impacting these economic situations beyond interest rates. However interest rates are very effective at impacting both consumer consumption and business investment, which account for a majority of AD. As such, its largest impact will be on AD.

Remember

• Stakeholders (Con vs Prod vs Gov vs LEDC)• Timing (SR vs LR)• Effectiveness (Does a policy meet its goal)• Validity (Can the information be questioned?)