Techniques To Face Economics Exam! Quiz

Question 1 / 11

🏆 Rank #-- ▾

Score 0/100

1. When labelling diagrams, it is quite useful to remember that the following is true for most diagrams: For micro diagrams; y-axis: "price" or "cost" / x-axis: "quantity" or "output" For macro diagrams: y-axis: "price level" / x-axis: "real output" or "real GDP"

True

False

About This Quiz

Techniques To Face Economics Exam! Quiz - Quiz

Let’s face it. There is a small number of us that hear about having an exam and feel extremely confident about it and don’t get cold feet. The quiz below is specially designed for anyone taking the IB Economics HL exam and will help you know how to write the... see morepaper three exams. Give it a try and get some techniques to face the exam with less butterflies and more confidence. see less

2. What first name or nickname would you like us to use?

You may optionally provide this to label your report, leaderboard, or certificate.

2. You have 2 hours to write your paper 3, which is basically three essay questions. How do you use your time?

40 minutes for each question

30 minutes for the two first questions, then an hour for the last

50 minutes for the two first questions, then 20 minutes for the last

3. On the diagram questions, if you make only one small labelling mistake and explain everything perfectly, how many marks can you get?

2/4

3/4

4/4 (full marks)

Don't mislabel! You can never get full marks if you make a mistake

Explanation

Don't mislabel! You can never get full marks if you make a mistake

4. Defining equilibrium price basically forces you to use the terms demand and supply. Do you have to define these terms within the definition question to earn two (full) marks?

Yes

5. Definition of tied aid: Aid tied to the donor This definition contains only five words! Can it still earn two (full) marks?

Yes

It is aid granted on the condition that it is used to buy goods/services from the donor country. The "condition" and "goods/services" part is necessary so that the answer does not become vague. "Aid tied to the donor" would however earn 1 mark.

Explanation

6. Definition of allocative efficiency: Where price is equal to marginal cost Would this answer, containing seven words, earn two (full) marks?

Yes

Allocative efficiency is where MC=AR, and don't forget that AR=P!

Explanation

Allocative efficiency is where MC=AR, and don't forget that AR=P!

7. Definition of indirect taxation: Expenditure tax (tax levied on goods and services) Would this answer earn two (full) marks?

Yes

8. You can get a maximum of 8 marks on the evaluation question. Let's say that you talk only of relevant concepts and nail basically all the bullet points in the mark scheme, but do not refer to the article in your discussion. What is the maximum mark that you can get?

9. One of the most important things about paper 3 is to be concise. You are to write a total of 6 definition questions (total 12 points). Consider the following: Equilibrium price Which of the following would not earn two (full) marks on this definition?

"The market-clearing price, where Demand=Supply"

"The price at which there is no excess demand or supply"

"Equilibrium is a point where demand equals supply"

"The price at which quantity demanded equals quantity supplied"

Note that equilibrium price is a "price" and not a point. (C) would however earn 1 mark.

Explanation

Note that equilibrium price is a "price" and not a point. (C) would however earn 1 mark.

10. Consider the following diagram question (worth 4 marks): "Using an appropriate diagram, explain the likely impact of removing the 10 % indirect tax on wine (an ad valorem tax) on the supply of, and demand for, wine." Would the following earn you full marks? Draw two straight and parallel supply curves, with an arrow from the "inward" to the "outward" curve, and illustrating the change with arrows both on the diagram, and along the axes (e.g. q -> q1, p -> p1). Then briefly describe exactly (and no more) what has been illustrated along both axes (increase in quantity demanded/supplied, fall in price).

Yes!

No, only two marks

No, only three marks

Everything is perfect except the supply curves themselves (they should not be parallel as the tax is a percentage tax)

Explanation

Everything is perfect except the supply curves themselves (they should not be parallel as the tax is a percentage tax)

Thank you for your feedback!