Techniques To Face Economics Exam! 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 paper three exams. Give it a try and get some techniques to face the exam with less butterflies and more confidence.
- 1.
You have 2 hours to write your paper 3, which is basically three essay questions. How do you use your time?
- A.
40 minutes for each question
- B.
30 minutes for the two first questions, then an hour for the last
- C.
50 minutes for the two first questions, then 20 minutes for the last
Correct Answer
A. 40 minutes for each question -
- 2.
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?
- A.
"The market-clearing price, where Demand=Supply"
- B.
"The price at which there is no excess demand or supply"
- C.
"Equilibrium is a point where demand equals supply"
- D.
"The price at which quantity demanded equals quantity supplied"
Correct Answer
C. "Equilibrium is a point where demand equals supply"Explanation
Note that equilibrium price is a "price" and not a point. (C) would however earn 1 mark.Rate this question:
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- 3.
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?
- A.
Yes
- B.
No
Correct Answer
B. No -
- 4.
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).
- A.
Yes!
- B.
No, only two marks
- C.
No, only three marks
Correct Answer
C. No, only three marksExplanation
Everything is perfect except the supply curves themselves (they should not be parallel as the tax is a percentage tax)Rate this question:
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- 5.
Definition of indirect taxation: Expenditure tax (tax levied on goods and services) Would this answer earn two (full) marks?
- A.
Yes
- B.
No
Correct Answer
A. Yes -
- 6.
Definition of allocative efficiency: Where price is equal to marginal cost Would this answer, containing seven words, earn two (full) marks?
- A.
Yes
- B.
No
Correct Answer
A. YesExplanation
Allocative efficiency is where MC=AR, and don't forget that AR=P!Rate this question:
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- 7.
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?
- A.
4
- B.
5
- C.
6
- D.
7
Correct Answer
B. 5 -
- 8.
On the diagram questions, if you make only one small labelling mistake and explain everything perfectly, how many marks can you get?
- A.
2/4
- B.
3/4
- C.
4/4 (full marks)
Correct Answer
B. 3/4Explanation
Don't mislabel! You can never get full marks if you make a mistakeRate this question:
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- 9.
Definition of tied aid: Aid tied to the donor This definition contains only five words! Can it still earn two (full) marks?
- A.
Yes
- B.
No
Correct Answer
B. NoExplanation
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.Rate this question:
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- 10.
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"
- A.
True
- B.
False
Correct Answer
A. True -
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Current Version
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Mar 19, 2022Quiz Edited by
ProProfs Editorial Team -
Apr 05, 2011Quiz Created by
IBLindman
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