Economics HL - Papers [1] [2] [3] - Discussion!

[LeonieIB]

Share your thoughts on the Economics HL exam of May 2014!

I'm sure we are all somewhat paranoid about certain questions, so feel free to go into detail about a question you answered and hopefully someone who remembers will help you out.

Good luck on your next exams!

[J500]

Oh god! I did TZ2.

Ok I think my Paper 1 went well! I did the externalities question and the monetary polices one.

Paper 2 wasn't as good though. I did the Turkey and Ivory Coast case studies.

Paper 3 - I hadn't revised enough, so it didn't go too well. I did Q1 and Q3.

Edited May 10, 2014 by J500

[Sharmi]

Did anybody do Paper 3 Q2? Do you think 2(g) was a wrong question?

[paul34]

I personally feel that this test was particularly insulting and degrading and really incensed me. It was an absolute joke of a test and I was surprised as to how easy it was. The only real Q concerning economics in P3 was that of Q2 regarding the slope (Whether it increased or not) and mostly everyone got that wrong, which just goes to show that many people do not understand the fundamentals of economics. This test has put me off to studying for others as to how easy it was but im thinking that this is an anomaly but really hoping it isnt .

[ctrls]

I thought it went pretty well. P1 was the paper I was most worried for out of all my exams, but thankfully the questions were fairly straightforward (I did TZ2 Q2&3, the monopolistic competition and monetary policy one). P2 was okay (did Q1&4, the Turkey and Africa questions), though I didn't do too well on part d with both questions. P3 was fine for me, I did Q2&3.

Did anybody do Paper 3 Q2? Do you think 2(g) was a wrong question?

Which question was that?

[tiffany_wu888]

TZ2 here as well...
p1 i did externality + monetary policy
p2 australia + africa

p3 2+3

I thought p1 was ridiculously easy
p2 was alright, except for that cost curve question lol
p3 pretty good except forthat consumer surplus...

[IBtrippin]

Oh god!

Ok I think my Paper 1 went well! I did the externalities question and the monetary polices one.

Paper 2 wasn't as good though. I did the Turkey and Ivory Coast case studies.

Paper 3 - I hadn't revised enough, so it didn't go too well. I did Q1 and Q3.

Did the exact same. Hoping for a 7, but you never know. Sort of ran out of time at the 3 b), that's basically my only worry.

P3 was a blast!

[Chio1012]

i totally messed up on the consumer surplus question for p3 (i think it was q2?) and gave a really bs answer. Oh well p1 went better than expected (at least I hope!) and p2 was alright, although out of my rush, I began to do q1 and beginning of q2 for the question that I DIDN'T want to choose and so had to start over with the initial question i chose. That was a precious waste of time but I'm glad minute topics like common access resources etc didn't get tested on because I didn't even study those!

[Guest]

TZ2 here

I think the papers were pretty straightforward

On P1 I did question 2 - market structures comparing monopoly and monopolistic competition - and question 3 - monetary policy.

I would have liked to evaluate and discuss more but I had to keep the focus on the question it self and not go on a ramble about just theory in general.

On P2 I did question 1 - current account deficit in Turkey - and question 4 - market oriented policies for economic growth in Africa.

I think I did this paper pretty well. I would have liked to talk more about expenditure switching in part (d) of question 1 but other than that it was fine.

On P3 I did question 2 and 3. I thought that the final section (g) was it? was pretty weird. The whole consumer surplus and welfare loss thing was messed up.

I hope I do really well.

[YellowSpider]

TZ2.

Econ was good overall. I wrote an incomplete evaluation for one of the p1 questions because i was writing way too slow than i should have. i was really nervous :/

i think the p1 was really easy but from what i've discussed with our classmates, many of us haven't been able to write quickly.

i found p2 the best. i did the turkey and ivory coast one and found them both pretty easy.

i can't say for sure whether or not i've done great in p3, because it's p3! there's so many silly mistakes i tend to realise later so i can't say for sure, but i found the paper quite easy. there was only one part worth 2 marks that i had to think about real hard before coming up with some bs but otherwise it was all good.

[LeonieIB]

In question 1 of Paper 3, were there any 'tricky' components of GDP that needed to be counted?

I only included C + I + G + (X-M) but did not add or subtract Taxes, Wages and other stuff.

Did any of those count for GDP also? If so I guess I messed up the following question too, which ask for GDP per capita.

Edited May 9, 2014 by LeonieIB

[YellowSpider]

In question 1 of Paper 3, were there any 'tricky' components of GDP that needed to be counted?

I only included C + I + G + (X-M) but did not add or subtract Taxes, Wages and other stuff.

Did any of those count for GDP also? If so I guess I messed up the following question too, which ask for GDP per capita.

i was confused about that as well! first i thought they expect us to calculate NNP or something like that by using taxes and all, but if it says gdp, the expenditure method only includes what you just wrote so we should be fine

[LeonieIB]

In question 1 of Paper 3, were there any 'tricky' components of GDP that needed to be counted?

I only included C + I + G + (X-M) but did not add or subtract Taxes, Wages and other stuff.

Did any of those count for GDP also? If so I guess I messed up the following question too, which ask for GDP per capita.

i was confused about that as well! first i thought they expect us to calculate NNP or something like that by using taxes and all, but if it says gdp, the expenditure method only includes what you just wrote so we should be fine

I really do hope so! Would be a shame otherwise.

[by.andrew]

I chose the following:

P1: Theory of the firm/Monetary policy

P2: Japan+Australia/Something about the poverty trap and market based solutions

P3: Tariffs/S+D equations

I think P1 was easier, but I didn't like the questions on P2, specifically International Trade. Evaluation was pretty much BS from the article.

[fufufuufufufufuuu]

i actually find P3 very easy, dont get why people have trouble with it >_>

on the other hand, didnt have a lot of time during P1 T______T

[pitapocket]

In question 1 of Paper 3, were there any 'tricky' components of GDP that needed to be counted?

I only included C + I + G + (X-M) but did not add or subtract Taxes, Wages and other stuff.

Did any of those count for GDP also? If so I guess I messed up the following question too, which ask for GDP per capita.

Nope, it was a trick question all you needed was C + I + G + (X-M)

Edited May 9, 2014 by pitapocket

[LeonieIB]

In question 1 of Paper 3, were there any 'tricky' components of GDP that needed to be counted?

I only included C + I + G + (X-M) but did not add or subtract Taxes, Wages and other stuff.

Did any of those count for GDP also? If so I guess I messed up the following question too, which ask for GDP per capita.

Nope, it was a trick question all you needed was C + I + G + (X-M)

Well that's good news!

[kayaytea]

There's one question in paper 2 about using a PPC to illustrate how improved bed nets lead to economic growth. Should it be a potential growth (PPC shifts outwards) or actual growth (point inside PPC shifts towards PPC)?

[pitapocket]

There's one question in paper 2 about using a PPC to illustrate how improved bed nets lead to economic growth. Should it be a potential growth (PPC shifts outwards) or actual growth (point inside PPC shifts towards PPC)?

I had written since the quality of goods had increased, the PPC would move outwards.

But to think of it, maybe it would have been more appropriate to say that a point moves, as the PPC moves only if there is an improvement in the factors of production, as opposed to the good produced. So hm, I was sure until now. Haha

[LeonieIB]

There's one question in paper 2 about using a PPC to illustrate how improved bed nets lead to economic growth. Should it be a potential growth (PPC shifts outwards) or actual growth (point inside PPC shifts towards PPC)?

Which question # was that?