Answering P1 Question: 10 + 15 marks

[IBtank]

Is there any strategy/advice for answering these questions?

What should you always include?

For the evaluation question, what is the best way to evaluate, is there a firm structure you can hold on to?

[Summer Glau]

The best strategy is time management. Since you have an hour for paper 1, and two sections, divide your time according to how many points each section is worth. So if section A is 10 points and section B is 15 points, allot more time for section B because it was worth more. I would spend around 25 minutes on section A and 35 minutes on section B. This way you don't waste too much time on section A when section B is worth more!

When you evaluate, think of the all the stakeholders that would be affected by whatever method you have suggested. Some examples of stakeholders would be consumers, the government, businesses, financial institutions, etc. Also, remember that economic policies have many effects. What the IB likes to see is prioritization of the effects of each policy, and then you should explain why you think that. So a phrase like "The most important effect of this policy is..." or "The key disadvantage is..." and then explain why.

Always define economic terms in the question stem. If the question asks you "Evaluate the possible effects of a devaluation of an exchange rate", then you have to show the examiners that you know what devaluation is and you know what an exchange rate is. The IB actually gives you marks for doing this stuff too, so don't forget to do this!

If you can use a diagram to show what you're talking about, draw it! Diagrams make things very clear and are nicer to look at than a bunch of words If you mention an increase in demand, draw a diagram with your demand curve shifting to the right!

Make nice big diagrams! Don't annoy your examiner with tiny diagrams that are impossible to read! My diagrams took up at least a third of the page. Happy examiner = better chance of scoring high

If you think what you're saying sounds vague, come up with a good example! If you can't think of a great definition of an exchange rate off the top of your head, then say something like this: "An example of an exchange rate is $1 US = 10 British pounds. Yes, I know that that exchange rate is totally inaccurate in real life but it's fine for an IB exam. You just have to show that you understand what the term means.

Remember that the answers for "Evaluate" type questions are pretty open-ended. If your evaluation makes sense, is well-supported, and not off-topic, then you will get marks for your answer.

[Guest Another IB Victim]

Is there any strategy/advice for answering these questions?

What should you always include?

For the evaluation question, what is the best way to evaluate, is there a firm structure you can hold on to?

Our teacher taught us to always remember to do good DEEDs for questions:

D - define all the key terms in the questions

E - explain the key concepts (this is the main part of a 10 mark question)

E - evaluate (only for the 15 mark)

D - always include diagrams

If you remember to include all those things appropriately and well, then you should be getting most, if not all the marks

Other than that, I think Summer Glau managed to cover everything.

[Eastcoast93]

I agree with the above comment. DEED is a good way.

A few more obvious things which people often forget:

1. Paragraphing (lack of paragraphs is a result of poor structure and poor planning. write in paragraphs! this will help you sort your ideas properly and allow the examiner to see that you know what your talking about and have it all clearly set out)
   
2. Draw your diagrams with a pencil and ruler (if you make a mistake you can erase labels or curves. also the ruler is necessary to keep it neat and understandable)
   
3. Examples!!! (this is the area where most students fail to show their understanding. if you include specific real-life examples, examiners will hold your exam in a better light. it shows clear understanding of the concepts and the insight into the applications of theories to the real world which economics is effectively all about)
   

[IBCONQUERER]

Can you make up an example, even if its not real-life because for the highest criteria 9-10 on part (A) and 13-15 on part (B) you need to include examples. So incase you do not know a specific real life example related to your question, can you just come up with something and hope that your examiner does not check?

[Eastcoast93]

If you really can't think of a real-life example, you can do one of three things:

1. Invent one, which will be kind of obvious usually

2. Waffle about one, so for example just say the US has introduced subsidies to farmers (will be kind of shallow though but at least you are making an attempt)

3. Use a theoretical example, for example say the following about a subsidy: The US (random) may wish to subsidise their agricultural producers in an attempt to reduce production costs and protect from cheap imports from Mexico (random)- so integrate the theory with a hypothetical example of who might implement a policy.

My advice:

Try to know some real-life examples, even if they are brief- as long as they show your understanding of the application then its fine, one or two sentences should do suffice if the example is specific.

If however you do not know an example about something I would suggest bringing forth a theoretical example as outlined above. Examiners should give credit for it if done well.

Avoid making up examples unless they seem very possible and you think it could really be the case. It might backfire to indicate that you do not understand the theory well if the example fails to show your understanding between theory and application.

Final tip: if you take history you may be in luck. Last time we did paper 1 I talked a bit about the Weimar Republic and hyperinflation in 1923 as a result of excess money supply. If tariffs come up I may write about the League's decision to place tariff sanctions on Italy after its invasion of Abyssinia. Better than nothing

[IBCONQUERER]

If you really can't think of a real-life example, you can do one of three things:

1. Invent one, which will be kind of obvious usually

2. Waffle about one, so for example just say the US has introduced subsidies to farmers (will be kind of shallow though but at least you are making an attempt)

3. Use a theoretical example, for example say the following about a subsidy: The US (random) may wish to subsidise their agricultural producers in an attempt to reduce production costs and protect from cheap imports from Mexico (random)- so integrate the theory with a hypothetical example of who might implement a policy.

My advice:

Try to know some real-life examples, even if they are brief- as long as they show your understanding of the application then its fine, one or two sentences should do suffice if the example is specific.

If however you do not know an example about something I would suggest bringing forth a theoretical example as outlined above. Examiners should give credit for it if done well.

Avoid making up examples unless they seem very possible and you think it could really be the case. It might backfire to indicate that you do not understand the theory well if the example fails to show your understanding between theory and application.

Final tip: if you take history you may be in luck. Last time we did paper 1 I talked a bit about the Weimar Republic and hyperinflation in 1923 as a result of excess money supply. If tariffs come up I may write about the League's decision to place tariff sanctions on Italy after its invasion of Abyssinia. Better than nothing

Thanks for your response! Nah I don't take history, but I'll try and learn and go through some real life examples. What about paper 2 (I take Economics SL so no paper 3 for me), do you need to add examples to your evaluation if you want to score within the highest mark-band? In my mock exams I remember I got a 47/60 on my paper 2, and I lost most of my points in the evaluation question, because my teacher said I didn't quote the text or refer to it anywhere so I wouldn't score very high on the evaluation part. Is it more important then to use the text first and then add few points from your own knowledge? And also what resource are you using to study, is the IB economics study guide any good for you? I like the course companion, amazing book.

[Eastcoast93]

Uhm regarding the paper 2 evaluations:

• use references from the text (2-3 quotes)

• use own knowledge, basically applied theory, understanding of advantages/ disadvantages/consequences

EVALUATE!!!

The 8 mark question is actually very similar to the 15 mark question on paper 1

Intro: define key terms, show understanding of debate/ topic and say there are different viewpoints that should be addressed

P1: Advantages of concept (buffer stock, high exchange rate, supply side policies,...)

P2: Disadvantages of concept (.....)

P3: Conclusion- Make a DECISION! What is better? Do the advantages outweigh the disadvantages? Is the question/phrase right?

Tips:

• You make link to diagrams used in part b or c by simply referring to them in your evaluation

• Real-life examples are not really necessary here aince you have the text as a real life example

• Use quotes- you will be penalised otherwise!

• Take some of the content from the text (and it usually gives you already half of the evaluation) and talk about it without quoting, examiners may regard this as own knowledge

• Roughly 3 quotes are suggested

• Keep it concise and talk about many points- in this case I feel like breadth is more important than depth since there are many points on the markscheme which you get points for

Methods of evaluation

• Advantages/ disadvantages (usually your best bet)

• Impact on stakeholders (government, poducer, consumer)

• Short-run/ Long-run

• Other policies/methods/ways to solve issues

• Prioritization (what factor is most important,... this is crucial for your concluding remarks)

Time for part

8 marks- my suggestion spend roughly 16 minutes on it, on paper 2 you have two minutes per mark. Do not go over the time since your other answers will suffer. It is better to have two questions worth 4 than one worth 6.

I actually don't have that much time to invest into Econ revision because of my higher levels but I can suggest the Oxford Revision Guide for Economics, the Blink Course Companion, do you mean that one?

Also check out "pajholden" on youtube, he has some great videos avout all econ topics. very helpful!

Best tip though: past papers, past papers, past papers,... I did tons over these two years, we had about 20 mocks, 5 paper 2s and 15 paper 1s. Time management is the key issue but once you get that down it shouldn't be a problem.

[IBCONQUERER]

Yeah past papers are important I agree! Thanks for the quoting tip, I wouldn't have known about that. What my teacher told me to do is to say in paragraph 3 line 2 the following is suggested and then go into it broaden it abit more explain it include a diagram if necessary. But yeah I just finished revising international economics and yeah I use the blink course companion it gives a lot of information, sometimes abit more than necessary but really helps u remember a lot of things and drills it into you. I've got to say, I thought international is a lot easier than I thought it is. I just think I'll have to go over balance of payments once the part about financing current account deficits and consequences of the surplus. I doubt I will ever answer the development economics question unless I am seriously clueless about the others! I have to complete studying bio as well its my HL subject!

[Eastcoast93]

same i wouldn't answer the international economics one unless there is a complete mess up with the other twos. my tip: if you get terms of trade skip it! the ib keeps mentioning how bad students do on terms of trade questions, don't risk your grade. i will read through the blink stuff on international economics later, i didn't actually look at that for exchange rates yet. good idea!

[mehak1d]

where can i get past papers for eco hl?

[yii yann]

where can i get past papers for eco hl?

 

Copy the last few words of your question, paste into google and press enter. 

[mehak1d]

where can i get past papers for eco hl?

Copy the last few words of your question, paste into google and press enter.

[RA_GOKU#DBZ]

Our teacher taught us a perfect method called DEVIL

 

D - Definition and diagrams

E - Evaluate and examples

V - Vocabulary (Use economic terms)

I - Investigate

L - Language (How you frame the sentence and the complete structure of the answer)