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khalid

Economics HL Paper 2 and Paper 3 Discussion

So what did you think of Economics Paper 2 and Economics paper 3?

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Well my paper 2 TZ1 was pretty easy .... For international trade I chose the question on the trade agreement between India and Malysia ... That question was very easy ... although my discussion on the impact of the trade agreement (part d) was a little bit short. For development I chose the question about foreign direct investment ... It was also pretty easy. I hope I got a 7 in that paper

Paper 3 was mostly easy ... I chose question 1 which was about taxes and 2 which was about GDP and inflation with CPI. Question 1 was mostly easy, although I am sure I didn´t got full marks in the 4 point question. Question 2 was also easy, although I did a silly mistake when calculating real GDP. I actually did the division: nominal GDP/ GDP deflator without multiplying it by 100. However, the question asked for the change in real GDP, so I got the same answer as everyone. The question about the CPI, I had to re-do it two times. To calculate the CPI in year 2010, you had to divide it by the CPI of the base year (2008) or by the CPI of the previous year (2009) ? At first I thought you had to divide it by the base year, but then I looked at the next question which asked for the changes in prices between years 2008 and 2011 using the terms inflation / disinflation. And if you calculated the CPIs using the base year (instead if the previous year), you only got rising in CPI, meaning constant inflation (and it was a two mark question)...

That CPI question was very tricky ... Did someone managed to do it correctly ?

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The two papers were great, much much better than paper 1. I know you like never get full marks, but it sure feels like it.

@vera

You are supposed to divide by the base year, remember, disinflation is the decrease in RATE OF INFLATION, which is a different thing from deflation (negative inflation).

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Bummer ... Well at least I can get error carried forward marks ....

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I was quite happy with P2 and P3, except stumbling on the last part of the inflation question by muddling up PPI and core/underlying inflation, although I might get a lucky 1/4 for explaining that the approach is taken to avoid errors due to a certain section of the market (without mentioning consumer vs. capital goods too explicitly) experiencing greater price increases than the actual inflation rate. In any case, I'm thinking around 80-90% on P3 and hopefully above 80% on P2...

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These two papers were by far much better than paper 1. Paper 3 was a god send as linear demand and supply is by far the easiest to do. I did question 1 and 2. In question one I had no idea what to say for ad valorum tax as we had never looked at that as well in question 2 never been taught how to do the index in clas. Thankfully I bought the OSC book for paper three and thankfully learned how to do the indexing. I actually believe my paper 3 will pull my grade up aswell as paper 2 because i could actually answer them =] Im so glad economics is all over an ill never have to do it again =]

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They both went pretty well for me, however I am not sure if I'll get full marks for the evaluation questions in paper 2...

Paper 3 was actually pretty easy... The demand and supply functions were the most basic exercise, quite similar to the specimen paper they made... And the marginal costs etc were simple also.

Although I might not get full marks on the 4 marks questions... Hopefully I'll get between 90-100%

Paper 1 was horrible for me, so I am wishing that paper 2 and 3 will boost my mark up!

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Similarly to jinye, paper 2 and 3 are my only hopes to pull my grades up after making a poor decision on selecting the wrong question in my paper 1 :(

Paper 2 was relatively easy. I chose question 2 which was the trade agreement between India and Malaysia and question 4 about FDI. However, I feel that I lack in depth in terms of evaluation D:

Paper 3 was easy as well, however some of the 4 mark questions were quite difficult as I either did not understand what they were asking for or I was never taught the concept behind it ; _ ; Question 1 as mentioned above was a gift for me. Ad valorem tax is basically a divergent shift as price increases. :)

Question 2 was quite easy, although I mucked up on my CPI calculation. :'( My classmate told me that they just find the sum of the the average CPI of the year times the weight for the categories. (I did something completely out of the box) I'm confused :c

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Guys... Paper 2 question 3, the one about the Peso. Did anyone find it weird they asked you to define "Appreciation" AND "Exchange rate"?

I wrote "An increase in the value of the currency, relative to other foreign currencies", and "The value of a currency, relative to foreign currencies".

Had a terrible feeling that something was wrong, but I checked them after and the definitions were right.

Since when has IB been this kind?!

EDIT: I mean paper 2 question 1.

Edited by yii yann

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Guys... Paper 2 question 3, the one about the Peso. Did anyone find it weird they asked you to define "Appreciation" AND "Exchange rate"?

I wrote "An increase in the value of the currency, relative to other foreign currencies", and "The value of a currency, relative to foreign currencies".

Had a terrible feeling that something was wrong, but I checked them after and the definitions were right.

Since when has IB been this kind?!

EDIT: I mean paper 2 question 1.

Hahah, I saw that immediately and smiled as it was pretty much a gifted question. Nothing seems to be wrong, perhaps they were being really generous :3 (I hope)

I had a hard time choosing between question 1 and 2 for section A since the questions were relatively easy. However, when it came down to skimming through the article during the 5 minutes reading time, I was confused with what the Peso article was about. D:

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Guys... Paper 2 question 3, the one about the Peso. Did anyone find it weird they asked you to define "Appreciation" AND "Exchange rate"?

I wrote "An increase in the value of the currency, relative to other foreign currencies", and "The value of a currency, relative to foreign currencies".

Had a terrible feeling that something was wrong, but I checked them after and the definitions were right.

Since when has IB been this kind?!

EDIT: I mean paper 2 question 1.

It might have been worth mentioning that "appreciation" only applies to currencies in a floating exchange rate system, but they still should give two marks for the definition you gave IMO.

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I think paper 3 is just easy 20% (or is it 25%?) for you, arranged by IB.

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Yep paper 3 is a godsend. Except for one of those pesky 4 mark questions, which was kinda weird.

Also, omg I should've wrote that appreciation is a term used in a floating exchange currency! Damn :/

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I hope the the grade boundaries aren't super high since it's a new paper, although paper 3 was quite easy >.< I do hope that they'll be somewhat lenient with paper 1, maybe?

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I think paper 3 is just easy 20% (or is it 25%?) for you, arranged by IB.

I was surprised to see the amount of people in literal panic about paper 3 before the exam, and apparently some had also had some reason to feel that way judging by their after-exam comments... But yeah, compared to psychology, econ P3 is a walk in the park in terms of additional HL topics. And the psychology one isn't that hard.

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paper 3 was easy. CPI question was a bit tricky because it was giving the costs of items (a b c d e) and the question was saying find the weekly cost as i remember and it didnt want you to find an average just to add them for both years and then inflation was (weekly cost 2011 - weekly cost 2010)/weekly cost of 2010 x 100. the final subquestion of question 2 was a bit*h and i saw it in the end... this spared me the 90 percent.... about the core rate of inflation... i thought that it was the base rate so i said that a year is need in order to see the inflation relative to this year... whatever hahah

Edited by Dimitris

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