Jump to content

2016 May IB economics HL paper 3

2016 May IB economics HL paper 3  

34 members have voted

  1. 1. Which questions did you guys answer?

    • 1.
      23
    • 2.
      24
    • 3.
      20


Recommended Posts

I did question 2 and 3. I had some trouble with the Terms of trade section. Is it ok if defined terms of trade as the ratio between the value of a country's exports and the value of its imports?. 

 

 

 

 

Share this post


Link to post
Share on other sites

Question 2 and 3 are easy tbh, compared to May 2015. 

1 hour ago, simon9867 said:

I did question 2 and 3. I had some trouble with the Terms of trade section. Is it ok if defined terms of trade as the ratio between the value of a country's exports and the value of its imports?. 

Yes! That's a nice definition. 

Share this post


Link to post
Share on other sites

What about defining the terms of trade as the ratio of a country's index of export prices to index of import prices?

How screwed am I if I wrote the formula for terms of trade as index of export prices over the index of import prices times 100% without the word average?

Am I the only one who did question 1 and 2? Did all of you answer all questions?

 

  • Like 1

Share this post


Link to post
Share on other sites

But does not the word index imply that you mean an average of something? 

Anyway, the mark scheme reward a vague definition with 1 mark, so you may expect 1 out of 2 in the worst case. 

Share this post


Link to post
Share on other sites

I did 1 and 2.

In the first question, what was the answer to

why do members cheat?/what incentive do they have to cheat?

and

why do carters not last for long?

I don't remember the exact questions...I hope you understand what I'm talking about though xp

Share this post


Link to post
Share on other sites
21 hours ago, sajtkukac12 said:

But does not the word index imply that you mean an average of something? 

Anyway, the mark scheme reward a vague definition with 1 mark, so you may expect 1 out of 2 in the worst case. 

Idk, in the Welkers textbook the definition mention both index and average in the same sentence. I hope the IB does not penalize us :(.

@Elc: Just keep your fingers crossed and hope for at least 1 out of 2 in the worst case.

@shraddhaj: What was your answer to Bostwana's current account balance question?

 

Share this post


Link to post
Share on other sites
7 hours ago, #teamnosleep said:

Idk, in the Welkers textbook the definition mention both index and average in the same sentence. I hope the IB does not penalize us :(.

@Elc: Just keep your fingers crossed and hope for at least 1 out of 2 in the worst case.

@shraddhaj: What was your answer to Bostwana's current account balance question?

 

I think for Botswana's current account balance, you could talk about the J-curve effect. After a depreciation of the BWP, when the Marshall-Lerner condition is not satisfied, the current account balance deteriorates. However, in the long run, when demand for exports from Botswana and demand for imorts in Botwswana becomes more elastic, a depreciation will improve the current account balance. 

Share this post


Link to post
Share on other sites
11 hours ago, sajtkukac12 said:

I think for Botswana's current account balance, you could talk about the J-curve effect. After a depreciation of the BWP, when the Marshall-Lerner condition is not satisfied, the current account balance deteriorates. However, in the long run, when demand for exports from Botswana and demand for imorts in Botwswana becomes more elastic, a depreciation will improve the current account balance. 

Ah man, totally forgot to mention the J-curve effect :lc:. I only talked about how the depreciation of BWP leads to Bostwana's current account balance going through a deficit 

:(.

Share this post


Link to post
Share on other sites
9 hours ago, #teamnosleep said:

Ah man, totally forgot to mention the J-curve effect :lc:. I only talked about how the depreciation of BWP leads to Bostwana's current account balance going through a deficit 

:(.

They may not even ask for it. I think there wasn't enough space to explain the entire J-curve effect, so it is probably enough to justify why the current account would improve, without making any reference to PED of exports and imports. 

Share this post


Link to post
Share on other sites

P3 wasn't that bad. I remember a couple of small questions I wasn't that sure.

P2 there was one big development question that I had no idea... I have never read nor heard anything of it in the textbook. So I tried to think, suggest and basically bs 1.5 pages...

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.