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May 2017 Economics Paper 1 Discussion

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How'd everyone find the paper?

At TZ2 we received questions on fossil fuel subsidies (did the ToF one so correct me if I got the fossil fuel question wrong) and perfect competition vs monopoly for Micro, and then monetary policy & socioeconomic costs of unemployment. Which one did you choose?

Overall it was a decent paper imo – straightforward questions on good 'ol economic concepts most people would like. Personally think grade boundaries would be rather higher this year. 

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I do SL, but the paper seemed ok. First question was about elasticities of commodity prices which I managed to screw up a little. Question 2 was based economic growth which again was rather easy. My mates doing HL seemed satisfied enough so I dont think they got the most diddicult paper. Hiigh grade boundaries are likely.

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Guest Goncio314

Do you think guys that grade boundaries may be sth around 30/35 for 3? Higher grade boundaries are inevitable, but to what extent? I am asking about SL. Or classical so stharound 28/30 for 3? 

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1 hour ago, Goncio314 said:

Do you think guys that grade boundaries may be sth around 30/35 for 3? Higher grade boundaries are inevitable, but to what extent? I am asking about SL. Or classical so stharound 28/30 for 3? 

Considering the grade boundary for a 3 was around 25 points last year it is unlikely that it will increase more than maybe around 27-28 points

 

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On 5/4/2017 at 5:20 AM, IB`NOT`ez said:

How'd everyone find the paper?

At TZ2 we received questions on fossil fuel subsidies (did the ToF one so correct me if I got the fossil fuel question wrong) and perfect competition vs monopoly for Micro, and then monetary policy & socioeconomic costs of unemployment. Which one did you choose?

Overall it was a decent paper imo – straightforward questions on good 'ol economic concepts most people would like. Personally think grade boundaries would be rather higher this year. 

 

heyyy i would really be very thankful if you help we to study for chem.. i really need a 7.

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@IB2017student Please do not discuss Math Studies Paper when 24 hours silence period is not over.  Moreover, this is a Economics Paper 1 Discussion thread. Therefore your comment has been deleted. 

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2 hours ago, IB2017student said:

heyyy i would really be very thankful if you help we to study for chem.. i really need a 7.

If you're going for a 7 there's not much I can help out with. I can provide some pointers and general advice but if you're already near or at a 7-level, you're unlikely to need it – also I would recommend just studying in whatever way you find best. At this point it's best just to practice papers so if you have a question on something difficult to solve, feel free to PM me or post in in the Chemistry sub-forums and we can discuss. 

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4 minutes ago, IB2017student said:

okay sure but i was talking about maths studies paper 1 for which 24 hours have passed.

 

1 minute ago, IB2017student said:

i find organic chemistry really hard.. would be glad if you shared some good notes

I don't have the exact time measurement, but it's not just 24 hours after our exam, but 24 hours after 6pm of TZ1 exams, which I think is still in a few hours. 

Let's not derail this thread and keep focus on the Economics exam for discussion. I'll see if I can find any notes lying around and let you know about it if you remind me via PM. Good luck with chemistry revision. 

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11 hours ago, Svinsern said:

Considering the grade boundary for a 3 was around 25 points last year it is unlikely that it will increase more than maybe around 27-28 points

 

In May 2014 grade boundaries were at 77-78 for a 7 in both timezones, but the minimum for a 3 was still 26-27. Though I do feel grade boundaries will go up, due to the Paper 3 I doubt it will go up too much. 

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For the HL paper 1 in the macro section, there was a question about equilibrium interest rates, i mean I understood what I had to do but it was slightly off the syllabus or did our teacher just skip that small topic? 

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12 minutes ago, shellziess said:

For the HL paper 1 in the macro section, there was a question about equilibrium interest rates, i mean I understood what I had to do but it was slightly off the syllabus or did our teacher just skip that small topic? 

Some of my friends said the same thing and didn't have much to write except for a diagram showing equilibrium between interest rate and money supply, a brief explanation of it, relevant definitions and that's about it, which should be adequate for about 6-7/10 marks. Higher scores would probably be dependent on how well an example was incorporated, perhaps providing a briefly relevant overview of the Central Bank, and most likely clear identification of various stakeholders e.g. businesses, firms, consumers and their relationship with affecting and being affected by interest rates. 

Looking through the book again, it really is a small portion in the syllabus, and I honestly think that last bit on stakeholders (plus well-incorporated example) is the main push needed for an 8~/10 given how there's not much theory to elaborate on. 

The vagueness of that question's demands was actually what put me off from doing the first Macro question and I ended up doing the one on Cyclical unemployment (which I still managed to screw up lmao) and socioeconomic costs of unemployment. 

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24 minutes ago, IB`NOT`ez said:

Some of my friends said the same thing and didn't have much to write except for a diagram showing equilibrium between interest rate and money supply, a brief explanation of it, relevant definitions and that's about it, which should be adequate for about 6-7/10 marks. Higher scores would probably be dependent on how well an example was incorporated, perhaps providing a briefly relevant overview of the Central Bank, and most likely clear identification of various stakeholders e.g. businesses, firms, consumers and their relationship with affecting and being affected by interest rates. 

Looking through the book again, it really is a small portion in the syllabus, and I honestly think that last bit on stakeholders (plus well-incorporated example) is the main push needed for an 8~/10 given how there's not much theory to elaborate on. 

The vagueness of that question's demands was actually what put me off from doing the first Macro question and I ended up doing the one on Cyclical unemployment (which I still managed to screw up lmao) and socioeconomic costs of unemployment. 

Yeah I did not want to take the unemployment one because I would totally screw that up. I mean at least I got my 15 mark question pretty right but I just  didnt do  the 10 mark question correctly. 

Edited by shellziess

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Yeah the question was pretty vague tbh... At first I thought about drawing the normal Interest rate diagram and explaining it but then the way the question said that it was in equilibrium got me thinking, so I decided to do the unemployment one, pretty straight forward and using Greece as a real world exampled helped as I live there and notice the effects on unemployment on a daily basis, from the economic burden it adds on the government and the social problems... All in all, I think it was easier than last years paper 1.. What do you guys think? I may be wrong.. Paper 3 was so so, not as easy as previous years thats for sure.. Had a feeling they would ask Lorenz curve though since they asked that in the november paper 3 exam.. Paper 2 wasn't that bad either, especially Q1 in section A basically discussing advantages and disadvantages of trade protection was nice..

Edited by IBStudent98

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Yeah they asked less mathematical workings and more 4 mark questions which was kind of odd... and added a mixture of development questions which they've never done before!

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Yeah the last page about poverty traps was weird... I mean I knew how to answer it just it never occurred in past papers before that questions about development come up.

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Basically for the poverty trap one I described the poverty trap with low incomes leads to low savings low investment low productivity and reoccurs and can be passed down from generation as they can be stuck.. etc..

Edited by IBStudent98

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