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EconomicsAssessment Objectives1.Demonstrate knowledge and understanding of specified contentDemonstrate knowledge and understanding of the common SL/HL syllabusDemonstrate knowledge and understanding of current economic issues and dataAt HL only: Demonstrate knowledge and understanding of the higher level extension topics2.Demonstrate application and analysis of knowledge and understandingApply economic concepts and theories to real-world situationsIdentify and interpret economic dataDemonstrate the extent to which economic information is used effectively in particular contextsAt HL only: Demonstrate application and analysis of the extension topics3.Demonstrate synthesis and evaluationExamine economic concepts and theoriesUse economic concepts and examples to construct and present an argumentDiscuss and evaluate economic information and theoriesAt HL only: Demonstrate economic synthesis and evaluation of the extension topics4.Select, use and apply a variety of appropriate skills and techniquesProduce well-structured written material, using appropriate economic terminology, within specified time limitsUse correctly labelled diagrams to help explain economic concepts and theoriesSelect, interpret and analyse appropriate extracts from the news mediaInterpret appropriate data setsAt HL only: Use quantitative techniques to identify, explain and analyse economic relationshipsAssessment objectives in the assessmentsAssessment objectivePaper 1Paper 2Paper 3 (HL)Internal AssessmentOverallKnowledge and understanding.30%35%30%20%30%30%Application and analysis.30%30%30%35%30%30%Synthesis and evaluation.20%25%0%25%25%20%Selection, use and application of a variety of appropriate skills and techniques.20%10%40%20%15%20%Command Terms linked to the Assessment objectives.Assessment ObjectiveKey command termsDepthKnowledge and understanding.DefineDescribe List Outline StateThese terms require students to learn and comprehend the meaning of information.Application and analysis.AnalyseApplyCommentDistinguishExplainSuggestThese terms require students touse their knowledge to explain actual situations, and to breakdown ideas into simpler partsand to see how the parts relate.Synthesis and pareCompare and contrast ContrastDiscuss Evaluate Examine JustifyTo what extentThese terms require students to rearrange component ideas into a new whole and make judgments based on evidence or a set of criteria.Selection, use and application of a variety of appropriate skills and techniques.Calculate Construct Derive Determine Draw Identify Label MeasurePlotShow Show that Sketch SolveThese terms require students to demonstrate the selection and application of skills.Assessment outlineSL Assessment outlineAssessment componentWeightingExternal assessmentPaper 1 An extended response paper Section ASyllabus content: section 1—microeconomicsStudents answer one question from a choice of two. Section BSyllabus content: section 2—macroeconomicsStudents answer one question from a choice of two. Paper 2 A data response paper (40 marks) Section ASyllabus content: section 3—international economics. Students answer one question from a choice of two. Section BSyllabus content: section 4—development economics Students answer one question from a choice of two. 40%40%Internal assessmentStudents produce a portfolio of three commentaries, based on different sections of the syllabus and on published extracts from the news media. Maximum 750 words.20%Assessment outlineHL Assessment outlineAssessment componentWeightingExternal assessmentPaper 1 An extended response paper Section ASyllabus content: section 1—microeconomicsStudents answer one question from a choice of two. Section BSyllabus content: section 2—macroeconomicsStudents answer one question from a choice of two. Paper 2 A data response paper Section ASyllabus content: section 3—international economics. Students answer one question from a choice of two. Section BSyllabus content: section 4—development economics Students answer one question from a choice of two. Paper 3HL extension paper Syllabus content, including HL extension material: sections 1 to 4—microeconomics, macroeconomics, international economics, development economics.Students answer two questions from a choice of three. 30%30%20%Internal assessmentStudents produce a portfolio of three commentaries, based on different sections of the syllabus and on published extracts from the news media. Maximum 750 words.20%External Assessment detailsSL Paper 1Duration: 1 hour 30 minutesWeighting: 40%The structure of this paper is the same as HL paper 1 but the questions that require extended responses may be the same as, or different from, the HL paper 1 questions.Students answer two questions in total, one from section A and one from section B.Section A. The principal focus is on section 1 of the syllabus—microeconomics.Section B. The principal focus is on section 2 of the syllabus—macroeconomics.In each section, students are required to answer one question from a choice of two.The questions are each subdivided into two parts, (a) and (b).Example exam questions.Economics SL Paper 1 November 2015Section A. MicroeconomicsExplain why a government might decide to impose an indirect tax on the consumption of cigarettes (10)Discuss the possible consequences of the imposition of an indirect tax on cigarettes for the different stakeholders in the market.Section B. MacroeconomicsExplain, using a diagram, how interest rates are determined in an economy (10)Discuss the effectiveness of using expansionary monetary policy to reduce unemployment.Paper 1 SL/HL Assessment criteriaSection A and Section BCriterion: Part ATop mark10Level descriptorThere is clear understanding of the specific demands of the question. Relevant economic terms are clearly defined.Relevant economic theory is clearly explained and applied.Where appropriate, diagrams are included and applied effectively. Where appropriate, examples are used effectively.There are no significant errors.Criterion: Part BTop mark15Level descriptorThere is clear understanding of the specific demands of the question. Relevant economic terms are clearly defined.Relevant economic theory is clearly explained and applied.Where appropriate, diagrams are included and applied effectively. Where appropriate, examples are used effectively.There is evidence of appropriate synthesis or evaluation. There are no significant errors.SL Paper 2The structure of this paper is the same as HL paper 2. However, these data response questions may be the same as, or different from, those used for the HL paper.The text/data used may not be the same at SL and at HL.Students answer two questions in total, one from section A and one from section B.In each section, students are required to answer one question from a choice of two.The questions are each subdivided into four parts, (a), (b), (c) and (d). Students are expected to demonstrate the following assessment objectives.Section A. The principal focus is on section 3 of the syllabus—international economics.Section B. The principal focus is on section 4 of the syllabus—development economics.Example exam questions.Economics SL Paper 2 November 2015Define the term fixed exchange indicated in bold in the text (paragraph 1). (2)Using an exchange rate diagram, explain how the United Arab Emirates (UAE) could maintain a fixed value of its dirham to the US dollar if there were upward pressure on the dirham(4).Distinguish between a devaluation and a depreciation of a currency. (4)Using information from the text/data and your knowledge of economics discuss the view that some Gulf States “should consider moving from a fixed exchange rate” to “a floating exchange rate system” (paragraph 1). Paper 2 SL/HL Assessment criteria.Section A and Section BCriterion: Part (a):(i) and (ii)Top mark2Level descriptorThere is clear understanding or accurate definition.Criterion: Part (b) and part (c)Top mark4Level descriptorThe written response is accurate.ORCriterion: Part (b) and part (c)Top mark4Level descriptorThere is a correct diagram and an accurate written response.Criterion: Part (d)Top mark8Level descriptorRelevant concepts are recognized and developed in reasonable depth. There is clear knowledge/understanding.There is effective application/analysis.There is synthesis/evaluation, supported by appropriate theory and evidence.HL Paper 1The structure of this paper is the same as SL paper 1. However, the questions that require extended responses may be the same as, or different from, the SL paper 1 questions.Example exam questions.Economics HL Paper 1 November 2015Section A. MicroeconomicsExplain why a government might decide to impose an indirect tax on the consumption of cigarettes. (10)Discuss the possible consequences of the imposition of an indirect tax on cigarettes for the different stakeholders in the market. (15)Section B. MacroeconomicsExplain why, using the monetarist/new classical model, the economy will always return to the full employment of output following a recession.Evaluate the view that an increase in aggregate demand will always be inflationary. HL Paper 2The structure of this paper is the same as SL paper 2. However, these data response questions may be the same as, or different from, the SL paper.The texts/data used may not be the same as at SL.Example exam questions.Economics HL Paper 2 November 2015Define the term investment indicated in bold in the text (paragraph 1). (2)Using a demand and supply diagram explain, referring to the concept of price elasticity of demand, why there has been such a sharp drop in the price of coffee beans (paragraph 1). (4)Using a diagram that shows a firm`s short-run costs of production, explain why some farmers may still be able to produce even though they are in a situation where coffee bean process are below their total costs of production (paragraph 3). (4)Using information from the text/date and your knowledge of economics, discuss the likely impact of the Brazilian government`s intervention in the coffee market on economic development in Brazil. (8)HL Paper 3The focus of the questions is on the syllabus content from sections 1 to 4, including the HL extension material and topics studied at HL only.Example exam questions.Economics HL Paper 3 November 2015With reference to the diagram on page 2, analyse how the subsidy results in a new market equilibrium and therefore a reallocation of resources used for the supply of sunglasses. (4)Define the term producer surplus. (2)Calculate the level of government expenditure necessary to fund this subsidy. (2)Identify the profit maximizing level of output for this firm. You must give reasons for your choice. (2)With reference to the firm`s revenues, comment on the price elasticity of demand at point F of the demand curve in the diagram on page 6. Calculate the cost of this basket in 2013 and 2014. (2) Using your results, calculate a consumer price index (CPI) with 2013 as the base year. (1)Assessment CriteriaHL Paper 3Responses are assessed with an analytic markscheme specific to the question paper, which indicates the required responses and any particular breakdown of marks. A markband approach is used to allocate the marks for questions using AO2 command terms, such as “explain”. The markband descriptors will vary depending on the content of the examination. A typical example is given mark4Level descriptorThe written response is clear. ................
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