EXAM 1 PRACTICE Presented by Mattay Botcheff Diploma

EXAM 1 PRACTICE Presented by: Mattay Botcheff

Diploma Programme Economics

Preparing for Your Economics Examinations � Define key terms Know the definitions of the various terms � Write out a glossary yourself � Memorize definitions � � Explain Economic Theory � Compile a collection of diagrams Practice drawing diagrams yourself (from memory) � Accurately label all variables � Display relationships appropriately � Remember the story behind the picture � � Include � examples wherever appropriate List current and relevant examples � Evaluation

Advice for All Exam Papers � Define key terms Include definitions of terms in the question � Add definitions of terms you use in answering the question � � Draw diagrams wherever appropriate Draw as many diagrams as needed to make your point clear � Fully-label your graphs � Accurately portray relationships � Draw arrows to show the direction of changes in variables � Refer to diagrams in your writing (make sure you include an explanation of what is shown) � Use pencil and a ruler along with multiple colors (no red color) � Don’t draw mini-diagrams, which would be hard to see and/or interpret � � Provide examples

Paper 1 – The Essay Paper (SL & HL) � Out-of-date information � Refer to Economics Guide (provided by OCC) � Select a question that you are better equipped to answer � Make sure you read both part (a) and (b) and that you can answer (b), too, as it is worth more points � Demonstrate in-depth knowledge Read question carefully, so that you can fully understand what you are required to do � Providing irrelevant information (economic theory) in your answer does NOT help you � Quality is more important than quantity � � Plan before you write Avoid getting side-tracked � Spend enough time on each point you want to make �

Paper 1 (Continued) � Parts (a) and (b) are typically closely linked � In Part (a) you may write an introduction � By the end of that part, try and make a connection to Part (b) � Present separate answers for each section � Part (b) should include an evaluation and a conclusion � If you follow that structure, the answer would be as clear as possible and would result in higher marks � Don’t just write out any economic theory that you can think of or that you know! � When you answer, make sure that you stick to the question asked

Evaluation � What does evaluation mean? � To examine and judge carefully � To place a value on; judge the worth of something � How can you evaluate? � Compare � Include � Prioritize advantages and disadvantages conclusions about the relative weight of each the arguments � Provide a list of arguments � Conclude which one is more or less significant � Explain why � Long run vs. short run � Consider the issue from the points of view of different stakeholders

Sample Exam Question #1 � Explain the meaning of the law of demand, and using examples and diagrams, distinguish between movements along and shifts of the demand curve. � Your answer should include… � Definitions of relevant key terms � Explanation of relevant economic theory � Diagram(s) illustrating what had been explained � Example(s) of applicable theory and/or concept(s) � Please � On note… Exam #1, I have included only Part (a) questions, i. e. you would NOT be expected to do an evaluation.

Sample Exam Question #2 � Explain the meaning of the law of supply, and using examples and diagrams, distinguish between movements along and shifts of the supply curve. � You have 5 minutes to think of an answer and then we will discuss in class…

Sample Exam Question #3 � ‘Quantity demanded increases as price falls. Yet as demand falls, price falls. ’ Using diagrams, explain whether these two statements contradict each other. � You have 5 minutes to think of an answer and then we will discuss in class…

Sample Exam Questions #4 & #5 � ‘Quantity supplied increases as price increases. Yet as supply increases, price falls. ’ Using diagrams, explain whether these two statements contradict each other. � You observe that over time, the number of computers produced and sold increases, and the price of computers falls. Using diagrams, explain whether this violates the law of supply. � Practice exam #1 at home and we’ll discuss in class after

Questions & Answers

Source: Economics by Jocelyn Blink & Ian Dorton