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IB Economics HL Paper 3

nlofan

To be discussed in 10 minutes!

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Reply 1

Tigger7

hmm i thought it was a bit more difficult than normally because it didnt include any of those super easy externality questions. I did questions 1,2,3-

Reply 2

nlofan

I did 1, 2, and 3 as well. I was surprised by the number of times we had to have knowledge of production possibility curves this year.

Reply 3

trm90

It wasn't easy, but manageable because I studied quite a lot for this exam. I did questions 2, 3 and 4.

Reply 4

TemS

trm90

It wasn't easy, but manageable because I studied quite a lot for this exam. I did questions 2, 3 and 4.

same as u trm! about the long run costs in one the one with US and Canada. Did u simply draw the LRAC sloping downwards and explaining the economies of scale learning curve etc? Was anything else necessary there to get the 4 marks ?

Reply 5

Lucantoni

I did 1,4 and 5.... :biggrin:

5 part d was a gift as there was so much you could talk about :smile:

Reply 6

Tigger7

TemS

That's at least what I did. I explained economies of scale and drew a graph and then gave some examples of what could lead to economies of scale.

Reply 7

TemS

did u shift the LRAC downwards too ? :frown:

Hope we didnt need to.

Reply 8

trm90

TemS

Yeah I just drew the LRAC curve and explained how economies of scale arise. I think I'll get 3/4 for that though because I kind of vaguely explained economies of scale, but oh well :redface:

Reply 9

TemS

Do you think that a definition for nominal eg a figure unadjusted for inflation would get a mark out of the 2 ???

Reply 10

trm90

TemS

Do you think that a definition for nominal eg a figure unadjusted for inflation would get a mark out of the 2 ???

I think so. That's what I wrote as well.

Reply 11

clicker9

What they want us to write for d) in question 4? I couldn't figure it out...

Reply 12

TemS

about the interest rates ? u could write a book for that..

Reply 13

trm90

clicker9

What they want us to write for d) in question 4? I couldn't figure it out...

One, you needed to quantify and compare statistics from EACH graph given.

Then, you needed to evaluate why some statistics might have indicated good economic growth or not for each respective country (eg although sri lanka (or singapore, forgot who) had a high CA deficit, it was justified as article said bla...), compared both of them, and then you pretty much had to say which one was doing comparatively better.

EDIT: AGH what was question 4 and 3? Im so confused :confused:

Was 3 the one about comparing the two countries???

Reply 14

limechateaux

trm90

Was 3 the one about comparing the two countries???

No that was 4. About Sri Lanka and Singapore (WOHOO.. !)
I wrote soooo much for d. All in all I attached 10 sheets, I feel pretty sorry for whoever is going to mark mine..
I did 2, 4 and 5 (same as on P2!!) but I thought it was a bit harder, as in I had less choice.. I didn't like the efficiency stuff)

How did you guys define crowing out? I wrote some random stuff about loanable funds and IR, wasn't that much about crowding out in the case study so I just took a chance with those 2 marks..

EDIT: Btw, just to clear that up it was Sri Lanka with tons of debt and a deficit. So much to write on that question... insaneeee

Reply 15

Donald Duck

clicker9

What they want us to write for d) in question 4? I couldn't figure it out...

Pretty much draw a tarrifs diagram and explain it I thought (thats what I did)

Edit: no, that was 2 I think :wink:

For 4 d, we had to look at graphs and analyse them.

Reply 16

limechateaux

Donald Duck

Pretty much draw a tarrifs diagram and explain it I thought (thats what I did)

That was question 2 :smile:

I think? I'm pretty sure..

Although that is what I did for Q2. YAY :biggrin:

Reply 17

Donald Duck

g-oo-ey

That was question 2 :smile:

I think? I'm pretty sure..

Although that is what I did for Q2. YAY :biggrin:

lol, that was fast. I redid it the moment I read the post above me :p:

Reply 18

trm90

g-oo-ey

Yeah I totally agree, I had to like discard two key ideas I was going to mentoin, but then I realised then if you blab on too much it's just going to be detrimental not only to your time management but your grade as well

For crowding I explained it like this: "the government needs to spend more, wants more loanable funds, increases interest rates, dicourages private sector investment; process known as crowding out". I might've gotten 1 point for that now in retrospect, I'm not 100% sure if I elaborated a lot or not. All I know is that I didn't have time to worry about it at the time :eek:

Reply 19

trm90

g-oo-ey

That was question 2 :smile:

I think? I'm pretty sure..

Although that is what I did for Q2. YAY :biggrin:

ME TOO!!! That's so relieving, one of my friends told me the tariff diagram didn't have much of a point for a reason I didn't understand and I was like 'WHAT :eek: