Archive | March 2013

Spring Break

I have added the exam papers and mark-schemes for May 2012 under the Exam Papers heading. I hope they might be helpful. But do remember that the format and requirements of your exams will be different.  In particular, in Paper One you HAVE to choose one macroeconomics question and one microeconomics question. In Paper Two you HAVE to choose one International Economics question and one Development Economics question.

Also you (fortunately or unfortunately?) will face the challenge of being the first students to sit the new Paper Three. The only paper to which we can refer for information is the paper under the heading of Specimen exam papers. I will try, over the next few weeks, to generate or scavenge for some other possible sample questions and then upload them.

How should you spend Spring Break? From the point of view of preparation for the IB Economics exam, the only requirements are that you rest, “recharge your batteries”, and follow current economic issues, by reading newspapers and/or watching the TV news and/or engaging in discussions with your parents and friends.

Interesting events to follow at present are the situation in Cyprus (will the government impose a 10% tax on savings in banks? Will a bailout be achieved to lower the international debt burden for Cyprus?), the budget situation in the USA (will the two political parties be able to reach agreement on tax raises and/or spending cuts?), the yen/dollar exchange rate (which way will it move and what are the implications of any movement?), and the general economic situation in Japan (any inflation in sight?). It will also be interesting to see whether the TPP negotiations progress or will they stall? Does the restructuring of Japanese companies, such as Panasonic) in the face of overseas competition (partly from Korea’s Samsung) imply that structural unemployment will increase even though the overall economy is showing some signs of growth should lower unemployment?

Learning about and watching these unfolding events is not just useful for the exam. The outcomes will also have an influence on your own future lives and careers. You have exciting (but possibly turbulent) lives ahead of you.

For light relief, you can watch round two of Keynes vs Hayek

The lyrics can be found here.  Keynes vs Hayek Round 2 LYRICS