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    Economics Paper 1 TZ1 SL

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    Kanz Maj
    This document outlines an economics exam for standard level students. It provides instructions for a paper with two sections, microeconomics and macroeconomics, containing two questions each. Students must answer one question from each section. The paper is out of 50 total marks and covers topics such as price floors, demand, fiscal policy, and supply-side policies.

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    Economics Paper 1 TZ1 SL

    Uploaded by

    Kanz Maj
    61 views3 pages
    This document outlines an economics exam for standard level students. It provides instructions for a paper with two sections, microeconomics and macroeconomics, containing two questions each. Students must answer one question from each section. The paper is out of 50 total marks and covers topics such as price floors, demand, fiscal policy, and supply-side policies.

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    Economics_paper_1__TZ1_SL

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    This document outlines an economics exam for standard level students. It provides instructions for a paper with two sections, microeconomics and macroeconomics, containing two questions each. Students must answer one question from each section. The paper is out of 50 total marks and covers topics such as price floors, demand, fiscal policy, and supply-side policies.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    61 views3 pages

    Economics Paper 1 TZ1 SL

    Uploaded by

    Kanz Maj
    This document outlines an economics exam for standard level students. It provides instructions for a paper with two sections, microeconomics and macroeconomics, containing two questions each. Students must answer one question from each section. The paper is out of 50 total marks and covers topics such as price floors, demand, fiscal policy, and supply-side policies.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 3

    M15/3/ECONO/SP1/ENG/TZ1/XX

    Economics
    Standard level
    Paper 1

    Monday 4 May 2015 (afternoon)

    1 hour 30 minutes

    Instructions to candidates
     Do not open this examination paper until instructed to do so.
     You are not permitted access to any calculator for this paper.
     Section A: answer one question.
     Section B: answer one question.
     Use fully labelled diagrams and references to examples where appropriate.
     The maximum mark for this examination paper is [50 marks].

    2215 – 5111
    3 pages © International Baccalaureate Organization 2015
    –2– M15/3/ECONO/SP1/ENG/TZ1/XX

    Section A

    Answer one question from this section.

    Microeconomics

    1. (a) Explain why governments impose price floors (minimum prices). [10]

    (b) Discuss the consequences for producers, consumers and the government of imposing
    a price floor (minimum price) on a good. [15]

    2. (a) Explain the view that an increase in price will lead to a decrease in the quantity
    demanded whilst an increase in demand will lead to an increase in price. [10]

    (b) Discuss the significance of price elasticity of demand for government intervention in
    markets. [15]
    –3– M15/3/ECONO/SP1/ENG/TZ1/XX

    Section B

    Answer one question from this section.

    Macroeconomics

    3. (a) Explain the effect of a rise in taxation and a fall in government expenditure on the
    circular flow of income of an economy. [10]

    (b) Evaluate the effectiveness of fiscal policy to reduce the rate of inflation. [15]

    4. (a) Explain how business spending on research and development and government
    expenditure on infrastructure might shift the long-run aggregate supply curve. [10]

    (b) Evaluate the effectiveness of interventionist supply-side policies to achieve economic


    growth. [15]

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