Economics SL paper 1-2005Answers

Economics SL paper - c IB DIPLOMA PROGRAMME PROGRAMME DU DIPLME DU BI PROGRAMA DEL DIPLOMA DEL BI M05/3/ECONO/SP1/ENG/TZ0/XX/M MARKSCHEME May 2005

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c IB DIPLOMA PROGRAMME PROGRAMME DU DIPLÔME DU BI PROGRAMA DEL DIPLOMA DEL BI M05/3/ECONO/SP1/ENG/TZ0/XX/M+ MARKSCHEME May 2005 ECONOMICS Standard Level Paper 1 6 pages
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- 2 - M05/3/ECONO/SP1/ENG/TZ0/XX/M+ This markscheme is confidential and for the exclusive use of examiners in this examination session. It is the property of the International Baccalaureate and must not be reproduced or distributed to any other person without the authorization of IBCA.
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- 3 - M05/3/ECONO/SP1/ENG/TZ0/XX/M+ Paper Specific Markscheme In addition to the assessment criteria, use the paper-specific markscheme below. Award up to the maximum marks indicated. Examiners should be aware that candidates may take a different approach, which if appropriate should be fully rewarded. 1. (a) Explain how a buffer stock system might be used to stabilize agricultural prices. definition of buffer stock system explanation of the reasons for the existence of buffer stock systems explanation of the instability of agricultural prices through inelastic demand and supply, along with the unpredictable nature of the supply side in agriculture explanation of how a buffer stock system works in terms of minimum and maximum prices and intervention buying and selling correct application of the buffer stock diagram Examiners should be aware that candidates may take a different approach, which if appropriate should be rewarded. (b) Discuss the view that intervention in agricultural markets causes more problems than it solves. Points for discussion might include: the different forms of intervention commodity agreements minimum/maximum price controls buffer stock schemes fair trade schemes subsidies protectionism e.g. tariffs the arguments for intervention stabilize prices provide a stable income for producers
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This note was uploaded on 02/12/2010 for the course ECON 201 taught by Professor Smith during the Spring '10 term at Whittier.

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Economics SL paper - c IB DIPLOMA PROGRAMME PROGRAMME DU DIPLME DU BI PROGRAMA DEL DIPLOMA DEL BI M05/3/ECONO/SP1/ENG/TZ0/XX/M MARKSCHEME May 2005

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