Economics SL paper 2-2005Answers

Economics SL paper 2-2005Answers - c IB DIPLOMA PROGRAMME...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
c IB DIPLOMA PROGRAMME PROGRAMME DU DIPLÔME DU BI PROGRAMA DEL DIPLOMA DEL BI M05/3/ECONO/SP2/ENG/TZ0/XX/M MARKSCHEME May 2005 ECONOMICS Standard Level Paper 2 18 pages
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
- 2 - M05/3/ECONO/SP2/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.
Background image of page 2
- 3 - M05/3/ECONO/SP2/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. 1. (a) Define the following terms indicated in bold in the text: (i) demand (paragraph n ) level 0 Wrong definition 1 Vague definition The idea that it means consumers’ want, need or desire for a product with the ability to pay for it. 2 Precise definition An explanation that demand is the quantity of goods and services that consumers are willing, and able to buy at each possible price (over a given period of time). (ii) oligopoly (paragraph p ). level 0 Wrong definition 1 Vague definition The idea that it is an industry in which there are a few large firms. 2 Precise definition An explanation that it is an industry where there are a few large firms, with at least one other characteristic of the market form. [2 marks] 0 1 2 [2 marks] 0 1 2
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
- 4 - M05/3/ECONO/SP2/ENG/TZ0/XX/M (b) Using an appropriate demand and supply diagram, explain the impact of the SARS virus on the airline industry in the Asia-Pacific region. level 0 Inappropriate answer 1 Identification of appropriate theory For drawing a demand/supply diagram indicating a decrease in demand/shift to the left for airline tickets or providing an explanation of how the SARS virus impacted on the airline industry. 2 Correct application of appropriate theory For drawing a demand/supply diagram indicating a decrease in demand/shift to the left for airline tickets and providing an accurate explanation of how the SARS virus impacted on the airline industry. [4 marks] 0 1-2 3-4 (c) Using appropriate diagram(s), explain why the price elasticity of demand for travel by business travellers is likely to differ from that of tourists. level 0 Inappropriate answer 1 Identification of appropriate theory For drawing appropriate demand diagrams illustrating the relative PED for air travel by business travellers and tourists or for demonstrating an understanding of the factors which may influence the relative PED for air travel by business travellers and tourists. 2 Correct application of appropriate theory For drawing appropriate demand diagrams illustrating the relative PED for air travel by business travellers and tourists and for demonstrating an understanding of the factors which may influence the relative PED for air travel by business travellers and tourists. Candidates are likely to argue that business travel will have more
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/12/2010 for the course ECON 201 taught by Professor Smith during the Spring '10 term at Whittier.

Page1 / 18

Economics SL paper 2-2005Answers - c IB DIPLOMA PROGRAMME...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online