Download Exam A june2013 G11

NAME_________________________________
Section A
Section B Section C
SCORE
Total
%
Grade
St Maur International School
IB Economics
Grade 11
June 4th (morning)
Time allowed:
Exam
2013
180 minutes + 5 minute reading time
Recommended Time Allocation:
Section A
45 minutes
Section B
60 minutes
Section C
75 minutes
25 marks
30 marks
45 marks
INSTRUCTIONS TO CANDIDATES
Do not open this examination paper until instructed to do so.
 In Section A
choose
ONE question (from two)
 In Section B
choose
ONE question (from two) and answer on loose-leaf.
 In Section C
answer
ALL
questions
and answer on loose-leaf
and answer on the question paper.
Use diagrams and real-world examples where appropriate
Use the reading time for making choices, plans, rough sketches, and
highlighting text/questions
Twelve pages (including this one)
Section A
Choose ONE question and answer on loose-leaf.
[25
marks]
Q1. (a) Explain the difference between the law of diminishing returns and
diseconomies of scale (decreasing returns to scale).
[10 marks]
(b) Compare and contrast the market structure of perfect competition with
EITHER (i) monopolistic competition
OR (ii) oligopoly.
[15 marks]
Or
Q2. (a) Explain the differences between indirect taxes and direct taxes, including the difference
in their impacts on the distribution of income and on the macroeconomy.
[10 marks]
(b) “Taxation is a useful policy weapon through which the government can change economic
outcomes” .
Examine and evaluate the extent to which government can use indirect taxes
and/or direct taxes to change consumers’ and/or firms’ behavior .
[15 marks]
Section
B
Data Response Questions
Choose ONE questions (from the choice of two) and answer on loose-leaf.
(Each question is worth 30 marks)
[30
Question 1
marks]
Study the extract below and answer the questions that follow.
Price of Chinese exports set to soar
 In December 2009, a Chinese trade official declared that China will continue to increase its share of world
exports. While China’s share of world trade fell in 2009 due to the world economic downturn, the share of
other major exporters fell by even more. As a result China overtook Germany to become the world’s largest
exporter. Over the last 10 years China’s exports grew by an average of 23 %, more than twice as quickly as
world trade. China’s trading partners are becoming concerned and some are suggesting a need for
protectionist measures.
 Chinese producers have become used to producing cheap goods and Chinese and overseas consumers
have become used to buying these goods. But the production of electronic toys and
textiles in China (in which they used to have a comparative advantage) is now suffering from increased
production costs. Wages, raw materials and other manufacturing costs in China are rising, forcing up prices
for producers and consumers. Chinese toy factories are being forced to give large wage increases to
their formerly low-paid workers (who prefer to work in Japanese-owned electronics factories).
 These changes in the Chinese economy are beginning to have effects on other economies. Importers are
warning of sharp price increases and stock shortages as Chinese factories struggle to meet demand. Prices
have risen by 10 % in the last eight months. Having built its reputation on low price manufactured goods,
China now faces the problem of inflation and its effect on the export of these goods.
[Source: adapted from The Australian, 27–28 November 2010]
(a) Define the following terms indicated in bold in the text:
(i) comparative advantage (paragraph  )
(ii) production costs.
(paragraph  )
[2 marks]
[2 marks]
(b) Using an AD/AS diagram, explain how a rise in wages could affect output in China.
[6 marks]
(c) Using an appropriate diagram , depict and explain what may have happened to the distribution of
income in China now that the lower-paid workers are receiving higher wages and the factory owners’
profits are being squeezed.
[6 marks]
(d) Using an appropriate diagram or a table, explain how China’s comparative advantage in the
production of toys could result in trade by which both China and Japan could benefit.
[6 marks]
(e) Using information from the text/data and your knowledge of economics,
evaluate the possible effects on China’s trading partners if they start to implement protectionist
measures. (paragraph  )
[8 marks]
Turn over
2. Study the extract and data below and answer the questions that follow.
Mexico’s economy to recover in 2010
Mexico’s economy will start to recover from recession in 2010, although industry will experience
steep falls in output for several more months during 2009, according to the Finance Minister.
Mexico has been sinking deeper into recession due to plunging demand for its exports from the
United States (US).
 Industrial output fell 6.7 % in March 2009, the eighth straight months of contraction.
Industrial production accounts for about 40 % of the economy.
Economists in the US, where Mexico
sends about 80 % of its exports, have identified possible signs that the US recession is moderating but
are concerned that possible protectionist measures in the US may continue to depress the Mexican
economy.
 The outbreak in April of the influenza virus that forced the temporary shutdown of parts of
Mexico’s economy is expected to further worsen its economic problems. The high price of the flu
vaccine meant that many families chose not to get vaccinated.
[Source: adapted from http://uk.reuters.com/article/idUKN1945190420090519, accessed 19 May 2009]
Mexico’s Economy 2007–2009
Table 1
% Change
2007
2008
2009
3.3
1.5
– 6.6
Private consumption
4.0
1.9
– 6.2
Investment
7.0
4.4
– 10.1
Exports
5.7
0.8
–15.2
Imports
7.0
3.1
–18.2
3.7
4.7
5.5
GDP
Table 2
Unemployment (%)
[Source: adapted from OECD Economic Outlook No 87, May 2010]
(a) Define the following terms indicated in bold in the text:
(i) recession (paragraph )
(ii) GDP
(Table 1).
(b) Using an AD/AS diagram, explain how a decrease in exports may have
affected the level of unemployment in Mexico.
[2 marks]
[2 marks]
[6 marks]
(c) Using a diagram of the business (trade) cycle, depict and explain the movements in Mexico’s
economy from 2007 to 2009 .
[6 marks]
(d) Using an appropriate diagram, explain how the decision of many families not to get vaccinated
against influenza impacted the economy and led to a non-optimal (inefficient) outcome.
[6 marks]
(e) Using information from the text/data and your knowledge of economics, evaluate the possible effects
on the Mexican economy of protectionist measures in the US.
[8 marks]
SECTION C
Answer all
[45
questions
marks]
on this paper .
You may use a calculator. Unless accurate, answers should be to two decimal places.
1) [ 20 MARKS]
In the small town of Burbia, the weekly demand and supply curves for a pack of cigarettes are as
follows
Q D  700 −5P,
Q s 100 50P
Where QD and QS are the quantities in packets and P is the price per packet in dollars.
(i)
(a) Calculate QD and Qs at a price of $14 per pack
[1 mark]
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(b) Calculate the price elasticity of demand for cigarettes for a price rise from $14 to $15
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[2 marks]
(c) Calculate the price which would result in a demand of 475 packs per week.
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[1 marks]
d) Calculate the equilibrium price and quantity.
[2 marks]
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(ii) (a)
On the axes below, draw the demand and supply curves using a price range from
$0 to $16 per pack . Each curve should be labelled.
[3 marks]
Quantity of cigarettes (hundreds of packs per week)
(b) In order to discourage the consumption of cigarettes, the government imposes a specific
indirect tax of $6 per pack.
On the above graph, plot the new supply curve to illustrate the effect of the indirect tax.
[2 marks]
_(c) Calculate the total weekly revenue earned by the government from the specific tax.
[1 mark ]
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(d) Calculate the incidence of the tax on the producer as a result of the tax.
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(e) Explain why the value of price elasticity of demand is important for a government which
is attempting to use taxation to discourage the consumption of a product.
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(f) On the axes below, sketch a diagram and use it to explain how the new supply curve
would have been different if the government had imposed an ad valorem tax on cigarettes.
Explain
[3 marks]
Quantity of cigarettes (hundreds of packs per week)
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Turn over
2) [ 10 MARKS]
In Ruritania the government measures changes in the cost of living by calculating a consumer price index
(CPI), which measures changes in the cost of a typical basket of goods.
There are four items in the basket. The average prices of each item in 2011 and 2012 are given below,
together with the weights used to calculate the index.
Prices are in dollars ($). The average quantities of each item purchased per month by a Ruritanian
family are used to determine the weights.
(a) Calculate the monthly cost of the typical basket of goods in (i) 2011
(ii) 2012.
[2 marks]
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_(b) From your results in (a), calculate the percentage change in the cost of living in Ruritania
from 2011 to 2012.
[1 mark]
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(c) (i) In neighbouring Urbania the cost, in yen (¥), of the typical basket of goods is shown below.
Using 2009 as a base year (2009 = 100), construct the consumer price index (CPI) for Urbania from
2010 to 2011. Show your workings and enter your results in the table below.
[2 marks]
(ii) From your answers to part (c)(i), calculate the rate of inflation in Urbania between
2010 and 2011.
[1 mark]
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(d) The (nominal) GDP of Urbania in 2009 was ¥60 billion, while in 2010 it was ¥65 billion.
The GDP deflator (or consumer price index) for the same years was
Year
GDP deflator
2009
100
2010
114
Calculate the percentage change in the real GDP of Urbania from 2009 to 2010.
[2 marks]
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(e) Explain, with reference to the figures why the real GDP is more important than the nominal GDP in
calculating the growth rate of an economy.
[2 marks]
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3) [ 15 MARKS]
(a) Complete the table above by entering the total revenue (TR), average revenue (AR),
marginal revenue (MR) and marginal cost (MC) information for all levels of output.
(b) (i) Using your answers from part (a), identify the profit-maximizing level of output for
the firm. You must outline the reason for your answer.
[3 marks]
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(ii) Calculate the economic profit/loss which the firm would make at this level of output.
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(c)
Using the table above to illustrate your answer, explain why the price elasticity
of demand would change along the demand curve.
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(c) (continued) _. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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(d) The graph below illustrates the average total cost and average variable cost information for a firm.
On the graph, identify the break-even price and the shut-down price for a perfectly
competitive firm.
[2 marks]
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(e) From the graph in part (d)
(i) calculate the total variable cost if output is 50 units per month;
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_. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
_. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
_. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
_. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _
[1 marks]
_(ii) calculate total cost if output is 30 units per month.
[ 1 marks]
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
_. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
_. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
_. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
_. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
_. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(f) With reference to the table in part (a), explain
(i) what type of market the firm is operating in and how you know.
(ii) whether it is producing at the allocatively efficient level of output and how you know.
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_. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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_. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
_......................................................................
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_......................................................................
THE END
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