Final Test

7 06 2011

This test will be a bit different from the previous tests.

Things that remain the same:

  • Open book
  • Sentence correction questions

Things that are different:

  • Shorter written answer questions that will not be provided in advance.  Each question out of 4 marks. There will be choice.
  • One other question, provided below, that everyone must answer.

Question:   Interest rates are at historical lows, governments around the world introduced large stimulus spending in late 2008 and early 2009, why is the global economy still so weak?

Marking Key

Marking Scheme

Criteria

Insufficient Evidence

Limited Evidence

Some Evidence

Considerable Evidence

High Degree of Evidence

2) Does the answer use appropriate models, graphs and examples to support arguments? (AP)

0

1

2

3

4

3) Is the answer well-reasoned? Does it consider multiple perspectives and all available evidence? (TI)

0

1

2

3

4





Unit Three Test

27 04 2011

For this test you will be required to choose 2 of the 4 problems.  There will be statements to correct on the test as well.

Econoville is a fast-growing town, struggling with many problems.  Richard Wilkins, the mayor, has hired you for your economic expertise.  Choose two of the four situations and provide recommendations on what the mayor should do. For each situation, thoroughly describe the economic principles involved in creating the problem and then offer solutions.  Consider the pros and cons of your solution and make a clear recommendation.  For the purposes of the test, you can assume the mayor has significant power.  (i.e. don’t worry too much about the politics, focus on the economics).

  1.  The town has a small public park that is sometimes empty and sometimes too busy for everyone to use (eg Frisbee players are trampling through picnics, etc).  People are complaining that they can’t enjoy the park because it is too crowded.
  2. A new electricity generating station opened to meet increased demand from the town.  Residents near the plant are complaining about increased air pollution and asthma cases in the neighbouring communities are increasing.
  3. Rent prices are increasing in town and some residents are paying over 60% of their income in rent.  Some residents can no longer afford housing of any type.
  4. The town budget is limited and the mayor needs to find new sources of revenue. The town currently has no taxes in place.  The mayor would like your opinion on what type of tax or taxes would raise the most money without unduly burdening town residents.
Marking Scheme

Criteria

Insufficient Evidence

Limited Evidence

Some Evidence

Considerable Evidence

High Degree of Evidence

1) Does the answer demonstrate an understanding of the underlying economic concepts? (KU)

0

1

2

3

4

2) Does the answer use appropriate models, graphs and examples to support arguments? (AP)

0

1

2

3

4

3) Is the answer well-reasoned? Does it consider multiple perspectives and all available evidence? (TI)

0

1

2

3

4

4) Does the answer come to a clear, easy to understand conclusion, supported by reasoned arguments? (CM)

0

1

2

3

4





Unit Two Test

6 04 2011

For this test, you will be required to answer one understanding question and one normative question.  There will be one other question not given in advance.

Understanding Questions

  1. Explain, using concepts covered in class, why gas prices have increased lately.
  2. Would you rather be a farmer or the owner of a restaurant?  Use concepts covered in this unit to support your decision.

Normative Statements

  1. The price that people pay for goods is fair.
  2. The best market structure for a company to operate in is an oligopoly.

Feel free to use the comments section of this post to discuss the questions prior to the test.

 





Unit One Test Questions

24 02 2011

For this test, you will be required to answer one understanding question and one normative question.  There will be one other question not given in advance.

Understanding Questions

Why is scarcity the fundamental economic problem?
How do opportunity costs affect trade decisions and the shape of the production possibilities curve?

Normative Statements

Negative incentives are more effective than positive incentives.
The best economy is an efficient economy.

Feel free to use the comments section of this post to discuss the questions prior to the test.





Open Notes Tests

24 02 2011

Economics Open Notes Tests

You can use your handouts, your textbook and any personal notes for these tests.  The purpose of the questions is to determine whether you understand the concepts and can fully explain them and/or apply them.

Each test will consist of two types of questions. Some will be normative statements that you can either support or oppose.  Others will be questions designed to determine whether you understand fundamental economic concepts.  You need to do more than just write the definitions of the terms for these questions.

For both types of questions, the use of graphs is strongly encouraged, where appropriate.  As well, be sure to incorporate appropriate economic vocabulary and terminology.  Wherever possible, use concrete, clear examples to support your statements.

You may come in with personal notes to help you answer the questions but I don’t want to see full answers that you are just copying on to the paper.  Part of the purpose of the test is to help you learn to manage your time.  As always, I’m looking for quality not quantity.

Some choice may be provided on the test.  Be sure to fully read all instructions before beginning your answers.

Marking Scheme for Economics Tests

Criteria Insufficient Evidence Limited Evidence Some Evidence Considerable Evidence High Degree of Evidence
1) Does the answer demonstrate an understanding of the underlying economic concepts? (KU)

0

1

2

3

4

2) Does the answer use appropriate models, graphs and examples to support arguments? (AP)

0

1

2

3

4

3) Is the answer well-reasoned? Does it consider multiple perspectives and all available evidence? (TI)

0

1

2

3

4

4) Does the answer come to a clear, easy to understand conclusion, supported by reasoned arguments? (CM)

0

1

2

3

4

Understanding Questions will be marked using criteria 1 and 2 (each question worth 8 marks)

Normative Statements will be marked using criteria 2, 3 and 4  (Each question worth 12 marks)