School / IB / ECON HL / Quantitative techniques (HL Paper 3) Exam-style + marking analysis
Quantitative techniques (HL Paper 3) Numerical calculations in national income, the multiplier, inflation, unemployment, and the balance of payments.
Economics HL Quantitative techniques (HL Paper 3)
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Paper All papers Paper 3 style (extended) General practice (not paper-specific)
Paper labels are an unofficial, independently authored grouping, applied only where a question's own format genuinely matches a real paper convention (such as IB Mathematics AA's non-calculator/calculator split). They do not reproduce any exam board's real paper numbering or mark allocation, and uncertain questions are labelled general practice instead.
1 An economy has a marginal propensity to consume (MPC) of 0.8, with no other leakages considered. (a) Calculate the simple Keynesian multiplier. (b) Calculate the total change in national income resulting from an initial increase in investment spending of $20 million. Paper 3 style (extended) Medium 4 marks Calculator + 2 Marking analysis: A learner attempts the following task: “An economy has a marginal propensity to consume (MPC) of 0.8, with no other leakages considered. (a) Calculate the simple Keynesian multiplier. (b) Calculate the total change in national income resulting from an initial increase in investment spending of $20 million.” Their response addresses only this point: “Uses the multiplier formula k = 1/(1 − MPC).” Evaluate the response against the complete 4-mark task. Identify what earns credit and state every additional requirement needed for full marks. Marking analysis Medium 4 marks Calculator + 3 An economy has a marginal propensity to save (MPS) of 0.25. Calculate the simple Keynesian multiplier for this economy. Paper 3 style (extended) Easy 2 marks Calculator + 4 Marking analysis: A learner attempts the following task: “An economy has a marginal propensity to save (MPS) of 0.25. Calculate the simple Keynesian multiplier for this economy.” Their response addresses only this point: “Uses the multiplier formula k = 1/MPS.” Evaluate the response against the complete 2-mark task. Identify what earns credit and state every additional requirement needed for full marks. Marking analysis Easy 2 marks Calculator + 5 A more realistic economy has three leakages from the circular flow of income: a marginal propensity to save (MPS) of 0.2, a marginal propensity to tax (MPT) of 0.1, and a marginal propensity to import (MPM) of 0.1. Calculate the full multiplier for this economy. Paper 3 style (extended) Easy 3 marks Calculator + 6 Marking analysis: A learner attempts the following task: “A more realistic economy has three leakages from the circular flow of income: a marginal propensity to save (MPS) of 0.2, a marginal propensity to tax (MPT) of 0.1, and a marginal propensity to import (MPM) of 0.1. Calculate the full multiplier for this economy.” Their response addresses only this point: “Uses the full multiplier formula k = 1/(MPS + MPT + MPM).” Evaluate the response against the complete 3-mark task. Identify what earns credit and state every additional requirement needed for full marks. Marking analysis Easy 3 marks Calculator + 7 An economy's national income data for one year includes: consumption (C) = $300bn, investment (I) = $80bn, government spending (G) = $60bn, exports (X) = $50bn, and imports (M) = $40bn. Calculate GDP using the expenditure approach. Paper 3 style (extended) Easy 3 marks Calculator + 8 Marking analysis: A learner attempts the following task: “An economy's national income data for one year includes: consumption (C) = $300bn, investment (I) = $80bn, government spending (G) = $60bn, exports (X) = $50bn, and imports (M) = $40bn. Calculate GDP using the expenditure approach.” Their response addresses only this point: “States the expenditure approach formula: GDP = C + I + G + (X − M).” Evaluate the response against the complete 3-mark task. Identify what earns credit and state every additional requirement needed for full marks. Marking analysis Easy 3 marks Calculator + 9 An economy's nominal GDP is $500bn, and its GDP deflator for the year is 125 (using a base year value of 100). Calculate the economy's real GDP. Paper 3 style (extended) Easy 3 marks Calculator + 10 Marking analysis: A learner attempts the following task: “An economy's nominal GDP is $500bn, and its GDP deflator for the year is 125 (using a base year value of 100). Calculate the economy's real GDP.” Their response addresses only this point: “States the formula: real GDP = (nominal GDP / GDP deflator) × 100.” Evaluate the response against the complete 3-mark task. Identify what earns credit and state every additional requirement needed for full marks. Marking analysis Easy 3 marks Calculator + 11 A country's consumer price index 'basket' of goods cost $250 in Year 1 and $260 in Year 2. Calculate the inflation rate between Year 1 and Year 2. Paper 3 style (extended) Easy 2 marks Calculator + 12 Marking analysis: A learner attempts the following task: “A country's consumer price index 'basket' of goods cost $250 in Year 1 and $260 in Year 2. Calculate the inflation rate between Year 1 and Year 2.” Their response addresses only this point: “Uses the formula: inflation rate = [(new basket cost − old basket cost)/old basket cost] × 100.” Evaluate the response against the complete 2-mark task. Identify what earns credit and state every additional requirement needed for full marks. Marking analysis Easy 2 marks Calculator + 13 A country's nominal interest rate is 8%, and its inflation rate is 3%. Use the approximation formula to calculate the real interest rate. Paper 3 style (extended) Easy 2 marks Calculator + 14 Marking analysis: A learner attempts the following task: “A country's nominal interest rate is 8%, and its inflation rate is 3%. Use the approximation formula to calculate the real interest rate.” Their response addresses only this point: “Uses the approximation formula: real interest rate ≈ nominal interest rate − inflation rate.” Evaluate the response against the complete 2-mark task. Identify what earns credit and state every additional requirement needed for full marks. Marking analysis Easy 2 marks Calculator + 15 A country's working-age population is 300 million, its labor force is 200 million, and 184 million of the labor force are currently employed. (a) Calculate the labor force participation rate. (b) Calculate the unemployment rate. Paper 3 style (extended) Medium 4 marks Calculator + 16 Marking analysis: A learner attempts the following task: “A country's working-age population is 300 million, its labor force is 200 million, and 184 million of the labor force are currently employed. (a) Calculate the labor force participation rate. (b) Calculate the unemployment rate.” Their response addresses only this point: “Uses the formula: participation rate = (labor force / working-age population) × 100.” Evaluate the response against the complete 4-mark task. Identify what earns credit and state every additional requirement needed for full marks. Marking analysis Medium 4 marks Calculator + 17 A country's current account recorded a deficit of $50 million, and its combined capital and financial account recorded a surplus of $45 million. Calculate the value of net errors and omissions needed for the balance of payments to balance to zero. Paper 3 style (extended) Easy 3 marks Calculator + 18 Marking analysis: A learner attempts the following task: “A country's current account recorded a deficit of $50 million, and its combined capital and financial account recorded a surplus of $45 million. Calculate the value of net errors and omissions needed for the balance of payments to balance to zero.” Their response addresses only this point: “States that, by definition, the balance of payments must sum to zero: current account + capital/financial account + net errors and omissions = 0.” Evaluate the response against the complete 3-mark task. Identify what earns credit and state every additional requirement needed for full marks. Marking analysis Easy 3 marks Calculator + 19 A country's national debt is $800bn, and its GDP is $2,000bn. Calculate the country's debt-to-GDP ratio. Paper 3 style (extended) Easy 2 marks Calculator + 20 Marking analysis: A learner attempts the following task: “A country's national debt is $800bn, and its GDP is $2,000bn. Calculate the country's debt-to-GDP ratio.” Their response addresses only this point: “Uses the formula: debt-to-GDP ratio = (national debt / GDP) × 100.” Evaluate the response against the complete 2-mark task. Identify what earns credit and state every additional requirement needed for full marks. Marking analysis Easy 2 marks Calculator + 21 A government spends $500bn and collects $440bn in tax revenue in a given year, with GDP of $2,000bn. (a) Calculate the budget deficit. (b) Express the budget deficit as a percentage of GDP. Paper 3 style (extended) Easy 2 marks Calculator + 22 Marking analysis: A learner attempts the following task: “A government spends $500bn and collects $440bn in tax revenue in a given year, with GDP of $2,000bn. (a) Calculate the budget deficit. (b) Express the budget deficit as a percentage of GDP.” Their response addresses only this point: “Calculates the budget deficit as spending minus revenue: $500bn − $440bn = $60bn.” Evaluate the response against the complete 2-mark task. Identify what earns credit and state every additional requirement needed for full marks. Marking analysis Easy 2 marks Calculator + 23 A country's price elasticity of demand for exports is 0.6, and its price elasticity of demand for imports is 0.5. Using the Marshall-Lerner condition, state whether a currency depreciation would be expected to improve or worsen the country's trade balance, and justify your answer with a calculation. Paper 3 style (extended) Easy 3 marks Calculator + 24 Marking analysis: A learner attempts the following task: “A country's price elasticity of demand for exports is 0.6, and its price elasticity of demand for imports is 0.5. Using the Marshall-Lerner condition, state whether a currency depreciation would be expected to improve or worsen the country's trade balance, and justify your answer with a calculation.” Their response addresses only this point: “Sums the two elasticities: 0.6 + 0.5 = 1.1.” Evaluate the response against the complete 3-mark task. Identify what earns credit and state every additional requirement needed for full marks. Marking analysis Easy 3 marks Calculator + 25 A country's export price index is 120, and its import price index is 100 (both relative to the same base year value of 100). Calculate the country's terms of trade index, and state whether its terms of trade have improved or worsened relative to the base year. Paper 3 style (extended) Easy 3 marks Calculator + 26 Marking analysis: A learner attempts the following task: “A country's export price index is 120, and its import price index is 100 (both relative to the same base year value of 100). Calculate the country's terms of trade index, and state whether its terms of trade have improved or worsened relative to the base year.” Their response addresses only this point: “Uses the formula: terms of trade index = (export price index / import price index) × 100.” Evaluate the response against the complete 3-mark task. Identify what earns credit and state every additional requirement needed for full marks. Marking analysis Easy 3 marks Calculator + 27 Using a Lorenz curve diagram, the area between the line of perfect equality and the actual Lorenz curve is calculated as 15 units, and the total area below the line of perfect equality is 50 units. Calculate the Gini coefficient for this economy. Paper 3 style (extended) Easy 2 marks Calculator + 28 Marking analysis: A learner attempts the following task: “Using a Lorenz curve diagram, the area between the line of perfect equality and the actual Lorenz curve is calculated as 15 units, and the total area below the line of perfect equality is 50 units. Calculate the Gini coefficient for this economy.” Their response addresses only this point: “Uses the formula: Gini coefficient = (area between the line of equality and the Lorenz curve) / (total area below the line of equality).” Evaluate the response against the complete 2-mark task. Identify what earns credit and state every additional requirement needed for full marks. Marking analysis Easy 2 marks Calculator + 29 A country's unemployment rate rises from 5% to 7%. (a) State the change in percentage points. (b) Calculate the percentage change (the relative increase) in the unemployment rate. Paper 3 style (extended) Easy 3 marks Calculator + 30 Marking analysis: A learner attempts the following task: “A country's unemployment rate rises from 5% to 7%. (a) State the change in percentage points. (b) Calculate the percentage change (the relative increase) in the unemployment rate.” Their response addresses only this point: “States the change in percentage points as 7 − 5 = 2 percentage points.” Evaluate the response against the complete 3-mark task. Identify what earns credit and state every additional requirement needed for full marks. Marking analysis Easy 3 marks Calculator + 31 According to the quantity theory of money, MV = PQ, where M is the money supply, V is the velocity of money, P is the price level, and Q is real output. If the central bank increases the money supply (M) by 10%, and both the velocity of money (V) and real output (Q) remain constant, predict the approximate percentage change in the price level (P). Paper 3 style (extended) Easy 2 marks Calculator + 32 Marking analysis: A learner attempts the following task: “According to the quantity theory of money, MV = PQ, where M is the money supply, V is the velocity of money, P is the price level, and Q is real output. If the central bank increases the money supply (M) by 10%, and both the velocity of money (V) and real output (Q) remain constant, predict the approximate percentage change in the price level (P).” Their response addresses only this point: “States that since V and Q are held constant, any percentage change in M must be matched by an equal percentage change in P, to keep the equation MV = PQ balanced.” Evaluate the response against the complete 2-mark task. Identify what earns credit and state every additional requirement needed for full marks. Marking analysis Easy 2 marks Calculator + Self-assessed 0 / 0
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