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In this episode, I will discuss in detail SOLVED IB Economics 2022 specimen paper 1, paper 2, paper 3 - HL - SL. 2022 IB Economics higher level paper 1 specimen paper 0:00 2022 IB Economics higher level paper 2 specimen paper 26:00 2022 IB Economics higher level paper 3 specimen paper 53:08 2022 IB Economics standard level paper 1 specimen paper 1:07:21 Q͓̽u͓̽e͓̽s͓̽t͓̽i͓̽o͓̽n͓̽s͓̽/͓̽ ͓̽t͓̽o͓̽p͓̽i͓̽c͓̽s͓̽ ͓̽c͓̽o͓̽v͓̽e͓̽r͓̽e͓̽d͓̽:͓̽ 𝟮𝟬𝟮𝟮 𝗜𝗕 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰𝘀 𝗵𝗶𝗴𝗵𝗲𝗿 𝗹𝗲𝘃𝗲𝗹 𝗽𝗮𝗽𝗲𝗿 𝟭 𝘀𝗽𝗲𝗰𝗶𝗺𝗲𝗻 𝗽𝗮𝗽𝗲𝗿 1. (a) Explain two ways a government might respond to the existence of asymmetric information in a market. [10] (b) Using real-world examples, evaluate different approaches to managing common access resources. [15] 2. (a) Explain two tools open to a central bank to conduct expansionary monetary policy. [10] (b) Using real-world examples, evaluate the effectiveness of monetary policy to achieve low unemployment. [15] 3. (a) Explain how currency depreciation might affect a country’s current account balance. [10] (b) Using real-world examples, discuss the possible implications of a persistent current account deficit. [15] 𝟮𝟬𝟮𝟮 𝗜𝗕 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰𝘀 𝗵𝗶𝗴𝗵𝗲𝗿 𝗹𝗲𝘃𝗲𝗹 𝗽𝗮𝗽𝗲𝗿 𝟮 𝘀𝗽𝗲𝗰𝗶𝗺𝗲𝗻 𝗽𝗮𝗽𝗲𝗿 Question 1 (a) (i) Define the term economic growth indicated in bold (Text A, paragraph ). [2] (ii) Define the term market failure indicated in bold (Text B, paragraph ). [2] (b) (i) Using information from Text A, paragraph , and Table 1, calculate the GDP in US$ PPP for Nigeria for 2015. [3] (ii) Draw a demand and supply diagram to show how oil prices may have changed in the third quarter of 2014 (Text A, paragraph ). [2] (c) Using a market failure diagram, explain how the “two oil spills in 2008” could represent a negative externality (Text B, paragraph ). [4] (d) Using an AD/AS diagram and information from Text C, explain the likely cause of the increasing inflation rate. [4] (e) Using an exchange rate diagram, explain how the increase in the interest rate by the Nigerian central bank might prevent the continued fall in the value of the naira (Text C). [4] (f) Using a Lorenz curve diagram, explain what happened to income inequality in Nigeria between 2010 and 2014 (Table 2). [4] (g) Using information from the text/data and your knowledge of economics, discuss methods that the Nigerian government might employ to achieve greater economic growth and/or economic development. [15] Question 2 (a) (i) Define the term investment indicated in bold (Text D, paragraph ). [2] (ii) Define the term depreciation indicated in bold (Text D, paragraph ). [2] (b) (i) Using information from Table 3, calculate the value of one Mexican peso in US dollars for 2014 and 2016. [2] (ii) Draw a demand and supply diagram showing the effect of imposing minimum prices (Text E, paragraph ). [3] 𝟮𝟬𝟮𝟮 𝗜𝗕 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰𝘀 𝗵𝗶𝗴𝗵𝗲𝗿 𝗹𝗲𝘃𝗲𝗹 𝗽𝗮𝗽𝗲𝗿 𝟯 𝘀𝗽𝗲𝗰𝗶𝗺𝗲𝗻 𝗽𝗮𝗽𝗲𝗿 𝟮𝟬𝟮𝟮 𝗜𝗕 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰𝘀 𝘀𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗹𝗲𝘃𝗲𝗹 𝗽𝗮𝗽𝗲𝗿 𝟭 𝘀𝗽𝗲𝗰𝗶𝗺𝗲𝗻 𝗽𝗮𝗽𝗲𝗿 1. (a) Explain two reasons why a government might set a price ceiling (maximum price) on a good. [10] (b) Using real-world examples, discuss the consequences of a price ceiling on stakeholders. [15] 2. (a) Explain two possible causes of deflation. [10] (b) Using real-world examples, evaluate the effectiveness of monetary policy to achieve low inflation. [15] 𝟮𝟬𝟮𝟮 𝗜𝗕 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰𝘀 𝘀𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗹𝗲𝘃𝗲𝗹 𝗽𝗮𝗽𝗲𝗿 𝟮 𝘀𝗽𝗲𝗰𝗶𝗺𝗲𝗻 𝗽𝗮𝗽𝗲𝗿 𝙋𝙡𝙚𝙖𝙨𝙚 𝙨𝙪𝙗𝙨𝙘𝙧𝙞𝙗𝙚 𝙞𝙛 𝙮𝙤𝙪 𝙬𝙤𝙪𝙡𝙙 𝙡𝙞𝙠𝙚 𝙩𝙤 𝙧𝙚𝙘𝙚𝙞𝙫𝙚 𝙩𝙝𝙚 𝙡𝙖𝙩𝙚𝙨𝙩 𝙚𝙭𝙖𝙢𝙞𝙣𝙖𝙩𝙞𝙤𝙣 𝙥𝙖𝙥𝙚𝙧 𝙖𝙣𝙖𝙡𝙮𝙨𝙞𝙨. Please Subscribe: 🔔 https://cutt.ly/AZL4W8l 🎬Watch Our Top Videos🎬 🔶 How To Do Partnership Accounting? 🔗 https://youtu.be/oe81EhQjtAQ 🔶 Complete Walkthrough IB Econ 2022 New Syllabus & Curriculum 🔗 https://youtu.be/gAJ4AqXtlSk 🔶 Solved IGCSE Economics 1st & 2nd Paper 🔗 https://youtu.be/u5LbEarnTew 🔶 SOLVED IB Economics 2022 specimen paper 1 🔗 https://youtu.be/E1NhTmoLTI4 💎HashTags💎 #IB_Economics_2022 #IB #IBECON #IBECON2022 #specimen_paper_1 #IB_Economics #economics #ib_economics_paper_1 #ib_economics_tips_&_guidance

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