Grade 11 Economics Exam Outlines and Information
Please be aware that I will be in the history office (third floor) for assistance during the following times:
Wednesday, January 29 -- 10:15 AM to 11:15 AM & 2:00 PM to 3:15 PM
If you need to reach me before these times, send a brief e-mail (pmessere@yahoo.com) of your question and I'll respond as soon as I can.
The links below will take you to the appropriate outline of the topics to be covered for the grade 11 exam on Jan. 29 (CIE 3M1 - period 1) or the grade 11 Pre-IB exam on Jan. 30 (CIE 3M7 - period 2) 2003.
NOTE:
Further details (as of Jan. 22-'03) have been added regarding the final topics to be covered on the exams and types of questions that will be used to evaluate student performance.Pre-IB students (CIE 3M7) given the exam review exercise on Demand, Supply and Elasticity should click on the link below for the answers. (Note: This link will not be active until Friday Jan. 24, 2003 - this will give you time to try the exercise first and then check the answers)
Questions, Questions, Questions ........................ and yes answers !!
I received your questions via Mr. Clyde, e-mail and what other delivery system you could think of for me to answer. You must realize, however, that I was somewhat limited in terms of what I could answer given the technical nature of some of the material. (Not to mention the fact that keeping my leg elevated in the first two weeks made it somewhat difficult to type on the computer - and somewhat painful) Nevertheless, I have posted some of the more frequent questions and their abbreviated answers below. (Keep in mind that the calculation portion for the GDP section is not required for the exam - but I'll answer nevertheless):
Q: Does GDP include real estate transactions?
Answer:
Only if it is the construction of new residential or commercial developments. This type of transaction falls under Investment (not consumption) expenditures. A home resale is not current production (but a used item) so it is excluded from GDP.
Q: What are capital consumption allowances?
Answer:
This is an allowance for the depreciation (recall balance sheets) of capital stock used (equipment, machinery) during production. As a balancing item it is including in the income approach to calculating GDP in order to offset the fact that it is an expenditure undertaken by firms to replace worn out equipment (thus explaining why it shows up in the Expenditure calculation of GDP under Investment) during production activities.
Q: Can statistical discrepancy be calculated?
Answer:
Yes. But not by you (or for that matter me). Stats Can has a complicated system for doing this and uses it to balance the income and expenditure approaches to calculating GDP. Needless to say, you will not be asked to do this on the exam.
Q: How do you calculate Net Investment without knowing depreciation?
This question comes via inquisitive Lucy M. Depreciation is capital consumption allowance. Knowing this, Net Inv=Gross Inv - Cap. Cons. Allowances. Hence the answer for Study Guide 138 #2 is $300 million.
Q: What's up with the circular flow diagram on Study Guide 120?
Actually, it's fine. Product and Resource markets are not sectors (such as Households, Businesses, Government and Foreign Firms) within the economy. These represent markets where money is earned (income) for the sale of resources (eg. labour) or goods are purchased (expenditures) by the indicated sector (households, businesses) . Circular flow diagrams vary in terms of what they want to emphasize: payments (money flows) or movement of goods (real flows). All of these flows and other variables can't be shown on one diagram. [well they could , but it would really wreak havoc on economics students' minds - especially the sensitive ones of IB candidates]
Well that's it for now - check out the updated Pre-IB exam Outline web page before you start to experience extreme anxiety about what will be on the exam, particularly the macroeconomics section covered during my extended (yet, unforeseen) absence.
PLEASE BRING YOUR TEXT TO THE EXAM (no you can't use it during the exam) and arrangements will be made to note that it has been returned. --- Thanks!
P.S. THANKS PRE-IB CLASS FOR THE GET WELL CARD!!!!!!
(It was a very nice gesture and don't think I won't forget it when I complete your report cards)Student Web Sites Development Projects
Check out the websites developed by members of the grade 11 economics class by clicking on the links for each:
Student Development Teams Website Theme Nadeem A. & Leandro K (Oct. 2000) Stock Markets Kate, Hidia, Peggy (March 1999) Stock Market Challenge
Take the challenge and see how well you do against other investors. You will be able to obtain resources and other information needed to help you create and register your group's portfolio in the stock market simulation. Updates of group stock portfolio values and rankings will be posted after the competition begins.Demand and Supply Review
This link will take you to Unit 2 of the OAC economics course. The first part of this unit essentially covers the same concepts and ideas within the grade 11 economics course. You will find some useful review exercises and links that test your knowledge of demand and supply theory. Remember, to get back to this part of the site you will have to use the 'back' button of your browser.
Course Links Market Updates
Investor Learning Centre of Canada
Toronto Stock Exchange
