IB Economics HL 2.1.2 Demand Assumptions Question Bank
Practise IB Economics HL 2.1.2 by explaining normal demand and exceptions such as Veblen and Giffen goods.
- Syllabus
- First assessment 2022
- Course
- Economics HL
- Level
- HL
Exam points
- Explain why a normal demand curve slopes downward when other influences are held constant.
- Compare Veblen and Giffen goods as exceptions where price and quantity demanded may move together.
- Use expectations and real-world context to explain why demand can deviate from the usual curve.
2.1.2 (HL)—Assumptions behind demand question 1
[Maximum number: 10]
Explain why demand curves may not always slope downward from left to right.
Candidates may include:
- a definition of demand
- an explanation of a normal demand curve
- an explanation of exceptions:
- ostentatious (Veblen) goods
- role of expectations
- Giffen goods
- goods facing perfectly elastic or perfectly inelastic demand curves
- use of a diagram to illustrate an upward-sloping demand curve
- use of a diagram to illustrate a perfectly inelastic/elastic demand curve.
Candidates who incorrectly label diagrams cannot be rewarded with full marks.
Examiners should be aware that candidates may take a different approach which if appropriate, should be rewarded.
Assessment Criteria
Level
Completely inappropriate answer.
Little understanding of the specific demands of the question.
Very little recognition of relevant economic theory.
Relevant terms not defined.
Significant errors.
Some understanding of the specific demands of the question.
Some recognition of relevant economic theory.
Some relevant terms defined.
Some errors.
Marks
0
1-3
4-6
7-8
9-10
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