IB Economics HL 2.8.4 Common Pool Resources Questions

Level

Marks

0

The work does not meet a standard described by the
descriptors below

1

Vague definition

For the idea that they are rivalrous

OR non-excludable

2

Accurate definition

For an understanding that they are rivalrous

AND non-excludable

Level

Marks

0

The work does not meet a standard described by the
descriptors below.

1

The written response is limited.

1-2

For a negative production externalities diagram in which the MSC curve lies above the S, MPC curve and shows that the market output is greater than the socially optimum level of output

OR

that explains that the use of common pool resources is responsible for negative externalities due to depletion (or unsustainable use) of resources which leads to overproduction/overuse (free market equilibrium is greater than the socially optimum level of output).

2

The written response is accurate.

3-4

For a negative production externalities diagram in which the MSC curve lies above the S, MPC curve and shows that the market output is greater than the socially optimum level of output

AND

that explains that the use of common pool resources is responsible for negative externalities due to depletion (or unsustainable use) of resources which leads to overproduction/overuse (free market equilibrium is greater than the socially optimum level of output).

NB If a response draws a consumption externality diagram, it cannot be rewarded. However, if the explanation refers to the depletion/overconsumption of a resource, the response may receive [2] with the stamp ECF (error carried forward).

Candidates who incorrectly label diagrams can be awarded with a maximum of [3]. The y axis may be labelled price but could be costs or benefits and the x axis is labelled quantity.