IB Economics HL 3.3.3 Low Unemployment Questions

Answers may include:
- Terminology: unemployment.
- Explanation: of any two economic costs such as a loss of real output;
higher spending and lower tax revenues for the government with the possibility of a larger budget deficit/a smaller budget surplus;
a more unequal distribution of income;
costs to the government of dealing with social problems caused by unemployment;
unemployed people may have difficulty finding work in the future;
specific problems related to the type of unemployment, eg structural or cyclical.
- Diagram: any relevant diagram related to the particular cost being explained, eg use of a PPC diagram or an AD/AS diagram.

A maximum of [6] may be awarded if only one cost is explained.

Assessment Criteria

Marks ..... Level descriptor
0:
- The work does not reach a standard described by the descriptors below.
1-2:
- The response indicates little understanding of the specific demands of the question.
- Economic theory is stated but it is not relevant.
- Economic terms are stated but they are not relevant.
3-4:
- The response indicates some understanding of the specific demands of the question.
- Relevant theory is described.
- Some relevant economic terms are included.
5-6:
- The response indicates understanding of the specific demands of the question, but these demands are only partially addressed.
- Relevant economic theory is partly explained.
- Some relevant economic terms are used appropriately.
- Where appropriate, relevant diagram(s) are included.
7-8:
- The specific demands of the question are understood and addressed.
- Relevant economic theory is explained.
- Relevant economic terms are used mostly appropriately.
- Where appropriate, relevant diagram(s) are included and explained.
9-10:
- The specific demands of the question are understood and addressed.
- Relevant economic theory is fully explained.
- Relevant economic terms are used appropriately throughout the response.
- Where appropriate, relevant diagram(s) are included and fully explained.