IB Economics HL 3.3.9 Hl Phillips Curve and Macroeconomic Trade Offs Questions

Level

Marks

0

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

1

Vague description.

For the idea that there is a negative (inverse) relationship between inflation and unemployment for the period 2011 to 2016.

2

Accurate description.

For an understanding that there is a negative (inverse) relationship between inflation and unemployment for the period 2011 to 2016, indicating that the economy conforms to the short-run Phillips curve.

NB If the candidate demonstrates awareness of the tradeoff without explicitly mentioning the SRPC, Level 2 may be awarded.

Level

Marks

0

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

1

Vague outline.

For the idea that the economy does not conform to the short-run Phillips curve between 2016 and 2018 OR that both inflation and unemployment have increased.

2

Accurate outline.

For an understanding that an increase in both unemployment and inflation suggests that the short-run Phillips curve has shifted to the right/upwards between 2016 and 2018.