Practise IB Economics SL 1.1.5 by explaining the circular flow of income, injections, withdrawals and macroeconomic linkages using marked exam evidence.
Study the following extract and answer the questions that follow.
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Using a circular flow of income diagram (in an open economy), explain the impact that increased export revenues could have on Nepal's national income (paragraph 7).
(7).
Level
Marks
0
The work does not meet a standard described by the descriptors below.
1
There is a correct diagram OR an accurate written response.
1-2
For drawing a circular flow of income diagram showing the flow of income between households and firms, with export revenues indicated as an injection OR for an explanation that export revenues are an injection into the circular flow of income that will raise national income for Nepal.
2
There is a correct diagram AND an accurate written response.
3-4
For drawing a circular flow of income diagram showing the flow of income between households and firms, with export revenues indicated as an injection AND for an explanation that export revenues are an injection into the circular flow of income that will raise national income for Nepal.
Candidates who incorrectly label diagrams can be awarded a maximum of [3].