Assessment Report

New Zealand Scholarship
Economics 2018

Standard 93402

Part A: Commentary

It is essential that candidates for Scholarship Economics are fully conversant with the economic models and concepts detailed in the Scholarship Economics Assessment Specifications (special notes). Candidates need to know how the models and concepts can be applied to the context of the current New Zealand economy and economic policies.

Candidates were at a significant disadvantage if they were not familiar with basic areas such as market structures other than perfect competition and monopoly; MSB/MSC analysis in the context of externalities; or the operation of the Official Cash Rate in the New Zealand economy. 

 


Part B: Report on performance standard

Candidates who were awarded Scholarship with Outstanding Performance commonly:

  • addressed each element of each question in depth in a convincing and economically literate manner
  • fully explained key concepts, going beyond the resource material and integrating their own knowledge of the New Zealand economy, showing evidence of a wider understanding of economic issues by referencing the contemporary New Zealand economic situation in their responses. For example, relating Question Three to the current position of the New Zealand economy and to the position of the economy following the Global Financial Crisis
  • wrote in a structured, accurate and concise manner
  • demonstrated sophisticated abstraction and integration of the resource material, integrating the resource material and economic models into their analysis without significant repetition
  • used a range of models that were relevant, legible and correctly labelled and illustrated the correct changes or points
  • integrated relevant economic concepts into their answer that were not specifically stated in the question such as the relevance of elasticities to the analysis of the impact of the tax on single use plastic bags
  • made detailed and justified recommendations or evaluations that were economically literate and logical given the arguments provided throughout their answer.

Candidates who were awarded Scholarship commonly:

  • used economic models accurately and effectively to illustrate their points e.g. negative externality of consumption on MSC/MSB model, with a DWL, AD/AS including Yf
  • provided detailed explanations of each of their key points and integrated their economic models into their explanations clearly
  • understood and integrated the resource material, providing clear explanation as to relevance
  • wrote answers that followed a logical and coherent structure
  • provided justified recommendations and evaluations based on their economic analysis
  • were familiar with the concepts and models detailed in the Scholarship Economics Assessment Specifications (special notes) and how they can be applied to the current New Zealand economy and economic policies.

Other candidates

Candidates who were not awarded Scholarship commonly:

  • wrote narrative answers repeating resource material, without including economic theory
  • used inappropriate or out-dated economic theory to attempt to answer questions, such as the money market model to justify a decrease in interest rates in a New Zealand monetary policy context
  • used few, if any, economic models to illustrate economic concepts, used incorrect models, showed incorrect changes, or failed to label models appropriately
  • provided only partial answers that did not attempt to address each of the key points in detail.

 

 

Economics subject page

 

Previous years' reports
2017 (PDF, 43KB)2016 (PDF, 186KB)

 
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