The test is open book.  You can expect the following types of questions.

Sentence and graph corrections

You are given a statement that is incorrect and asked to correct it in two different ways or you are given a graph and a sentence that do not make and asked to correct the sentence to match the original graph and the graph to match the original sentence.

There will be at least 2 of these questions.  You will not get them in advance.

Never true, sometimes true, always true

You are given a statement and asked to determine whether the statement is always true, sometimes true or never true.  You are asked to explain your choice.

There will be at least 1 of these questions.  You will not get them in advance.

Canadian Economy Question

Choose one of the following questions:

  1. Why is the Bank of Canada reluctant to raise interest rates to help cool the GTA and Vancouver housing markets?
  2. Why is the value of the Canadian dollar relative to the US dollar falling? How does the lower dollar help our economy? How does it hurt?
Criteria Insufficient Evidence Limited Evidence Some Evidence Considerable Evidence High Degree of Evidence
1) Does the answer demonstrate an understanding of the underlying economic concepts? (KU) 0 1 2 3 4
3) Is the answer well-reasoned? Does it consider multiple perspectives and all available evidence? (TI) 0 1 2 3 4

 

Political Statements

A local business man, Mr. M Burns has decided to run for Member of Parliament.  He is running as an independent because he doesn’t approve of any political party.  He has hired you to help refine his economic platform.  These are his most recent statements on the economy:

  • “We shouldn’t be worried about falling prices.  Lower prices help consumers save money.”
  • “A high dollar is good for all Canadians. It shows that our economy is strong.”

Choose one statement and give Mr. Burns guidance on his judgments on the Canadian economy.

Criteria Insufficient Evidence Limited Evidence Some Evidence Considerable Evidence High Degree of Evidence
1) Does the answer demonstrate an understanding of the underlying economic concepts? (KU) 0 1 2 3 4

These are Mr. Burns policy proposals:

  • “Politicians can’t be trusted to budget properly. We must pass a balanced budget amendment so that every year spending is equal to tax revenues.”
  • “Employment insurance only encourages people to not find work.  We should cut benefits to get people back to work faster.”

Choose one proposal and provide advice on the effectiveness of his ideas.

Criteria Insufficient Evidence Limited Evidence Some Evidence Considerable Evidence High Degree of Evidence
1) Does the answer demonstrate an understanding of the underlying economic concepts? (KU) 0 1 2 3 4
2) Does the answer use appropriate models, graphs and examples to support arguments? (AP) 0 1 2 3 4

 

Long Answer Question

Why is the Great Recession called ‘Great’?  What made it different than other recessions and why are we still feeling the effects 6 years later?

Criteria Insufficient Evidence Limited Evidence Some Evidence Considerable Evidence High Degree of Evidence
2) Does the answer use appropriate models, graphs and examples to support arguments? (AP) 0 1 2 3 4
3) Is the answer well-reasoned? Does it consider multiple perspectives and all available evidence? (TI) 0 1 2 3 4