The NCEA level 2 economics exam took place yesterday afternoon. I’d been helping my son with his revision and preparation, in the course of which he’d shown me various exams papers from recent years, and some guidance they’d been given on how to answer some of those (past) questions: what might get Achieved, what Merit, and what Excellence.
I wasn’t exactly reassured by what I saw.
As one example, consider this question from last year’s paper 91222 “Analyse inflation using economic concepts and models”.
The first questions were introduced with this statement
The Quantity Theory of Money states that the quantity of money circulating in the economy is equal to the monetary value of the goods and services available in the economy.
The quantity theory of money starts from the identity – for thus it is – MV=PT, where
M = some measure of the money supply,
P = some…
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