Marking+guidelines+to+revision+test

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 * Revision Test: The Global Economy **
 * Marking Guidelines **
 * Multiple Choice Answers **

21 (10 marks) a) Explain the purpose of the Human Development Index   Comment ||  Mark || Accurate purpose ie to compare standard of living between countries   using a range of criteria ||  2 || Approximate answer || ||

b) Assess the impact on the global economy of an international organisation  Comment ||  Mark || Name and accurately describe its impact ||  2 || Approximate answer ||  1 ||

c) 2 ||

Identify TWO impacts of globalisation on an economy other than Australia

Comment || Mark || Accurate identification of impacts eg increase in trade, pollution, higher standard of living applied to that country || 2 || Approximate answer || 1 ||

d) 4 ||

Discuss the effectiveness of ONE government policy in the development of an economy other than Australia

Comment || Mark || Effective discussion of government policy including statistics eg interest rates, labour reform, taxation policy || 3-4 || Vague policy description, with limited dicussion || 1-2 ||

The diagram shows the world market for a commodity after the introduction of a subsidy by a country which is a major world producer. (a) Explain why the supply curve shifts from //S// 1 to //S// 2 after the subsidy has been introduced. (2 marks) Comment || Mark || Accurate explanation covering lowering of costs due to subsidy || 2 || Limited response || 1 ||
 * Question 22 ** (10 marks)

(b) With reference to the diagram, analyse the impact of the subsidy on producers in countries where the subsidy has not been introduced. (4 marks) Comment || Mark || Uses the graph to analyse the effects such as reduction in revenue, reduction in profit, reduced employment, possible loss of business || 3-4 || Limited analysis and/or use of diagram || 1-2 ||

(c) Explain TWO benefits associated with a reduction in global protectionist policies. (4 marks) Comment || Mark || Explains in depth two benefits eg increased range of goods, lower prices, higher standard of living || 3-4 || Limited explanation || 1-2 ||