Paper 2 (DP IB Economics): Revision Note

What is the structure of Paper 2?

Overview

• Paper 2 assesses your ability to apply economic theory to real-world data and information

• All questions are based on stimulus material, which may include:

  • Written text

  • Tables

  • Graphs

  • Diagrams

  • Extracted data

• From May 2024 onwards, the same Paper 2 is sat by both SL and HL students, meaning:

  • No HL-only content is assessed

  • All questions are accessible using the common syllabus content

• Students must select one question from a choice of two

Time allocation

• Total exam time: 1 hour 45 minutes

Suggested time management

• A common reason students underperform is overspending time on calculations or diagrams, leaving part (g) rushed or underdeveloped.

  • Answer subparts in order

  • Work efficiently through (a)–(f)

  • Reserve adequate time for part (g)
    (This single part accounts for over one-third of the total marks)

Question structure

• Each Paper 2 question is divided into seven subparts, labelled (a)–(g)

  • Total marks per question: 40

  • Students answer all subparts of the chosen question

Typical breakdown of skills across the question

Early subparts (a–f): Short-response application

• These questions typically test:

  • Definitions of key economic terms

  • Calculations, using data provided in tables or text

  • Interpretation of numerical data

  • Diagrams, including construction and explanation

  • Short explanations linked directly to the stimulus material

• Marks are awarded for precision, not length

• Answers must:

  • Refer explicitly to the relevant text, table, or figure

  • Use correct economic terminology

  • Apply theory in context, not in the abstract

Final subpart – Part (g) (15 marks)

• Part (g) is the highest-value component of Paper 2 and requires a data-driven evaluative response

• Examiners assess how well the student demonstrates:

  • Understanding of the economic issue raised by the data

  • Application of relevant economic theory

  • Explicit and selective use of the stimulus material

  • Ability to analyse and evaluate policy options, impacts, or trade-offs

  • A balanced response, often considering:

    • Short run vs long run

    • Advantages vs disadvantages

    • Different stakeholders

  • A reasoned judgement or conclusion, grounded in the data

Critical examiner expectation for part (g)

• Explaining economic theory without using the stimulus material caps marks, regardless of theoretical accuracy

• High-scoring responses consistently:

  • Integrate figures, trends, or statements from the data

  • Use the data to support analysis, not just illustrate it

  • Avoid generic, pre-learned essays

Use of diagrams in Paper 2

• Diagrams should be used selectively and purposefully.

  • Only include a diagram when it adds analytical value

  • Diagrams must be:

    • Correct

    • Fully labelled

    • Clearly explained in words

  • Diagrams not linked to the data or question will not access higher marks

What examiners are looking for overall

• Across the whole paper, examiners reward:

  • Direct reference to texts, tables, and figures

  • Accurate calculations and interpretation

  • Clear linkage between data and theory

  • Evaluation that is explicitly grounded in the stimulus

  • Focused answers that address the command term

• They penalise:

  • Generic theory answers

  • Ignoring data

  • Overlong explanations that do not add analysis