ECONOMICS · HKDSE
ECONOMICS/21
(Written)
Economics · 2021 · Variant 1
Relative difficulty
Analysis source: Hong Kong Examinations and Assessment Authority (HKEAA)
Analysis aligned to the official syllabus and assessment design.
3.5 / 5
149
210 min
Macroeconomic Policy & Population Dynamics
Cohort performance
Session statistics from official examination reports
Total marks
149
Duration
210 min
Session difficulty
3.5 / 5
Level 5**
~92% of max
Level 5*
~90% of max
Level 5
~80% of max
Key examiner messages
Top priorities from the principal examiner before you revise
The 2021 paper carries a moderate-to-high difficulty level, mostly due to its contextual application of theory to the COVID-19 pandemic. While Paper 1 featured standard MCQs with moderate distractors, Paper 2 demanded rigorous graphical precision and deep integration of economic
While Paper 1 featured standard MCQs with moderate distractors, Paper 2 demanded rigorous graphical precision and deep integration of economic concepts across micro and macro boundaries.
Question difficulty map
How candidates performed on each question in this series
No data available in official reports
Assessment objectives
Skill and AO weighting from official examiner commentary
Skill weighting
Shows the skill mix this paper tested most heavily.
Graphical Construction
Weight: 6100%Economic & Critical Evaluation
Weight: 467%Verbal E
Weight: 350%Mathematical
Weight: 233%Analysis & S
Weight: 117%
Method marks watchlist
Where working, steps, or method marks were commonly lost
No data available in official reports
Recurring mistakes across years
Themes examiners flag in multiple recent sessions for this subject
No data available in official reports
Question choice intelligence
Mean scores and popularity for optional questions (HKDSE electives)
No data available in official reports
Level exemplars
What candidate scripts at each grade level looked like
No data available in official reports
Grade & admission context
How marks relate to grade thresholds and entry standards
Reporting source
HKEAA Subject Examination Report — comments on candidates’ performance with marking schemes
Level 5**
Outstanding — competitive JUPAS programmes (medicine, law, top faculties)
Level 5*
Excellent — strong JUPAS profile for selective programmes
Level 5
Good — meets most university entrance requirements
Level 4
Satisfactory — foundation programmes or less selective routes
Level 3
Pass threshold for many sub-degree and vocational pathways
Admission context
Levels feed JUPAS and non-JUPAS university applications; 5** and 5* are most selective
Deep insights
What top candidates did
Techniques and approaches examiners rewarded in this series
No data available in official reports
Command word playbook
How to match each command word to the expected response style
Give reasons and link mechanism to outcome; each point needs a because/so chain.
Name or point to the specific feature asked for — avoid extra explanation.
Match the expected response style for “Find” questions.
Match the expected response style for “diagram” questions.
Weigh arguments for and against with evidence; end with a supported judgement.
Time traps
Sections where candidates spent disproportionate time relative to marks
Min per mark: 1.5
Min per mark: 1.4
Syllabus traceability
Topics linked to questions and mark weighting in this session
The determination of level of output and price
24 marks this session
Free trade and trade barriers
15 marks this session
Market intervention
11 marks this session
Factors of production
10 marks this session
MCQ trap analytics
Commonly chosen wrong options from examiner commentary
No data available in official reports
Topic heatmap across years
Mark concentration by topic and exam year for this subject
Mark intensity
The determination of level of output and price
Free trade and trade barriers
Fiscal policy and Monetary policy
Market intervention
Free trade and trade barriers (International Trade and Finance)
Interaction between demand, supply and price
Money
Monopoly pricing & price discrimination
Difficulty trend
How session difficulty has shifted across recent years
Paper comparison
Marks and duration breakdown across papers in this session
Paper 1 (Multiple Choice):
Paper 2 (Conventional):
Marks you can still earn
Where valid approaches outside the mark scheme may still gain credit
No data available in official reports
Practise what examiners flagged
Target weak topics from this report inside the Revui app
The determination of level of output and price
24 marks this session
Practise in RevuiFree trade and trade barriers
15 marks this session
Practise in RevuiMarket intervention
11 marks this session
Practise in RevuiFactors of production
10 marks this session
Practise in RevuiSelf-diagnostic checklist
Key actions before you sit this paper — copy and tick off as you revise
- 1Message
The 2021 paper carries a moderate-to-high difficulty level, mostly due to its contextual application of theory to the COVID-19 pandemic. While Paper 1 featured standard MCQs with moderate distractors, Paper 2 demanded rigorous graphical precision and deep integration of economic
- 2Message
While Paper 1 featured standard MCQs with moderate distractors, Paper 2 demanded rigorous graphical precision and deep integration of economic concepts across micro and macro boundaries.
Teacher briefing pack
One-page session summary for tutors and classroom review
2021 2021
Economics
The 2021 paper carries a moderate-to-high difficulty level, mostly due to its contextual application of theory to the COVID-19 pandemic. While Paper 1 featured standard MCQs with moderate distractors, Paper 2 demanded rigorous graphical precision and deep integration of economic
The 2021 paper carries a moderate-to-high difficulty level, mostly due to its contextual application of theory to the COVID-19 pandemic. While Paper 1 featured standard MCQs with moderate distractors, Paper 2 demanded rigorous graphical precision and deep integration of economic
While Paper 1 featured standard MCQs with moderate distractors, Paper 2 demanded rigorous graphical precision and deep integration of economic concepts across micro and macro boundaries.
- Total marks
- 149
- Duration
- 210 min
- Session difficulty
- 3.5 / 5
- Level 5**
- ~92% of max
- Level 5*
- ~90% of max
- Level 5
- ~80% of max
Session analysis
The 2021 paper carries a moderate-to-high difficulty level, mostly due to its contextual application of theory to the COVID-19 pandemic. While Paper 1 featured standard MCQs with moderate distractors, Paper 2 demanded rigorous graphical precision and deep integration of economic concepts across micro and macro boundaries.
Updated Jun 11, 2026
Paper breakdown
Paper 1 (Multiple Choice):
Paper 2 (Conventional):
Top chapters
Exam structure insights
Marks by chapter
See where the marks were concentrated so revision time goes to the highest-value topics.
Mark accessibility
Estimate which marks were basic, mid-level, or high-difficulty.
81% within easy or medium reach
Command word frequency
Spot common command words so answers match the expected response style.
Question type mix
Compare the mark share of each paper section and question type.
Structured & Essay Questions
(P2 Section B)
60·3·40%
Multiple Choice
(P1)
45·45·30%
Short Questions
(P2 Section A)
44·9·30%
Study ROI
Bigger bubbles recur more often; higher bubbles carry more marks, helping you rank revision priorities.
Time vs marks
Compare marks with suggested time allocation to plan exam pacing.
Paper 1 (MCQ 1-45)
0.73 m/minPaper 2 Section A (…
0.67 m/minTotal marks
104
Total time
150 min
Avg pace
0.69
Next-year prediction
Topics worth watching next year, with the reason shown directly below each bar.
Monopoly Pricing & Price Discrimination
85%85%
Anti-competitive Behaviours & Competition Ordinance
78%78%
Difficulty Verdict
The 2021 paper carries a moderate-to-high difficulty level, mostly due to its contextual application of theory to the COVID-19 pandemic. While Paper 1 featured standard MCQs with moderate distractors, Paper 2 demanded rigorous graphical precision and deep integration of economic concepts across micro and macro boundaries.
Where the Marks Are
Key scoring areas were concentrated in Section B, specifically Question 10 (Elasticity & Externality of face masks, 17 marks) and Question 12 (Manpower policy & long-form essay, 30 marks). In these sections, candidates who excelled could clearly differentiate between short-run and long-run macroeconomic impacts of labor-importation strategies.
Examiner notes & key calculations
- The 'Free Good' Trap: In Q10(b), many candidates incorrectly classified the 'CuMask' as a 'free good' simply because it was distributed at zero price, forgetting that scarce resources were used for its production.
- Relative Price Shifts: Q2 (taxi surcharge) required Alchian-Allen analysis. Candidates often struggled to explain that a flat surcharge reduces the relative price of long-distance trips.
- AD-AS Double Shifts: In Q11(b), a natural disaster closed factories (SRAS shifts left) and increased joblessness/pessimism (AD shifts left). Many only shifted one curve.
Exam tips
Paper format
- Duration
- 2h 30min
- Total marks
- 120
- Weighting
- 70%
- Question types
- Short Questions (Paper 2 Section A), Structured Questions (Paper 2 Section B), Elective Questions (Paper 2 Section C)
Analysis is paraphrased for study purposes. Always verify against the official examiner report and mark scheme.