5 minutes reading time is essential when it comes to IB Economics, whether SL or HL. In those 5 minutes, you may not write anything, but you should start by picking out the key terms from each question and decide which question (1 or 2) in each section (a & b) you're more comfortable with. With any time left in reading time, make sure you decide which graphs you want to draw for each response - as they are the most time consuming part of paper 1. With sufficient planning, Paper 1 responses are not a hard mountain to cross.