Mathematics at Cambridge is graded in a similar (but far more complicated) interesting way[1]
(This is a simplification) - Questions are graded out of 20 and can also be awarded a quality grade. Answers scoring 15 or more are awarded an alpha, those between 10 - 14 inclusive a beta. Alphas and Betas are extremely heavily weighted - the score for the top students is 30 alpha + 5 beta + raw score, so a single question scoring 15 is potentially worth 45, quality is much more important than quality, the pass/fail line is 2 alpha + 1 beta
(This is a simplification) - Questions are graded out of 20 and can also be awarded a quality grade. Answers scoring 15 or more are awarded an alpha, those between 10 - 14 inclusive a beta. Alphas and Betas are extremely heavily weighted - the score for the top students is 30 alpha + 5 beta + raw score, so a single question scoring 15 is potentially worth 45, quality is much more important than quality, the pass/fail line is 2 alpha + 1 beta
[1] http://www.maths.cam.ac.uk/undergrad/course/schedules.pdf