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Edexcel economics unit 1 and 2 retakes

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Original post by meimaths123
For the 6 marker on Q1 dont quite remember it but was something to do with the uk's balance of trade what did you write


I said that it would have a negative impact as slow growth/recession in the euro zone= less demand for uk goods and services as they have lower incomes = decline in exports= deficit , something along those lines


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Original post by iAstro
I think the Unit 2 test went pretty decent today, feeling quite confident. Just not sure if I did the right shift in the 30 marker (Q1). I talked about reducing NMW, benefits and tax, but shifted AD to the right. They are supply side policies so I think I should have shifted LRAS. Not sure, though as on the mark scheme for 2012 it says you can shift either, hopefully won't lose too many marks on that.

I also had a look at Question 2, thought it was ridiculously hard in comparison with Question 1. Hopefully everyone did well!



I was okay with both 30 markers but I thought Q1 was harder so I picked Q2 even though I didn't revise HDI at all lol.
Original post by Princepieman
one before the 30 marker is 16 marks,

Don't remember there being anything about improving HDI but dunno


There wasn't a 16 marker in the paper.

4+12+8+6+8+12+30 = 80 marks

Edexcel papers are always out of 80 marks (and I also know the format of the questions; no 16 mark question).

And to confirm, there was a question on how governments can improve HDI. In that question, they specifically asked to refer to Figure 2 which was a table with a set of HDI figures for the top 5 countries.
(edited 7 years ago)
Hey peopleeee,

I did the unit 2 yesterday, chose question 1 - thought overall it was a pretty decent paper, easy use of the extract as well; but just to confirm can people tell me what they wrote for "reasons for negative real wage growth" and "effects of immigration on employment and unemployment", as well as "consequences of weaknesses in the eurozone economy on UK's trade balance". For the 30 marker I explained expansionary fiscal, loose monetary, supply side, geographical and occupational mobility measures and evaluated - this is fine right?

Thanks
Original post by AbdurrahmanSufi
There wasn't a 16 marker in the paper.

4+12+8+6+8+12+30 = 80 marks

Edexcel papers are always out of 80 marks (and I also know the format of the questions; no 16 mark question).

And to confirm, there was a question on how governments can improve HDI. In that question, they specifically asked to refer to Figure 2 which was a table with a set of HDI figures for the top 5 countries.


Fairs, cheers for the correction.

Yeah, it was about ways to improve HDI.
Original post by azizadil1998
Hey peopleeee,

I did the unit 2 yesterday, chose question 1 - thought overall it was a pretty decent paper, easy use of the extract as well; but just to confirm can people tell me what they wrote for "reasons for negative real wage growth" and "effects of immigration on employment and unemployment", as well as "consequences of weaknesses in the eurozone economy on UK's trade balance". For the 30 marker I explained expansionary fiscal, loose monetary, supply side, geographical and occupational mobility measures and evaluated - this is fine right?

Thanks

For the negative real wage growth I did:

- Recession --> fall in AD --> Companies lay off workers/cut costs
- Higher commodity prices --> Oil peaked at $140 dollars/barrel --> Supply Side Shock --> Companies cut costs

Not sure how good that would be
Original post by dripper
For the negative real wage growth I did:

- Recession --> fall in AD --> Companies lay off workers/cut costs
- Higher commodity prices --> Oil peaked at $140 dollars/barrel --> Supply Side Shock --> Companies cut costs

Not sure how good that would be


If i remember correctly i said cost push inflation due to the commodity prices leading to inflation being more than the growth in wages (outpacing the growth as it said in the extract), and then i also said increased immigration which meant the labour supply was greater, leading to a fall in equilibrium wages therefore wages went down overall, meaning a fall in real wages.

I think my second point wasn't very clear cut but maybe I get a mark or two. Your points are good though!
Original post by azizadil1998
If i remember correctly i said cost push inflation due to the commodity prices leading to inflation being more than the growth in wages (outpacing the growth as it said in the extract), and then i also said increased immigration which meant the labour supply was greater, leading to a fall in equilibrium wages therefore wages went down overall, meaning a fall in real wages.

I think my second point wasn't very clear cut but maybe I get a mark or two. Your points are good though!

Yeah mine are more own knowledge based. Yours seem better
Original post by dripper
Yeah mine are more own knowledge based. Yours seem better


I think using your own knowledge is fine no? As long as it is something you can justify correctly I guess... What did you write for immigration effects on employment & unemployment mate? I basically mentioned the extract for 2 marks (the percentage coming for work etc), and I wrote it increase employment if it displaces people of their jobs, or if it makes it harder for locals to get jobs, or due to increased labour supply wages are driven down meaning lower incentive to work leading to high unemployment. I wrote some stuff for how it will affect EMPLOYMENT as well but I don't remember. And what did you evaluate for the 30 marker?
Anyone got the unofficial mark scheme for unit 2 Edexcel economics retakes
Question 1 30 marker
Defined low unemployment as macro objective
Defined supplyside + fiscal policies
Graph showing LRAS shift to the right

KAA: Lower corporate taxes leads to businesses increasing investment and may employ more people
Improving education and training schemes = higher skilled/productive labour - leads to lower labour immobility
Making new infrastructure projects - increases jobs
Lower interest rates = increasing borrowing as cheaper to pay back could lead to increasing new businesses = more employment/ increasing investment for businesses to employ more human capital to make more supply to make more revenue
Lowering benefits = higher incentive to work

Evaluation: Education - Brain drain from higher education, people may emmigrate to other countries
Education - Time lag before their may be increased employment as education may take a few years
Corporation taxes - Increasing budget deficit, questions over the current government debt
Infrastructure projects - Opportunity cost for government, could of improved healthcare
projects - Could lead to external costs such as increasing pollution/congestion and result in government failure
Lower interest rates - banks may not have confidence in loaning money due to the reccesion


Good enough for 30/30?

And by the way for anyone who put monetary policies, i think you should be fine because the question said which POLICIES, not which GOVERNMENT POLICIES, if it was a government policy then you would of been incorrect as the Bank is seperate
(edited 7 years ago)
I think an A grade will be 62
Original post by Princepieman
Producer surplus and consumer surplus are different. Pushing the supply curve down increases the gap between what suppliers are willing to pay (higher) and what they are actually paying (lower).

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got 7/8 on the MCQ and hopefully around 37/38 on the case study !!

A grade will be 62 in my opinion
Original post by discuss
got 7/8 on the MCQ and hopefully around 37/38 on the case study !!

A grade will be 62 in my opinion


Case study is out of 48, 4+6+10+14+14

Which one did you do
Original post by JoelAndarakis
Case study is out of 48, 4+6+10+14+14

Which one did you do


Oh yeah ! thanks for the heads up . I done the iron ore case study wbu ?

37/48 hopefully .
Original post by discuss
Oh yeah ! thanks for the heads up . I done the iron ore case study wbu ?

37/48 hopefully .


Damn everyone did that, i did question 10 instead about renewable energy seemed easier...

I got 6/8 MCQ, so hopefully i got at least 24/32
Second section i'm hoping to of got 42/48, the 14 markers were a blessing :biggrin:
Original post by JoelAndarakis
Damn everyone did that, i did question 10 instead about renewable energy seemed easier...

I got 6/8 MCQ, so hopefully i got at least 24/32
Second section i'm hoping to of got 42/48, the 14 markers were a blessing :biggrin:


That would definitely be a strong A GRADE :smile:

hope it works out ! all the best matey .
Original post by discuss
That would definitely be a strong A GRADE :smile:

hope it works out ! all the best matey .


You too man, good luck with the rest of your exams :biggrin:
How many marks was each question regarding A , B AND C ?? Can you remember by any chance ?
cheers


I pretty much got the same as you
What do you mean?

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