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A2 wjec ec3 20/06/16

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Original post by vulcanspecter
for the quantity of money supply question, do we put what happen when you increase the base rate, so decrease consumption, investment etc? and then say it is gonna decrease inflation successfully? how about the evaluation bit( how is it not successful in decreasing inflation)?


Somebody correct me if I'm wrong, but if you're on about the 6 marker I talked about the fisher equation (MV=PT [Where V and T are constant]) and how increasing the monetary supply (Quantitative Easing or otherwise) would result in an equal increase in prices. For evaluation I mentioned that V and T are rarely constant in reality and (this is the bit I'm mostly unsure about) it not covering cost-push (and potentially demand-pull idk?) inflation.

Hope that helps, even if only somewhat.
Original post by Lycanfist
I saw that there was no thread for our exam board and so I decided to make one.

What does everyone think is going to come up in the long essay question? I was analysing past papers and I saw that a pure question on monopolies hasn't come up in a while, so I'm looking into that. Monopolistic competition could also be likely. Doubt it'd be an oligopolies or perfect competition one, as we've had that for the past 2 years. There could even be a government intervention one as well


Is it possible to edit the thread title to include EC4 in here? With it being only 3 days away and with the WJEC Eco community being so small on TSR, would it be easier to use just one thread? Just throwing it out there.
Original post by dylanthomas1
Somebody correct me if I'm wrong, but if you're on about the 6 marker I talked about the fisher equation (MV=PT [Where V and T are constant]) and how increasing the monetary supply (Quantitative Easing or otherwise) would result in an equal increase in prices. For evaluation I mentioned that V and T are rarely constant in reality and (this is the bit I'm mostly unsure about) it not covering cost-push (and potentially demand-pull idk?) inflation.

Hope that helps, even if only somewhat.


I think the fisher equation is the question about what happen if you increase the money supply in the long run( cant't really remember what it is asking). the one I was talking about is the question about the MPC increasing base rate.
Original post by vulcanspecter
I think the fisher equation is the question about what happen if you increase the money supply in the long run( cant't really remember what it is asking). the one I was talking about is the question about the MPC increasing base rate.


Ohh my bad, are you on about the 10 marker on Inflation with the weird Bank of England diagram at the top? If not I can't remember it, brains fried at this point :colondollar:
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Original post by dylanthomas1
Somebody correct me if I'm wrong, but if you're on about the 6 marker I talked about the fisher equation (MV=PT [Where V and T are constant]) and how increasing the monetary supply (Quantitative Easing or otherwise) would result in an equal increase in prices. For evaluation I mentioned that V and T are rarely constant in reality and (this is the bit I'm mostly unsure about) it not covering cost-push (and potentially demand-pull idk?) inflation.

Hope that helps, even if only somewhat.


I kinda botched that question as I remembered the formula but I couldn't explain it properly so I just threw together an inflation AD/AS diagram with a price/supply of money diagram to try and make it work. Although in hindsight I think I wrote that PV=MT which actually the gas pressure law :colondollar:.

I'm not sure how to change the title of the thread sorry
Original post by dylanthomas1
Ohh my bad, are you on about the 10 marker on Inflation with the weird Bank of England diagram at the top? If not I can't remember it, brains fried at this point :colondollar:


lollllll For the 6 marks one about money supply, I just out the Fisher equation but I think we will need more than that for 6 marks. Don't know what else to put though :ashamed:
Original post by vulcanspecter
lollllll For the 6 marks one about money supply, I just out the Fisher equation but I think we will need more than that for 6 marks. Don't know what else to put though :ashamed:


I believe you had to talk about liquidity trap.
e.g. Banks might not lend the extra money or bad expectations of people might mean that they wont spend the extra money, which means there might not be as much inflation, if any.
By the way, how did people find EC3 2016 relative to past years?

Usually there were 7 or 8 questions with maximum 8 marks per question.
So in general I thought the fact that there was only 5 questions with one question of 10 marks made it slightly harder to ace the paper, but it really depends on tha grade boundaries and the examiners marking.

Last year's grade boundaries fell a lot compared to other years. Based on my teacher, WJEC was told to mark harsher or be more specific or something along these lines (which is why 2015 mark scheme was more detailed than the older papers)
So there is chance this year's grade boundaries is similar to last year one.
Original post by Fbiemad
By the way, how did people find EC3 2016 relative to past years?

Usually there were 7 or 8 questions with maximum 8 marks per question.
So in general I thought the fact that there was only 5 questions with one question of 10 marks made it slightly harder to ace the paper, but it really depends on tha grade boundaries and the examiners marking.

Last year's grade boundaries fell a lot compared to other years. Based on my teacher, WJEC was told to mark harsher or be more specific or something along these lines (which is why 2015 mark scheme was more detailed than the older papers)
So there is chance this year's grade boundaries is similar to last year one.


Would be nice if they were lower
(edited 7 years ago)
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The paper was a lot more essay based than the other papers, normally theres more marks for short answer questions but this paper didn't seem to be the case. I'm hoping for lowish grade boundaries because of that, because I know a few people were caught out by it. Although the easy 20 markers did seem to make up for it. So maybe around 40ish for an A hopefully
what topics do you guys think are going to come up in EC4 this year?
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Original post by vulcanspecter
what topics do you guys think are going to come up in EC4 this year?


I just updated my spreadsheet and I've noticed another pattern. Every year they will always one question on economic development in poorer countries, and they will also ask a question that basically comes down to inflation vs unemployment. The third question is either on debt reduction or trade with the EU. Personally I think a question about the EU will be more likely this year, because of the whole referendum tomorrow, but I'm not sure if that's the case because it depends on how far in advance the exam is written.
Original post by Lycanfist
I just updated my spreadsheet and I've noticed another pattern. Every year they will always one question on economic development in poorer countries, and they will also ask a question that basically comes down to inflation vs unemployment. The third question is either on debt reduction or trade with the EU. Personally I think a question about the EU will be more likely this year, because of the whole referendum tomorrow, but I'm not sure if that's the case because it depends on how far in advance the exam is written.


But they have asked about inflation in EC3 already, will it still come up tmr?
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They almost always ask a small question about inflation with EC3 though, so they would probably include a question on inflation but phrase it like "Should unemployment reduction be the governments main policy?" (June 2013), so it all comes down to the same argument.

Heres the spreadsheet that I'm using as well

ec4 predictions.png

Edit: In June 2011, I couldn't actually find the paper so I had to go by the examiners report on what the actual questions were
Yh they better ask a development question... its the easiest 20marker. Do you reckon there will definately be a question on either the EMU or development? because if its about inflation/unemployment/exchange rate i just wont have enough to say
EC4 is so difficult, I look at the mark scheme and it just doesn't help at all
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Original post by AaronT96
Yh they better ask a development question... its the easiest 20marker. Do you reckon there will definately be a question on either the EMU or development? because if its about inflation/unemployment/exchange rate i just wont have enough to say


There has to one on development EC4 is a macroeconomic essay based paper, and development and trade is about half of macroeconomics. But I'm hoping for an EMU question too, I mean its been about 4 years since they last asked one and we're the last group of A2s sitting this spec so I'm hoping they put the EMU in tomorrow.

Original post by vulcanspecter
EC4 is so difficult, I look at the mark scheme and it just doesn't help at all


Just take the paper one step at a time. I find that when it comes to the 12 markers, its easier for me to split up the question into two parts. So for example if they're talking about "how contractionary fiscal policy would affect the manufacturing industry" (June 2012 I think), then it'll help to first answer how it'll help the industry, and then talk about how it'll leave the industry worse off
Original post by Lycanfist
There has to one on development EC4 is a macroeconomic essay based paper, and development and trade is about half of macroeconomics. But I'm hoping for an EMU question too, I mean its been about 4 years since they last asked one and we're the last group of A2s sitting this spec so I'm hoping they put the EMU in tomorrow.



Just take the paper one step at a time. I find that when it comes to the 12 markers, its easier for me to split up the question into two parts. So for example if they're talking about "how contractionary fiscal policy would affect the manufacturing industry" (June 2012 I think), then it'll help to first answer how it'll help the industry, and then talk about how it'll leave the industry worse off


sometimes I look at the mark scheme and I don't even know if my ans is right or wrong cuz they are so vague.
Well that ec4 was horrible
i thought for sure the eu would come up
but we get these stupid questions
i just guessed all my answer for section A (Q1)
but section B was alright I guess, so that made up for it
but overall probs got a C cus i think sec A was a mess
Original post by ScarletXxXRose
Well that ec4 was horrible
i thought for sure the eu would come up
but we get these stupid questions
i just guessed all my answer for section A (Q1)
but section B was alright I guess, so that made up for it
but overall probs got a C cus i think sec A was a mess


The section B was nice. Those case studies for 1 and 2 were not so nice. I did Q1 and the essay on supply side policies. It went okay but being realistic I don't think I'm getting anywhere near an A

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