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AQA Economics 25th May 2012 Unit 2 Exam

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Reply 20

ohTS

Anyone tried to guess what's going to come up this time?

Reply 21

. . .

Original post by ohTS

Anyone tried to guess what's going to come up this time?

Probably something to do with economics. :redface:

But seriously, not yet I'm going to gather all the past papers tomorrow and see what usually comes up for the data questions and what hasn't come up in a while and try and predict what's going to come up. For the multiple choice question the vast majority is repeated so your best bet with those would be to do as many as possible.

Reply 22

16dan2life

I've summarised on what has came up on previous papers for the 25 mark question(i've included the legacy papers)
(NOTE- Legacy papers are 15 marks max not 25)

Jan 2006- "Rising oil prices" & "Rising consumer borrowing"

June 2006- "UK trade affecting supply side of the economy" & "Inflation"

Jan 2007- "Increase in income" & "Unemployment"

June 2007- "Productivity" & "Government expenditure growth"

Jan 2008- "Use of Extract B" & "Defecit on current account"

June 2008- "Downturn in US economy affecting UK economy" & "Government policies to improve trade"

(NOTE- Jan 2009 and June 2009 legacy and current spec have the same questions just different allocated marks)

Jan 2009- "Labour productivity" & "Savings"

June 2009- "Inflation" & "Consumer expenditure"

Jan 2010- "Exchange rate" & "Unemployment"

June 2010- "Investment" & "Recession"

Jan 2011- "Use of policies"(on both questions"

June 2011- "rise in uk exports affecting economy" & "supply side policies used to control inflation"

Jan 2012- "Cuts in public expenditure" & " can external trade bring UK recovery"?

I know some of the legacy papers may be irrelevant to our spec but some of them are similar to our current specification

I think they may ask on productivity/ unemployment/ consumption for our paper

(edited 11 years ago)

Reply 23

ninegrandstudent

This thread has been really helpful already in discussing the 25-markers, but I'm still stuck.

I'm fine with all the other parts of the DRQs but having huge trouble. I just don't know what to write - my teacher noted on the one bit of work marked (not totally my fault, although I admit I should have done more) that I tend to describe and define, and lack evaluation.

For instance; in January 2011:
Q: Assess the contribution that fiscal and monetary policies can make in maintaining a stable economy.

I have defined fiscal and monetary policies, and said they are mainly aimed at AD, but fiscal can affect AS.
I'm then stuck.

I thought about saying how subsidies can reduce prices (keeping inflation lower), or extra profits could be used for R&D (international competitiveness, decreasing BofP deficit). But thats the only idea I have.

This isn't the only question I'm having problems with - its ALL of the 25 markers!

One final question, how would we refer/use the data? I'm unsure how to do that without sounding as though I'm just copying it!

Reply 24

ohTS

Original post by ninegrandstudent

Q: Assess the contribution that fiscal and monetary policies can make in maintaining a stable economy.

I have defined fiscal and monetary policies, and said they are mainly aimed at AD, but fiscal can affect AS.
I'm then stuck.

One final question, how would we refer/use the data? I'm unsure how to do that without sounding as though I'm just copying it!

Monetary policy: go into detail about the effects of higher/lower interest rates on the economy
e.g. high interest rates mean more hot money flows because foreign people can gain more from saving in UK banks, this high demand for the £ causes its value to increase which can cause a fall in AD because exports fall and imports rise. This lowers UK international competitiveness BUT (on a diagram) causes eased inflation because there is a movement along the SRAS curve which can stabilise an economy etc. - Every event leads onto another so you should never be stuck for something to write.
Interest rates also affect the cheapness of borrowing for consumers and producers so less/more consumption/investment.

Fiscal policy: tax cuts such as on income or corporation tax can be used as supply-side measures to encourage investment and higher labour productivity which shifts the LRAS to right and the PPF outwards(use diagrams)

With all your points about fiscal and monetary policy's effects you need to link it to the question as in saying that to be stable, an economy should have steady inflation (target of 2% CPI), steady sustained growth, low unemployment and a balanced balance of payments on current account.

As to your final question, the extracts usually have answers to the essay in them. For example for this question the extract might include a point you want to explore so you would simply start that paragraph with 'as the extract states on line 45' to introduce that point. Try to do this at least twice in your essay to make sure they see it because in some mark schemes you can't get above a certain mark without explicit reference to the text.

Good luck! :smile:

Reply 25

Dopey'

Original post by . .

Probably something to do with economics. :redface:

saying that the unit one i just done had hardly any repeated questions :/

Reply 26

King of the Jungle

Hi everyone here is some brilliant revision notes for unit :smile:

2.Aq2 economics unit2 notes.pptx

Reply 27

gtcalder

Original post by Dopey'

saying that the unit one i just done had hardly any repeated questions :/

There's always (only) 2 repeated MC questions from previous years apparently!

Reply 28

ninegrandstudent

Original post by gtcalder

There's always (only) 2 repeated MC questions from previous years apparently!

I'd be prepared to put money on there being more than that in last summers unit 1 - I'd seen nearly half of them at some point before!

Reply 29

gtcalder

Original post by ninegrandstudent

I'd be prepared to put money on there being more than that in last summers unit 1 - I'd seen nearly half of them at some point before!

Either way as long as you do all past MC questions at least 2-3 times and go over the questions you got wrong each time, then you should be fine. Potentially 25 easy marks.

Reply 30

Cle

Topics

Objectives of macroeconomics policy
Measuring national income
The circular flow of income and spending
Understanding AD and AS
Consumer spending
household saving
Capital investment
The standards of living
Macro economic equilibrium
Economic cycle
Multiplier and accelerator effects
The credit crunch
Economic growth and development
Migration and the UK economy
Managing the economy conflicts between objectives and policy's
Employment and unemployment
Fiscal policy
Inflation
The exchange rate
Supply side policys
International trade
Balance of payments
Monetary policy

Hope this helps structure your revision better. Unit 2 seems easier then 1. I messed up on question 27 c though, I did my demand shift the wrong way (what a douche :smile:

) multiple choice nailed though. Anyway best of luck to everyone taking unit 2

(edited 11 years ago)

Reply 31

Skilled

Does anyone have the January 2012 multiple choice questions? (need it for revising) thankx in advance

Reply 32

King of the Jungle

Original post by Skilled

Does anyone have the January 2012 multiple choice questions? (need it for revising) thankx in advance

AQA-ECON2-QP-Jan12.pdf
:smile:

Reply 33

Brad1875

Learn Fiscal Policy, Monetary Policy, Supply-side Policies and Exchange Rate, and you should be fine! Its also important to remember you don't get things the wrong way round like a rise in the exchange rate means the currency is worth more, not worth less etc.!

Desperately need a C, this'll be my 3rd attempt, can't believe it's taken me so long, as i think this is the easiest economics exam out of the 4! :P

Reply 34

King of the Jungle

AQA-ECON2-W-MS-JAN 12.pdf :smile:

Reply 35

Darkphilosopher

Wrong place to post this :smile:

Reply 36

Skilled

Original post by King of the Jungle

AQA-ECON2-QP-Jan12.pdf
:smile:

Thank you soo much!

Reply 37

Nilsdejongh

What determines the shape of the SRAS Curve? :smile:

Reply 38

munazic483

I think the essay questions on unit 2 are far broader than those on unit 1 which are far more likely to focus on a specific industry, so in that respect unit 2 is easier to prepare for.