AQA GCE Unit 1 Economics 20th May - Discussion thread

A demand and supply showing two demand and how it is greater than the social optimum.

I used the externality one in the last question.

i did 2 supply and only 1 demand, with demand being inelastic, do you think that is right, as if you have 2 demand curves, with demand shifting to the right, it will be more expensive and plus demand is highly inelastic

Reply 81

BeBop

How about a new thread or a thread hijack honed towards unit 2?

Reply 82

LeProfesseur

what is the exact definition of 'market mechanism' ? i wrote: "the system by which economic transactions are made, it has the three functions of signaling, incentives, and rationing" , not sure now though :s

Reply 83

Straight up G

B
D
B
D
D
A (WRONG, IS B)
B
A
A
C
D
A
A
B (Difficult one, could have been C)
D (Difficult, could have been A)
A
C
B
C
C
C
B
C (wrong, is D)
C
A.

(edited 12 years ago)

Reply 84

Straight up G

I did alcohol. Market mechanism, I had no short definition to call upon, so I just wrote everything that it does like some others in this thread.

Data question was a bit annoying, I probably got 6 but hopefully 8. Just had the feeling that my answer was a bit contrived.

12 marker was negative externalities question, so did that diagram, explained why after the optimum quantity, a negative externality results because people do not realise the adverse social effect etc.

25 marker pretty straight forward imo, evaluate if minimum price is the best policy, so I talked about minimum price, then education, taxation. Then evaluated suggesting that education is the best long term, and legislation like banning happy hours is the best short term.

The multiple choice were difficult, my answers are above, and I didn't like the 8 or the 12, but the 25 marker was straightforward at least.

Reply 85

dnumberwang

12

Original post by Straight up G

B
D
B
D
D
A (WRONG, IS B)
B
A
A
C
D
A
A
B (Difficult one, could have been C)
D (Difficult, could have been A)
A
C
B
C
C
C
B
C (wrong, is D)
C
A.

yeah my answers looked a bit like this, at least at the beginning. lots of B's and D's at the beginning

Reply 86

Limitless

OP

Original post by Straight up G

B
D
B
D
D
A (WRONG, IS B)
B
A
A
C
D
A
A
B (Difficult one, could have been C)
D (Difficult, could have been A)
A
C
B
C
C
C
B
C (wrong, is D)
C
A.

Do you have the question paper?

Reply 87

Straight up G

Original post by Limitless

Do you have the question paper?

Yep

Reply 88

economic

Original post by Straight up G

B
D
B
D
D
A (WRONG, IS B)
B
A
A
C
D
A
A
B (Difficult one, could have been C)
D (Difficult, could have been A)
A
C
B
C
C
C
B
C (wrong, is D)
C
A.

are the rest coorect

Reply 89

BeBop

Original post by mjg94

what is the exact definition of 'market mechanism' ? i wrote: "the system by which economic transactions are made, it has the three functions of signaling, incentives, and rationing" , not sure now though :s

Yeah I think you are on the right track. This has caused some confusion as signalling, incentive and rationing functions seem to be associated with the Price Mechanism.
Higher prices = buy less (D contracts as we ration)
Higher prices = firms increase output to take advantage of higher prices = increased profit (incentive)
Higher prices = signals to firms to divert resource to the production of the good. signals to consumers to consume more if the price is low.

Market Mechanism from my understanding is voluntary trade using currency in the pursuit of ones own self interest.

(edited 12 years ago)

Reply 90

Limitless

OP

Original post by Straight up G

Yep

How?

Reply 91

Straight up G

Original post by Limitless

How?

Took it out of the exam hall with me. Anyway, I'm not allowed to post it on here. Getting a bit nervous because I think I copied some of the answers onto my paper wrongly, or I wrote the wrong answer down onto my multiple choice sheet. Some of them are defo wrong, but I remember working them out correctly and have stuff in my paper to prove it :frown:

Reply 92

kingboom4

4

I got question paper too... Just asked the guy if I could keep it, he said "Ok" :colone:

Reply 93

Limitless

OP

Original post by Straight up G

Took it out of the exam hall with me. Anyway, I'm not allowed to post it on here. Getting a bit nervous because I think I copied some of the answers onto my paper wrongly, or I wrote the wrong answer down onto my multiple choice sheet. Some of them are defo wrong, but I remember working them out correctly and have stuff in my paper to prove it :frown:

Yeah same here the multiple choice the way you answer them confused me a little. I don't like how they test exam technique and not actually economics you can get half the marks with exam technique it's stupid.

Reply 94

sfs1012

15

For one of the MC, there was a graph showing two equilibriums showing price increase from 100-120 and quantity increase from 50 to 70. Was PES=+2 the correct answer to that question?

Reply 95

theseeker

17

Original post by sfs1012

For one of the MC, there was a graph showing two equilibriums showing price increase from 100-120 and quantity increase from 50 to 70. Was PES=+2 the correct answer to that question?

Yep.

Reply 96

Alpha5

2

compared to Jan 2011 it was harder, but what do you think the grade boundaries will be?

Reply 97

Limitless

OP

Original post by Alpha5

compared to Jan 2011 it was harder, but what do you think the grade boundaries will be?

53 for an A
46 for a B

Reply 98

UniquaLove

2

for C i did a supply and demand diagram, with 2 supply curves and only 1 demand, curve, dont know if it was right

and D, i wrote bout short term and long term effect of minium rpice, and talked about government should frequently increase minium price for it to be effective, however i also talked bout banning it, but that would lead to black markets and government failure, then i finaly talked bout baning adevryisements and saying teaching chilkdren and adults throygh school and advertysing, is the best way to eeradicated over consumption of demerit good, as people would posses correct information.

Phew! Your the only person that understands me! I didn't branch of into to many other policies i focused on MP and then spoke a tad about Regulation

Reply 99

sfs1012

15

Original post by theseeker

Yep.

Great.

Another MC that im in doubt is the one about maintaining a merit good at a particular level of output. I put subsidies of p2p3, as this tends to shift the supply curve to the right. Was that correct?

AQA GCE Unit 1 Economics 20th May - Discussion thread

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