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Revision/Discussion Thread Edexcel Economics Unit 2 Friday 25th of May 2012

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    (Original post by student1231)
    One possible 30 mark question which I think may come up will be about Unemployment/Employment due to the Olympics. Can someone tell me how to answer the following two questions?

    1) Discuss how a increase in Employment will effect the economy? (30)

    2) Discuss how the government can achieve higher rates of employment in the economy? (30)
    1) an increase in employment will close the current negative output gap the economy has, bring AD up, and a multiplier effect. disadv- BoP will worsen as more import will be demanded../..many people owe money to the banks, thus AD may not rise alot since much of people's income is going to the bank to repay money, so they have little disposable income../..although you can say that olympics may bring in alot of money into the UK from tourists, thus the higher imports demanded may be countered.

    2) government can achieve higher employment rates by using demand/supply side policies. disadv- government has a fiscal deficit, more spending will worsen the debt in the long run, inflation is already 3%, higher GDP will further hurt inflation as it goes up, you achieve two macroeconomic objectives, two others get slapped in the face lol (use diagram).
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    Just looked at a past question and jotted some notes down on how i'd answer.

    its the June 2009 Macro Paper - Question 4 of Context 1.

    Extract B (lines 11-12) states: ‘When total spending grows more quickly than the
    volume of output produced, inflation is the result.’
    Assess the view that inflation is always caused by an increase in aggregate demand.
    (25 marks)

    that is the question..

    In the mark scheme it says nothing about talking about how a government would go about reducing inflation.. like using different Fisc and Mon policies

    http://store.aqa.org.uk/qual/gce/pdf...W-MS-JUN09.PDF thats the mark scheme there,

    i just wanted to ask you guys about how you know what to include in your answer.. like how you know when to talk about how the problems can be solved and the disdvantages to different appproaches.
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    Well.... I'm screwed, just tried looking at some past papers, I know the stuff, but never seem to get what it is they're asking.
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    Can someone tell me the difference between HDI rank and HDI index.

    Thanks
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    how does marginal propensity to consume have an effect on the multiplier effect?
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    Hey guys my exams tomorrow. I have to start revising now. What do you think will come up? Some topic names i can especially focus on? I need all the help i can get... And does anyone have a list of short word definitions? I desperately require it.
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    Predictions on the 30mark question.
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    (Original post by Jack_Smith)
    how does marginal propensity to consume have an effect on the multiplier effect?
    The greater the MPC, the greater the multiplier effect which = Name:  gif.latex.gif
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    What essay structures does everyone use for 30 marker?
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    (Original post by lostbenzo)
    Can someone tell me the difference between HDI rank and HDI index.

    Thanks
    HDI rank is between 1 ( being the best standard of living) up to like 177( being the lowest, 177 is the number for Zimbabwe if I'm right)

    Whereas the index is about of 0-1. Where 0 - is unliveable and 1 is the best.


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    Can someone help me evaluate the concept of the Phillips Curve?


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    There are some good resources on this thread:

    http://www.thestudentroom.co.uk/show...4#post37738014
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    Are past papers worth doing for this unit?
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    For a 30mark question:

    Analysis (18 marks)
    Definition (2 marks)
    Diagram (4 marks)
    Explanations of policies, transmission mechanisms, multiplier effect, impact on objectives etc. (12marks)

    Evaluation (12marks)
    Time lags
    Magnitude
    Elasticity of LRAS curve
    Conflicts between objectives
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    (Original post by QwertyG)
    Are past papers worth doing for this unit?
    Maybe just look at the types of questions and also do some but in bullet point form. Also sometimes looking at the markscheme helps, gives new ideas and you see what they're looking for.
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    (Original post by Adrianna123)
    For a 30mark question:

    Analysis (18 marks)
    Definition (2 marks)
    Diagram (4 marks)
    Explanations of policies, transmission mechanisms, multiplier effect, impact on objectives etc. (12marks)

    Evaluation (12marks)
    Time lags
    Magnitude
    Elasticity of LRAS curve
    Conflicts between objectives
    How do you describe the Elasticity for the LSAS curve I do not understand
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    (Original post by QwertyG)
    How do you describe the Elasticity for the LSAS curve I do not understand
    You'd evaluate by saying 'It depends where the economy lies on the LRAS curve.'
    So if it's on the 'elastic' part/spare capacity (horizontal part) then an increase in AD would cause growth and not inflation. If it's on the 'inelastic' part/full employment (vertical part) then an increase in AD would only cause inflation and no growth.
    Hope that makes sense.
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    Guys this is the specification:

    http://www.edexcel.com/migrationdocu...4%20210510.pdf

    Might help to just look through it as a checklist, see what you know and what you need to do before the exam
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    anyone have january 2012 QP for unit 2 ?

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