AQA Economics 18th May 2012 Unit 1 Exam

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£36,000 for the intervention buying?

Equilibrium price would remain at OP1, OQ1 for the minimum price?

Subsidy payment was FG?

Yep,
Yep,
Yep :tongue:

Reply 321

tinytadpoletim

Original post by dayofs

same T^T, fully revised on the pro and cons but my brain just shut down T^T sad retakes for sure .

That's exactly it! Its horrible when you know you that you know the correct answer, the thought just wont formalise in your brain :mad:

Reply 322

Oliver1234

Original post by Jakeeyy

Thought the exam was fairly straightforward. The only thing i am kicking myself for is saying health care is a public good, when it is a merit good. Definitely messed me essay introduction up. And i wasn't too fond of the 8 marker really.

I did that aswell said it was a public good , it didmt mess my structure up but hope it doesnt really effect the mark :mad:

Reply 323

Jakeeyy

Original post by Oliver1234

I did that aswell said it was a public good , it didmt mess my structure up but hope it doesnt really effect the mark :mad:

My essay intro was so bad. Said it was a public good and like wrote 2 more lines haha. And my conclusion was rushed but i tried to make it decent, what did you put in the 12 marker?

Reply 324

takiG

Can anyone possible post the multiple choice answers? :smile:

Reply 325

mindlessvandalism

If you revised the past papers for the multiple choice, at least 5 of the same questions came up

Reply 326

hannahjones13

Does anyone know the answer to q 23 on multiple choice? I put that the demand for petrol and car journeys were cross demand with eachother: B

Reply 327

Axion

Heres what i wrote ( I did the NHS one) for the first 3 q's

1. Scarce resource = limited in supply, also known as finite. Examples = oil and silver

2. - Volatility very high with figures to back it up
- forecast to drop sharply with figs to back it up

3. BOTH supply and demand shift. supply to the left and demand to the right, with excess demand labelled. Define supply & demand, explain the various things that are going on.

Reply 328

hello13

Wht did people write for the definition of scarce resources
I said tht they are resources tht are limited in supply and tht they carry an opportunity cost in allocating them

Reply 329

Failure360

I did the first one, for the 25 marker :
I defined gov intervention and the free market.
Then I talked about how the rare metals produce both positive and negative externalities.
Then how the government could intervene through taxes and regulation.
And then I rambled on about the free market which I know was completely wrong.
And I sort of evaluated throughout but I didn't have time to properly evaluate at the end!!!! :frown:

Reply 330

Axion

Original post by hannahjones13

Does anyone know the answer to q 23 on multiple choice? I put that the demand for petrol and car journeys were cross demand with eachother: B

it wasnt that: that was something like petrol and cars have a positive XED which is wrong as it implies they are substitutes

It is that they have joint demand

Reply 331

hello13

Original post by hannahjones13

Does anyone know the answer to q 23 on multiple choice? I put that the demand for petrol and car journeys were cross demand with eachother: B

I did D the cross elasticity is negative

Reply 332

IChooseThisName

Original post by hannahjones13

Does anyone know the answer to q 23 on multiple choice? I put that the demand for petrol and car journeys were cross demand with eachother: B

It said their cross demand would be positive, but it isn't: demand for journeys fell(-)/price of petrol went up (+) = (-)

Reply 333

mindlessvandalism

Original post by hannahjones13

Does anyone know the answer to q 23 on multiple choice? I put that the demand for petrol and car journeys were cross demand with eachother: B

Was the question derived demand? I said D, can't remember what D was though

Reply 334

Oliver1234

Original post by Jakeeyy

My essay intro was so bad. Said it was a public good and like wrote 2 more lines haha. And my conclusion was rushed but i tried to make it decent, what did you put in the 12 marker?

I wrote about the reasons for the increase in demand such as ageing population , and rising expectations of the NHS , which shifts the demand curve rightward . Then talked about how the rate of supply couldnt be increased to meet this demand , this means that demand is continuously increasing but the NHS are unable to meet this demand with supply of services . I struggled to write alot only like a page with a diagram so dissapointed

Reply 335

lemongrass

Original post by Jakeeyy

Yeah for intervention buying i did 90000-54000. Easy.
For the minimum price i cannot remember but i know the price would remain at Q1.
And i think the subsidy was correct, basically the letters that hit both curves.

Original post by tinytadpoletim

Yep,
Yep,
Yep :tongue:

Thanks

Original post by venenecinema

Not sure about the first one, I didn't put that but I may have been wrong

Original post by Jakeeyy

Anyone find the 8 and 12 marker for the 2nd part (Health care) a bit tedious?

By tedious do you mean long? Because I did the 8 marker in about 2 minutes... just said the maximum supported with data, then the minimum supported with data :P

The 12 marker was though yeh. Essentially I think they wanted a demand shift to the right (due to ageining population, changing expectations etc..), but also a maximum price at £0. So the excess demand simply increased.

Reply 336

Axion

Were the last 5 multiple choice answers

A, A, A, B, B or similar to that?

Reply 337

studentroo

Original post by Failure360

Did you focus on government intervention i.e. price controls, pollution permits, regulation etc and discussed the advantages and disadvantages?

Reply 338

Jakeeyy

Original post by hello13

Wht did people write for the definition of scarce resources
I said tht they are resources tht are limited in supply and tht they carry an opportunity cost in allocating them

I said limited supply, but unlimited demand. And how resource allocation is down to the market mechanism and gave an example like raw materials will rise in price as they near depletion.

Reply 339

Axion

Original post by lemongrass

Thanks

It was definitely a more in depth one.

The equilibrium was at 8 I think. So my logic was that at a price £9, the figures were 6 and 10 (thousand) - making the difference 4 thousand. 4x9000 was the £36,000 option.

By tedious do you mean long? Because I did the 8 marker in about 2 minutes... just said the maximum supported with data, then the minimum supported with data :P

The 12 marker was though yeh. Essentially I think they wanted a demand shift to the right (due to ageining population, changing expectations etc..), but also a maximum price at £0. So the excess demand simply increased.

I did something different. I drew 2 demand and 2 supply surves, all horizontal with price on y axis and quantity demanded of healthcare on x axis.

Then i shifted demand to the right and supply to the left. Demand to the right because of higher incomes etc, and supply to the left because of higher costs of production with new drugs etc.

This created excess demand in the respect that demand shifted but emphasised the excess demand as the supply was also shifting.