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AQA Economics 18th May 2012 Unit 1 Exam

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Reply 80

Rakhim_

I think we are as always likely to get something on demand and supply bananas/rice/chocolate...?

Reply 81

Rakhim_

Original post by Axion

Could someone be an absolute legend and write down all the evaluation points for bans, taxes, max prices and min prices?

I'd lvoe you forever (no homo)

You can get them from marc schemes :smile:

Reply 82

Axion

Original post by Rakhim_

You can get them from marc schemes :smile:

they are half baked lol

Reply 83

tehforum

Original post by Axion

Could someone be an absolute legend and write down all the evaluation points for bans, taxes, max prices and min prices?

I'd lvoe you forever (no homo)

Original post by Axion

they are half baked lol

D.I.Y.

Reply 84

jennyjennylo

Original post by Jay™

Isnt Aggregate demand to do with macro ie. unit 2?

Also i caught someone talking about exchange rates, what do we need to know about them? I thought that was macro as well?!

And finally, can someone help me on this rather maths based multiple choice question:

Answer is D

Minimum price is 18 pounds. So you do [18x10 (qty supplied) - 18x6 (qty demanded) ] then x1000 because of the units

Reply 85

BobTheBuilder94

Hey guys
Please can someone make a list of all the possible 5 mark definitions for micro econ1
I have a list of past paper 5 markers but they don't repeat themselves
I can put it up if anyone wants

Reply 86

alex7892

Original post by BobTheBuilder94

Hey guys
Please can someone make a list of all the possible 5 mark definitions for micro econ1
I have a list of past paper 5 markers but they don't repeat themselves
I can put it up if anyone wants

Hi brilliant that would be awesome? Do you find they don't repeat themselves? That is good to know I guess, but you want to know some of the more common ones, anyway, for the 12 marker and the 25 marker.

Reply 87

BobTheBuilder94

Original post by alex7892

I cant hack 25 markers!
I always use textbook when doing definitions
pls can someone post all the possible econ1 terms you can difine
there cant be that many?
demand
supply
ppf
subsidy
?

Reply 88

jennyjennylo

does anyone have unit 1 AQA Jan 2012 economics question paper?

Reply 89

undertaker1

Original post by BobTheBuilder94

I cant hack 25 markers!
I always use textbook when doing definitions
pls can someone post all the possible econ1 terms you can difine
there cant be that many?
demand
supply
ppf
subsidy
?

for the definitions write out everything you know about it-- i dont mean like a paragraph but a couple of lines. for example, define negative externalities

you know they are over consumed because they are bad for health
also affect other individuals (third party)
consumers do not understand the external costs involved- information failure

state a few examples such as smoking, alcohol, pollution. that should do it.
you dont need an exact word for word text book definition.

another example, define efficiency

you can something alongs the lines of the quantity of units of goods/serviced produced by a certain individual over a certain period of time such as one hour. for example the quantity of exam papers marked by a examiner in an one hour period. its is measured as a numerical value.

Reply 90

rss.914

can anyone explain to me the answer to the answer to question 5 in the multiple choice section for june 09?
http://store.aqa.org.uk/qual/gce/pdf/AQA-ECON1-W-QP-JUN09.PDF

Reply 91

Jay™

Can someone explain this one to me please:

I thought the answer was D, but it is infact B.

-0.75 means its inelastic, and i thought as the price rises, demand decreases but my a smaller proportion than the increase in price. With this knowledge i still can't get my head around it, can someone explain please.

Reply 92

xxm

Does anyone know what sort of mark you need to get on the multi-choice for a B?
I've been averaging 15/16 so far, which I'm really not happy with.

Reply 93

sach21sk

Original post by rss.914

can anyone explain to me the answer to the answer to question 5 in the multiple choice section for june 09?
http://store.aqa.org.uk/qual/gce/pdf/AQA-ECON1-W-QP-JUN09.PDF

It is b
Remember demand and supply curves have the assumption 'ceteris paribus' where everything will stay constant except the price. A change in price will move along the curve, a change in anything else shifts the curve.

Reply 94

Jay™

Original post by rss.914

can anyone explain to me the answer to the answer to question 5 in the multiple choice section for june 09?
http://store.aqa.org.uk/qual/gce/pdf/AQA-ECON1-W-QP-JUN09.PDF

For these types of ones its always the price, because as price changes quantity demanded changes, ie more is demanded at a lower price, therefore price does not remain constant. So the answer is B.

EDIT: ah got beat to it

Reply 95

Axion

Original post by Jay™

Can someone explain this one to me please:

you answered the question yourself.

Demand falls by a smaller percentage compared to the change in price. e.g.

price = 100 demand = 100

Price up by 10% demand down by 5%

Original situation: 100 * 100 = 10000

New situation: 110 * 95 = 10450

Makes sense?

Reply 96

sach21sk

Original post by Jay™

Can someone explain this one to me please:

D would be right if the good was elastic, but you are given knowledge that it is inelastic, so demand will not change very much after a price change.
So an increase in price means consumers still buy the good (as inelastic) = they spend more on the good.