[AK0001]

(Original post by Charlesworth)
The would come out the day before results day in August.



I think the grade boundaries for an A* have usually been around the high 70 mark for Unit 4, with full UMS being around 85 raw marks.

I think the person who I quoted said the paper would have relatively low grade boundaries, and he believed 76/100 was a low raw mark for an A*, I've never seen it go above 74/75. Regardless of difficulty, cos there's always something everyone can answer.

[AM182]

So, Did anyone do the second essay about free trade with the part a about protectionism, as im jusy flicking through this thread it looks like people are talking about a totally different exam then the one I sat yesterday... I also did the data question on the global context, but people were saying you should have done two different questions or I'd be repeating myself : / dont think I did anyway, globalisation is huge I probably would have needed a third essay to finish talking about it, even though i just aboout finished on time..

[Mtice]

(Original post by PPF)
I have no idea how you guys found section b to be so accessible, undoubtedly the hardest paper yet. Would you mind Posting in bullet points what you wrote for Q5 so we can see the points you came up with.
A)difference between budget deficit and national debt
B) why is weak growth and high unemployment even worse when there is a large debt
C)why was growth in countries outside EU higher than those within
D)how to raise competitiveness
E)why should they increase a fiscal deficit quick as possible

A) just defined fiscal deficit, gave the figure for Greece. Said debt was the accumulation of unpaid loans taken out to finance the fiscal deficit. gave the figure for Greece.

B) Quoted the figures on Ireland (forecasted less than 1% growth, unemployment feel due to something with construction). Wrote about how high unemployment would mean high spending on benefits, low tax revenues from bla bla bla, the usual, so there may be a worsening of the fiscal deficit, or at least no improvement, so no way to pay back debt with fiscal deficit increasing, instead they just may be adding to it.

C) I didn't do too well in: I may have messed up the question on Eurozone growth vs non-eurozone EU growth. Spoke about banks being less willing to lend to eurozone members, because of the riks of countries like Greece and Ireland defaulting on their loans, and how this would have resulted in less investment, consumption and stuff.

D) Spending on education, and the pros of that, evaluated by saying it wouldn't a viable option as they already have a fiscal deficit, so are unlikely to increase spending, especially with Germany enforcing Austerity.
Reducing minimum wage, and the benefits to producers. Evaluated by saying that it would be an unpopular move with the population, and governments are unlikely to take this decision in fear of loosing goodwill with voters.
Abolishing labour unions, and how it would make the labour market more allocate resources more efficiently, said that producers may just keep higher profit margins instead of lowering their prices so it may not lead to increased competitiveness.

E) I thought it was basically austerity vs growth.

Austerity: short term repayment of loans, in long term fall in revenues and increased spending on benefits, may make it harder to pay off future debts. Spoke about the laffer curve when taling about increasing income tax.
Growth: short term worsening of debt, at high cost (didn't have time to write about this bit) of which there is an opportunity cost. In the long term this would encourage growth and there may be higher tax revenues, less spending on benefits, which may make it easier to pay off future debts.

I'm sure there are far more points, can't really bother thinking about them, as that was the point at which I ran out of time.

[AK0001]

(Original post by AM182)
So, Did anyone do the second essay about free trade with the part a about protectionism, as im jusy flicking through this thread it looks like people are talking about a totally different exam then the one I sat yesterday... I also did the data question on the global context, but people were saying you should have done two different questions or I'd be repeating myself : / dont think I did anyway, globalisation is huge I probably would have needed a third essay to finish talking about it, even though i just aboout finished on time..

Part a) of Question 2, was about 3 factors which constrain growth (econ. development). You could argue that protectionism is a constraint on economic development, but the essay wasn't focused on protectionism. It was a more open question asking about the constraints faced by developing countries to develop.

[xX-ViK-Xx]

Yeah I did question 2 essay.
Part one was 3 factors limiting growth and development in developing countries. I said debt, primary product dependency and corruption and evaluated with debt depends how substantial it is and corruption is probably the most important factor

Part 2 was how debt cancellation and trade liberisation can be used as an alternative means to promote growth and development in developing countries. I did debt cancellation two points: more funds available to give out as benefits an reduce absolute poverty, and use extra funds available to improve infrastructure. This could be more attractive to mnc's and therefore create employment. Also 2 points on librisation saying reduced regulations will be more appealing to transnational company's so improving inward fdi and employment. Also it means current businesses will find they will have access to newer markets and therefore could increase demand. Therefore increase AD, an if exporters, improve bop. Evaluation was debt cancellation would have no affect with a corrupt govt and it depends on how much the regulations have been relaxed, to little and hardly any change will happen. Also concluded saying debt cancellation is more significan factor.

I did question 4.
1 was difference between absolute and relative poverty. 1+1. (5)
2. Was explain the different measures for inequality. I just mentioned gini and Lorenz (but was a bit brief) (8)
3. Was asses how inequality can act as an ingredient to capitalism. I said well the more capitalist society is, the richer get richer and so increased inequality. But just did one point and one evaluation so will get around 3/4 marks (10)
12 marker and 15 marker I cannot remember but I think I'd get 15 marks out of them 2 questions minimum. Someone put my mind to piece, is all this enough for a B?



This was posted from The Student Room's iPhone/iPad App

[nakz_]

(Original post by xX-ViK-Xx)
Yeah I did question 2 essay.
Part one was 3 factors limiting growth and development in developing countries. I said debt, primary product dependency and corruption and evaluated with debt depends how substantial it is and corruption is probably the most important factor

Part 2 was how debt cancellation and trade liberisation can be used as an alternative means to promote growth and development in developing countries. I did debt cancellation two points: more funds available to give out as benefits an reduce absolute poverty, and use extra funds available to improve infrastructure. This could be more attractive to mnc's and therefore create employment. Also 2 points on librisation saying reduced regulations will be more appealing to transnational company's so improving inward fdi and employment. Also it means current businesses will find they will have access to newer markets and therefore could increase demand. Therefore increase AD, an if exporters, improve bop. Evaluation was debt cancellation would have no affect with a corrupt govt and it depends on how much the regulations have been relaxed, to little and hardly any change will happen. Also concluded saying debt cancellation is more significan factor.

I did question 4.
1 was difference between absolute and relative poverty. 1+1. (5)
2. Was explain the different measures for inequality. I just mentioned gini and Lorenz (but was a bit brief) (8)
3. Was asses how inequality can act as an ingredient to capitalism. I said well the more capitalist society is, the richer get richer and so increased inequality. But just did one point and one evaluation so will get around 3/4 marks (10)
12 marker and 15 marker I cannot remember but I think I'd get 15 marks out of them 2 questions minimum. Someone put my mind to piece, is all this enough for a B?



This was posted from The Student Room's iPhone/iPad App

i'd estimate around 60 raw marks would be a B see if u got that

[AK0001]

(Original post by xX-ViK-Xx)
Yeah I did question 2 essay.
Part one was 3 factors limiting growth and development in developing countries. I said debt, primary product dependency and corruption and evaluated with debt depends how substantial it is and corruption is probably the most important factor

Part 2 was how debt cancellation and trade liberisation can be used as an alternative means to promote growth and development in developing countries. I did debt cancellation two points: more funds available to give out as benefits an reduce absolute poverty, and use extra funds available to improve infrastructure. This could be more attractive to mnc's and therefore create employment. Also 2 points on librisation saying reduced regulations will be more appealing to transnational company's so improving inward fdi and employment. Also it means current businesses will find they will have access to newer markets and therefore could increase demand. Therefore increase AD, an if exporters, improve bop. Evaluation was debt cancellation would have no affect with a corrupt govt and it depends on how much the regulations have been relaxed, to little and hardly any change will happen. Also concluded saying debt cancellation is more significan factor.

I did question 4.
1 was difference between absolute and relative poverty. 1+1. (5)
2. Was explain the different measures for inequality. I just mentioned gini and Lorenz (but was a bit brief) (8)
3. Was asses how inequality can act as an ingredient to capitalism. I said well the more capitalist society is, the richer get richer and so increased inequality. But just did one point and one evaluation so will get around 3/4 marks (10)
12 marker and 15 marker I cannot remember but I think I'd get 15 marks out of them 2 questions minimum. Someone put my mind to piece, is all this enough for a B?



This was posted from The Student Room's iPhone/iPad App

Your essays sound good. You'll be fine for your B .

[Jahead12345]

Found the exam quite good only capitalSm caught me off. Wasn't even in the spec

[stefl14]

(Original post by Jahead12345)
Found the exam quite good only capitalSm caught me off. Wasn't even in the spec

It is in the spec. "Students to consider the extent to which inequality is necessary for capitalism or something.

[Yash13]

I am sure everyone here smashed it (maybe not me). Go enjoy the summer now!!!!!!

[asrag73]

it was the easiest paper for me compared to the previous 2 papaers,,,hoping for a good marks

[XO*]

Guy for question a - when quoting a statistic from figure 1, did guys say give the value in positive or negative percentage?? Cause figure1 showed negative percentages for the fiscal deficit as a percentage of GDP....

[Mathssss]

(Original post by XO*)
Guy for question a - when quoting a statistic from figure 1, did guys say give the value in positive or negative percentage?? Cause figure1 showed negative percentages for the fiscal deficit as a percentage of GDP....

does that mean it was a fiscal surplus?

[Jahead12345]

(Original post by stefl14)
It is in the spec. "Students to consider the extent to which inequality is necessary for capitalism or something.

Ooo didn't realise, didn't go through it with teacher and wasn't in the Phillip Allan book

[Mtice]

(Original post by XO*)
Guy for question a - when quoting a statistic from figure 1, did guys say give the value in positive or negative percentage?? Cause figure1 showed negative percentages for the fiscal deficit as a percentage of GDP....

I said they had a fiscal deficit of *positive percentage*.

[StickleBricks]

(Original post by AM182)
So, Did anyone do the second essay about free trade with the part a about protectionism, as im jusy flicking through this thread it looks like people are talking about a totally different exam then the one I sat yesterday... I also did the data question on the global context, but people were saying you should have done two different questions or I'd be repeating myself : / dont think I did anyway, globalisation is huge I probably would have needed a third essay to finish talking about it, even though i just aboout finished on time..

I did the free trade essay! Looking at it I thought it was the easiest by far but looking on this perhaps I just went a bit mad haha

[jemberzz]

I love development questions right and part a of Q2 I knew barriers to development, but first thing that come to mind was the measure of development HDI and there are 3 factors to it, life expectancy, education and living standards. Then for some reason my mind goes, 'yeaaa write about them as 3 factors', forgetting the obvious list of barriers quoted in the spec...
Anyway my point I am making is, using the measure of HDI, I argued that each life expectancy, living standards and education were potential barriers to development and need to be improved in order for developing countries to develop. Anyone wish to share their views on whether I shall pick many marks up on this? Should get some I hope.

[abbas1994]

for 2b) I wrote that trade liberalisation reduces trade blocks, so developing countries good will get more competitive, my second point was protectionism is reduced and drew that tariff diagram to show that without the tariff, countries have more imports at a lower price, therefore developing countries have more of a market to export to, for debt cancellation i said more money available to governments to improve govt spending, which is a injection into the circular flow, multiplier effect, and my last point was that govt can invest in infrastructure to try and attract tnc's?

Are these analysis points valid... :/

[Tsunami2011]

Guys remember the mark scheme for Section A is very vague. In an article I read by a chief examiner, he said that it's not really about what points you make (within reason) It's more about how you construct your argument using economic knowledge and current knowledge.

[jemberzz]

(Original post by Tsunami2011)
Guys remember the mark scheme for Section A is very vague. In an article I read by a chief examiner, he said that it's not really about what points you make (within reason) It's more about how you construct your argument using economic knowledge and current knowledge.

So does that mean there could be numerous points an individual can make, even if not exactly related to the question but can earn marks for arguing these points and making them related?