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8th June AQA Economics. Thoughts?

pretty sure we can discuss this.
i took unit 1 n 3 myself.
UNIT 1 Part 1
(3 i think) for the total income distribution was the answer more inequality in income distribution as i put OR more inequality in wealth.
(q14/15) was it when firms achive zero profit.

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Reply 1

lady_louisa

I did all three units and thought it wasn't too bad. I hope i've done well.

I put the same as you for 3 (ish) but i didn't think that zero profit was a market failure. That question was one of the worst.

Reply 2

Riquelminho

I just did economics units 2 and 3. Unit 2 wasnt too bad but unit 3 proved to be quite tricky.

Reply 3

mikejones

Can anyone who did unit 2 help me out here. I chose Q2 (about gov expenditure) from the data response. In the 15 mark question, did you mention disadvantages? If so, what in particular?

Im really panicking...

Reply 4

lady_louisa

I did mention a few disadvantages - there were quite a few in the case study. Like inflationary pressures and increased taxes etc.

Reply 5

Riquelminho

I did Q2 as well :smile:

Disadvantages included the emergence of demand pull inflation (shown on the AD AS diagram when AD curve moves to the right)

Also the deterioration of the balance of payments

Government expenditure depended availability of spare productive capacity etc in the economy

Reply 6

davidjones90

for unit three the penultimate question i drew a INELASTIC supply curve which become ELASTIC i then drew a demand curve and a shift to to the right. is that correct, ppl saying that i should draw two inelastic shift in supply

Reply 7

Riquelminho

davidjones90

I dew a perfectly inelastic supply curve and shifted it to the right, if that's what you're saying :smile:

I hated the paper as a whole though

Reply 8

_Gnasher_

You draw a perfectly inelastic (i.e. vertical) and then this supply curve changes into a highly inelastic curve because there is now the option to produce but it is very limited still. I don't think there is a change in demand though - simply a movement along. I might be completely wrong, though!

Reply 9

lady_louisa

davidjones90

If you did housing then I did a simlar thing! I only had one demand curve but my supply moved a little right and became more elastic. My explaination was that the pre-fabs would go up quicker/easier.

Reply 10

Riquelminho

How did people find the Unit 2 multiple choice? I thought it as pretty straightforward tbh, although some of the questions were a bit tricky

Reply 11

adrenaline1989

Unit 2 was a dream, the multiple choice was good, and the data response was fine.

for the last question i wrote about:

AD shifting to the right
PPF shifting outwarrds to show increas in output/potential
balance of payment could result in deficit
infaltionary pressure, less investment etc..
i wrote a half page conclusion,

the 6 markers i just wrote about economics growth and employment levels rising shown by LRAs SHIFTINg right etc..

Unit 1 wasn't so bad, i chose the tv question.

what was market failure bdw??? last question>??? that threw me!

Reply 12

adrenaline1989

mikejones

disadvantages and advantages. remember there always has to be two sides to the argument.

disadvantages were increased inflationary pressure, an unbalanced economy, balance of payments etc.....

Reply 13

mikejones

So nobody ran out of time doing unit 2 then?

I had 15 minutes for the 15 mark question :mad:

Reply 14

Nabster_88

i kind of had to rush my conclusion for ecn2 part 2c. I found multiple choice much harder than any of the practice ones I did.??/ anyone else find the same.

Reply 15

Riquelminho

well i had 5 minutes to do the conclusion, if thats what you define as running out of time... lol :p:

Reply 16

Riquelminho

Nabster_88

i kind of had to rush my conclusion for ecn2 part 2c. I found multiple choice much harder than any of the practice ones I did.??/ anyone else find the same.

Yeah, they were definitely trickier than the previous past papers

Reply 17

Nabster_88

lol. my definition is about 97 seconds.; )

Reply 18

sammyrj

davidjones90

Did exactly the same. I had D1, and D2 which was shifted to the right. I explained that with the housing market as it is, a shift in demand from D1 to D2 would simply mean vast increases in prices. However with S2 being more elastic due to the prefabs having much shorter construction times, the shift from D1 to D2 would still bring about a price increase, but a much smaller one as quantity supplied was able to increase.

Hope that made sense without seeing my diagram :P

Oh and the person asking about the multiple choice question that asked which one was a market failure, I'm pretty sure the positive externality was the answer.

But on the whole I really didn't like the papers at all. Definitely my worst exam so far. Unit One wasn't incredibly bad; I liked the multiple choice and I chose question 1. I just found myself a bit rushed. Unit Two was horrible... I don't like macro all that much and just found myself pushed for time as I wasn't sure what to write about (again I did question 1). I ran out of time and didn't draw a single diagram for the last question. Hopefully my explanation and evaluation is good enough :s-smilie:

... though I feel a resit coming on there, as the multiple choice was pretty darned hard too. Unit Three I did the Housing Market and again it was pretty okay. Also found myself rushed, and didn't really get enough diagrams in. Last question I ended up going on about housing as a merit good and drawing an social welfare diagram. Just hope its relevant!

Not feeling entirely confident to be honest, but I'm just itching for the results now. Hopefully the switch from English Lit would have paid off.

Reply 19

RJA

Unit 1 was nassssty!
Unit 2 has never been easier!
Unit 3 so-so.

The answer to the market failure question was something about under-provision, I can't remember the exact wording.