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AQA Economics 18th May 2012 Unit 1 Exam

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Reply 280
Original post by hello13
I didn't write anything about PeD but wrote bout opportunity cost, equity, how charging for the service could lead to profit which provide incentives and therefore competition but I think overall I messed the question up
For the 12 marker I drew the diagram wrong


HOw did you draw the diagram? I drew demand shifting rightwards but supply remaing the same and then drew/showed the excess demand?
Reply 281
Anyone put taxation down for mining industry in the question 1? Shifting the supply to the left causing price to rise?
Reply 282
What did people put about the multiple question regarding " land " as a factor of production ??
Reply 283
Original post by dayofs
Anyone put taxation down for mining industry in the question 1? Shifting the supply to the left causing price to rise?



Yea I did that wasn't the best paper
Reply 284
A tractor, bpart123
Reply 285
Tractor is capital, was fish in the sea..
Reply 286
I think it went OK. I did the first section, the one about mining. The 12 marker was a bit difficult but I think I managed it alright - I talked about how the inelasticity would increase the monopoly power as it allows for supernormal profits (explained with the help of a diagram) and how the location acts as a barrier to entry which is how China exploit their monopoly position

For the 25 marker I argued that it should be left to the market because the market induces competition and therefore lower prices and improved productive efficiency. Also mentioned how the market ensures allocative efficiency and then talked about how the presence of a monopoly would distort these efficiencies to get some marks for evaluation

For the counter argument I argued that the government should intervene due to the negative externalities in production of rare-earth metals and modelled it on an externalities diagram. Went on to talk about overproduction and market failure and then mentioned how the extent of the market failure is dependent on the previous government intervention through regulations to get some more marks for evaluation
Reply 287
Original post by bpart123
What did people put about the multiple question regarding " land " as a factor of production ??


fishes!
i did the rare earth metals question, i said the market failure was negative externalities, could have done with a bit more time though :/
Reply 288
Original post by alex7892
HOw did you draw the diagram? I drew demand shifting rightwards but supply remaing the same and then drew/showed the excess demand?


Oh I did tht aswell but in my book it's drawn differently with price being below the equilibrium level showing excess demand
Reply 289
Original post by bpart123
What did people put about the multiple question regarding " land " as a factor of production ??


The fish in the ocean haha. Was a wild guess.
Reply 290
Original post by bpart123
What did people put about the multiple question regarding " land " as a factor of production ??


I put fish in the sea
Reply 291
Original post by bpart123
Yea I did that wasn't the best paper


Yep, I think we probably get only 1 or 2 marks from increasing the tax, and by the shift in the diagrams. Another point I wrote is restricting supply by the government which will also give me no marks as It is not about monopoly power at all :frown:
Reply 292
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.
Original post by bpart123
What did people put about the multiple question regarding " land " as a factor of production ??


It was fish
Reply 294
Original post by bpart123
What did people put about the multiple question regarding " land " as a factor of production ??


Well, I put soil fertiliser as I think it meant by soil. :frown: It is sea
Original post by alex7892
Hi guys did anyone do context 2? If so what did you write for the 25 marker on the for and against on the nhs being free or charged for?


Hi, I did Context 2 too :smile:

Basically I wrote how the government could subsidise and reduce the misallocation of resources - but then I put in a bit of evaluation and said the financial crisis had left the government with little amount of money to spend on economic welfare, and backed it up with Extract D saying "changing lifestyles and ageing population" meant lower revenue for govt and hence it wouldn't be a wise choice for them to subsidise.

I then said that the only option left was to tax consumers for healthcare, and also used the "forecasted" spending (annual % change of national output) and said that 0.3% of national output (roughly) would not be enough to provide the NHS free of cost and hence taxing was the better option. I later explained that in further detail.

Hope that helps :smile:
Does anybody happen to remember what they put for multiple choice question 12? It was saying that supply had shifted and was asking to calculate the PeD, anybody have any idea what it was?
Reply 297
Will I get any point for the first question 12 markers, I wrote about restricting supply and government taxing the price. Completely missed the monopoly parts. T^T
Reply 298
Original post by venenecinema
Does anybody happen to remember what they put for multiple choice question 12? It was saying that supply had shifted and was asking to calculate the PeD, anybody have any idea what it was?


I put -1.3 as a wild guess. I didn't have a clue at all.
Reply 299
I did the 1st question, I could have done sooooo much better with atleast 5 more mins! darn it!, gotta do well in macro to cover up

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