[AQA] - Economics Unit 1 January 15th - [2013]

Original post by Hi, How are you ?

Hi, do you think that saying "the cost imposed to an economic unit occurring from an economic action" is ok?

Pretty much the same thing isn't it?! I think that should be fine there's no specific answer I have seen them say "or any other appropriate" definition

Reply 321

theseeker

17

Okay, for CONTEXT 1

For the 12 mark question, I did 2 diagrams where Demand line was elastic and inelastic and showed the change in revenues and explained it..how many marks would I get roughly?

25 mark question...picked things out of the extracts, talked about subsidies to rail and bus travel companies + evaluated the cost that theres an opportunity cost of the billion pounds, providing info about congestion effects, talked bout govt failure could occur. Was about page and a half..+ did a conclusion and said what I thought was best.

How many marks would I get? :s-smilie:

Reply 322

mahatma ghandi

1

Someone be a lad and post mcq answers.

(edited 11 years ago)

Reply 323

Alexandra's Box

17

Hmm timing was a bit meh, I swear the MCs took forever! There were quite a few with two seemingly right answers :frown:

The lady supervising asked us to stop just as I wrote my final word (happened to be 'right'!) in the 25 marker.
I did the food question: you had to be careful because it didn't ask about strategies, but about whether or not the gov. should intervene. Glad I read the examiners' reports; answering this type of question was a common mistake allegedly.
Well... exams over until May!

Reply 324

superman17

Multi-Choice seemed a lot harder than in past years :/

Reply 325

JackersAFC

11

Original post by nadster

No no if I'm right, you're right too..it didn't specify whether demand was elastic or inelastic, it simply asked what effect price elasticity of demand would have on revenue. :smile:

Posted from TSR Mobile

well I hope so... I guess all we can do is keep our fingers crossed :smile:

Reply 326

ljc123

After reading everyone's answers I'm scared what I've put for the 25 mark answer is wrong

I chose Context 2

I basically said that if government intervene it will to be to try and account for externalities, however the magnitude of this could be questionable as unhealthy food has an inelastic demand so external costs may remain unaccounted for. I also said that the wrong kind of people will be punished as a result of the inelastic demand as people who have the habit will be willing to pay the extra price whereas people who consume the good in moderation may be reluctant

I then went on to quote the extract and say that any intervention other than information has failed in the past in Britain, the "outcry from the hot food VAT". I commented on the fact that the public obviously don't want intervention.

Then in my conclusion I wrote that because the public don't want intervention market forces should be left to market forces to determine the demand for healthy food and that I still believed that there was asymmetric information in the market so anything beyond education would be overstepping.

Reply 327

Koolio

2

Lol I chose the wrong question. School boy error. Realised half way through the 12 marker of context one that the other one seemed more, well I can't say easy but less stressful.

For my 25 marker, I only drew one diagram... for subsidies, I did everything definition, analysis, application, evaluation. However I did't draw a graph for tax because I was running out of time. Did a decent conclusion so how much marks will my 25 marker be limited to as I only drew one diagram?

Reply 328

LuxVeritatis

What was the lamb/beef question about? I can't remember it!

Reply 329

Taffie

How did you guys find it

Posted from TSR Mobile

Reply 330

preyan

can someone put answers up for the multiple choice please. or the paper up

Reply 331

Rishi_Sood11

Original post by nadster

Am I the only one that did the congestion question? :/

Posted from TSR Mobile

No, i did that one, what did you put?

Reply 332

ljc123

Original post by bestfriends33

For CONTEXT 2...
First i defined free market economy and why government would intervene

Then i said that healthy foods are merit goods.. I drew the merit good diagram and showed there was underconsumption. Thus, there is market failure and the government should intervene.

Then said gov could intervene by taxing unhealthy foods, however fatty foods may be inelastic.. quoted that from the text. Also taxation could have a negative effect on employment in the long run. Taxing could lead to a black market. I quickly squashed in that the revenue from tax could be used for subsidies.

Then said another policy could be reuglation. Quoted the thing about not having fast food restuarants at sporting events. Said this could cause regulatory caputure, very costy to the government. Possibility of gov failure.

Against- people believe it should be left to the free market, Adam Smith, and that government intervention can disort the signalling function.
Also intervening is wasting money that the gov doesnt have.

Finally to conclude said the gov should intervene by using advertising and taxing unheadlthy foods.. This will benefit in thr LR with a fitter population.

What do you think? What marks would it be around? Im hoping to get atleast a B! Thanks :smile:

I wrote some similar stuff but I didn't go into different policies and evaluate them, i evaluated the idea of governments intervening :smile:

Reply 333

Alexandra's Box

17

Hey does anyone remember the MC which had four things a gov. could invest money in, including hospitals and railways? And the figures for private and social benefit and positive and negative externalities...

I put railways because the positive externalities were less than the neg. ones and the social benefit was more than the private one.. I think :curious:

What did you put? :tongue:

Quite a decent Part B, though we had to stop writing literally as I wrote my final word, but the MCs were quite variable!

Reply 334

ljc123

Original post by Alexandra's Box

Hmm timing was a bit meh, I swear the MCs took forever! There were quite a few with two seemingly right answers :frown:

The lady supervising asked us to stop just as I wrote my final word (happened to be 'right'!) in the 25 marker.
I did the food question: you had to be careful because it didn't ask about strategies, but about whether or not the gov. should intervene. Glad I read the examiners' reports; answering this type of question was a common mistake allegedly.
Well... exams over until May!

Yep a lot of people from my class answered it by evaluating the different strategies but I had split my evaluation revision up into two, strategy revision and pro market forces, pro gov intervention revision

Reply 335

Skilled

16

Original post by Alexandra's Box

Hey does anyone remember the MC which had four things a gov. could invest money in, including hospitals and railways? And the figures for private and social benefit and positive and negative externalities...

I put railways because the positive externalities were less than the neg. ones and the social benefit was more than the private one.. I think :curious:

What did you put? :tongue:

Quite a decent Part B, though we had to stop writing literally as I wrote my final word, but the MCs were quite variable!

I put the hospitals because in the hospitals, the (positive externalities + private benefits) MINUS (negative externalities + private costs) = the highest of all the rest

Reply 336

Skilled

16

Original post by Rishi_Sood11

No, i did that one, what did you put?

I did that too!, I wrote about three policies, dont know if its right:
Subsidies - describe + costs government a lot, might work based on elasticity of demand, it did work according to the article

Taxes - describe + inequality, revenue

High minimum price for cars - Describe with graph + excess supply leads to black market, stops new buyer and enable them to use rail and bus

Reply 337

Skilled

16

Original post by Rishi_Sood11

No, i did that one, what did you put?

wat about the 12 marker?, I put a fairly inelastic demand curve (for peak travel times) and talked about it in context of the question.

Reply 338

EL77

7

When evaluating for and against government intervention, for the against part do you have to have a paragraph that says the free market solution is better, or could you do this by evaluating the problems with government intervention and how it could lead to government failure. technically thats against right? and also by having in my intro and conclusion that the free market solution which is what is currently going on is unacceptable as its a demerit good - thats explaining why we shouldn't leave it to free market right? and against is evaluating the problems with govt intervention - leading to govt failure? im worried i never answered the question properly for context 2

Reply 339

Alexandra's Box

17

Original post by ljc123

Yep a lot of people from my class answered it by evaluating the different strategies but I had split my evaluation revision up into two, strategy revision and pro market forces, pro gov intervention revision

Yes good idea, you have to be careful. Do you think that even if one case study got much worse results the grade boundaries for both would be the same, if you see what I mean?

Say Case Study A gets on average 10 more marks than B. Someone who gets 40/50 on A and 30/50 on B and same marks on MC would get the same grade? Or would B just be unlucky they picked the harder one.

Not saying that's the case, but theoratically (sp?)

[AQA] - Economics Unit 1 January 15th - [2013]

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