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F581/ F582 Economics June 2013

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Reply 660

rber

Original post by charliewilson

I did both the country's real GDP/inc in population... pretty sure that's right.. Japan was definitely more

do u remember the GDP figures and population figure plz from the case study

Reply 661

Robbie242

I can't quite recall, but wasn't there a question on why consumer expenditure may be low?

I said as my reasons:

Low consumer confidence

High interest rates

Low incomes

I think?

Reply 662

charliewilson

That'd get the marks I put:

Lack of confidence
Negative wealth effect
High interest rates

It didn't have to be linked to the case study

Original post by Robbie242

I can't quite recall, but wasn't there a question on why consumer expenditure may be low?

I said as my reasons:

Low consumer confidence

High interest rates

Low incomes

I think?

Reply 663

charliewilson

Everybody around me was shifting LRAS right for the essay question? I was confused as surely deflationary monetary policies are designed to shift AD and could also shift SRAS left (by increasing C.O.Ps).... LRAS doesn't fit in...

Reply 664

Pro Crastination

Original post by charliewilson

AD shifted left and on another diagram AS could have shifted right (reduced cost of production for firms due to cheaper imports). Don't worry about it, haha.

Reply 665

hello my name is

what percentage is needed to get an overall of an B

Reply 666

charliewilson

Original post by Pro Crastination

AD shifted left and on another diagram AS could have shifted right (reduced cost of production for firms due to cheaper imports). Don't worry about it, haha.

But that would have caused Short Run to shift right... not long run?

Reply 667

Robbie242

Original post by charliewilson

But that would have caused Short Run to shift right... not long run?

Depends whether its Keynes of classical, I always use Keynes for simplicity

Reply 668

Pro Crastination

Original post by charliewilson

But that would have caused Short Run to shift right... not long run?

To be honest, I didn't consider whether the increase in AS was long run or short run. I just stated that a decrease in the cost of production for firms would increase AS - reducing cost-push inflation.

Reply 669

Silverback94

For the 18 marker some of my evaluative points were the size and duration of the rise in exchange rate and the exchange rate in the country's main trading partners. Also offered investment in education/training as an alternative. Think I'd get the marks for that?

Reply 670

username963570

Original post by Robbie242

I can't quite recall, but wasn't there a question on why consumer expenditure may be low?

I said as my reasons:

Low consumer confidence

High interest rates

Low incomes

I think?

put same as you :tongue:

think majority put those three mainly cos they were quite easy to write about , and even a douchebag of an examiner cannot mark em wrong if explained.

EDIT : i put lower amount of real disposable income rather than lower incomes

Reply 671

username963570

Original post by Pro Crastination

AD shifted left and on another diagram AS could have shifted right (reduced cost of production for firms due to cheaper imports). Don't worry about it, haha.

good haha i shifted LRAS to the right :tongue:

also placed another AD curve to the left but evaluated that as a " here the economy is at spare capacity " kind of point

Reply 672

username963570

Original post by rber

do u remember the GDP figures and population figure plz from the case study

6480 billion dollars for China and 5970 billion dollars for Japan maybe ?

Reply 673

elzginger

For the 18 marker I didnt really like it but managed to waffle on about:

- Rising exchange rate will mean imports are cheaper, more firms import goods, shift outwards in AS, more goods in the economy, firms can lower prices as goods are cheaper and therefore lower prices means lower inflation rate - use of diagram to explain

- Said that it could depend on real wages, if they are rising higher than output then demand pull inflation would mean that demand for goods is so great that inflation would not be able to increase even if imports occurred - use of a diagram to explian

- Said exports would reduce as its costs more for international firms to export the goods to their country due to the Exchange Rate, therefore firms may be more reliant on local markets which are more competitive than global markets, will therefore have to lower their prices to compete on a local level to attract demand, again therefore reducing inflation.

Anyone got anything similar?

Reply 674

username1053693

For the umployment question I said that low unemployment means less government spending on benefits and more tax revenue through direct taxes so this may result in a budget surplus. I also said that low unemployment means less lost output so more can produced in an economy if unemployment is low. For evaluative I said however economic growth may be a more important macroeconomic policy if there is a lot of poverty within the economy, and that economic growth can help reduce poverty without having to redistribute income. I also said that trying to achieve low unemployment may result in unsustainable economic growth, which may lead to depletion of natural resources leading to pollution.

i think my evaluation will let me down. Hopefully will only drop 2 marks on this question.

Reply 675

KanKan

An F581 question:

Do we have to learn about minimum/maximum prices for this exam?

My teacher has insisted we do, but the specification doesn't agree.

Reply 676

username963570

Original post by KanKan

An F581 question:

Do we have to learn about minimum/maximum prices for this exam?

My teacher has insisted we do, but the specification doesn't agree.

lol no way :tongue:

Reply 677

elzginger

Original post by KanKan

An F581 question:

Do we have to learn about minimum/maximum prices for this exam?

My teacher has insisted we do, but the specification doesn't agree.

I did F581 and dont remember doing that, ask your teacher to show you it in the specification or email OCR?

Reply 678

username963570

Original post by elzginger

for the 18 marker i didnt really like it but managed to waffle on about:

- rising exchange rate will mean imports are cheaper, more firms import goods, shift outwards in as, more goods in the economy, firms can lower prices as goods are cheaper and therefore lower prices means lower inflation rate - use of diagram to explain

- said that it could depend on real wages, if they are rising higher than output then demand pull inflation would mean that demand for goods is so great that inflation would not be able to increase even if imports occurred - use of a diagram to explian

- said exports would reduce as its costs more for international firms to export the goods to their country due to the exchange rate, therefore firms may be more reliant on local markets which are more competitive than global markets, will therefore have to lower their prices to compete on a local level to attract demand, again therefore reducing inflation.

Anyone got anything similar?

yes yes yes yes you beauty