Economics Unit 2 prediction for 17th may 2013 :)

Does anyone have all the questions from number 2? And a model mark scheme for Q2??
That would really help!

Is that for Part a(ii) of Question 2 about why inflation had risen in 2011?
They actually gave you the two reasons you needed in the extract; "rising commodity prices" and an "increase in VAT". Judging by previous mark schemes, you would get two marks for identifying each point and another two marks for explaining each point.
The points you mention about consumer spending rising leading to inflation are probably not going to be accepted as they probably wanted you to mention cost-push inflation rather than demand-pull inflation. The question specifically referred to 2011 and in the extract it mentioned how the economy was contracting during the period- so your points about "higher consumer demand" and AD shifting right don't apply here.

I don't think the question was why inflation had risen... It was 'Explain two consequences of inflation falling below the 2% target'

I don't think the question was why inflation had risen... It was 'Explain two consequences of inflation falling below the 2% target'

Well it was a 6 marker, for a 2/3 step calculation.
Considering we worked out the % change = 2/3 marks
Then we got 277 = 1 mark
Only because we then wrote down 177, the examiner will deduct marks - or not award the full 6.

i also mentioned the size of the multiplier effect decreasing... appropriate?

I don't think the question was why inflation had risen... It was 'Explain two consequences of inflation falling below the 2% target'

But! I finished all my answers and had some extra time so I went back to the questions I answered weakly and added one or two points additionally.


Posted from TSR Mobile

Do u remember the question after the 4marker on GDP?

Posted from TSR Mobile

For the Queston on 2 reasons why infaltion was above 2% target could you have said nominal wage increase- more consumer confidence (more income?) thus spend more? Demand Pull inflation? + It said about sluggish economy therefore investment would be low- this would push supply in in the long run thus inflation increases? Would that be ok?

Consequences of inflation falling below 2% (8 marks)

Just asking for my friend. He says he did not label the axis in one of the questions and as a result he says he will lose 8 marks just for not writing 2 words. Is he correct?

oh thanks so much! Wasnt there also an 8 marker after the first question on the causes of high inflation??(if not wat was that question??)

wat did points did u put for that question?

No that's wrong- see above.

For the Queston on 2 reasons why infaltion was above 2% target could you have said nominal wage increase- more consumer confidence (more income?) thus spend more? Demand Pull inflation? + It said about sluggish economy therefore investment would be low- this would push supply in in the long run thus inflation increases? Would that be ok?