Econ4 AQA 11th June 2013

Did anyone do the question on the Euro and question on supply side policy for improving balance of trade?

For Euro question I said 52% of our exports come from UK, therefore if times are good, demand could rise, depending on ped, more elastic and stuff and impact on employment as well
I also said we cant really get growth from C+I+G at the moment and explained why.
But we could get growth from BRICS due to countries EU recession e.g. France
but I said they could be protectionist the BRICS drew diagram and said tariff imposition will reduce exports , negative growth

all in all, the UK has to improve via supply side measures and make goods/services that consumers actually want then I said countries like germany have shown with expensive goods e.g. luxury cars you could do well in export market. But then I said supply side only long run, opp cost and said maybe the UK is dependent on the EU

And for the supply side essay on balance of trade it was really difficult

Talked about education and retraining scheme spending
a few small evaluation
then conclusion didnt have time really

15 mark I talked about
tarrifs, high exchange rate, and high inflation
And drew one diagram
and defined exports/imports and balance of trades deficit

Reply 61

KA12AN_X

For first part second question. What did people get for the working out? Was it something like €2083.3 billion or something? Or is that completely wrong haha

Reply 62

nadster

12

Original post by Lay-Z

I thought it was good and correctly predicted standard of living coming up. Can I confirm the question asked what needs to be considered when deciding living standards, eg growth, population size, externalities etc?

Posted from TSR Mobile

I wrote about GDP per capita and literacy rates as my two factors. Have I misunderstood the question? :frown:

Reply 63

Lay-Z

20

Original post by nadster

I wrote about GDP per capita and literacy rates as my two factors. Have I misunderstood the question? :frown:

tbh there all valid reasons so they should all be fine. The question says two factors considered in any assessment of a countries standard of living. Pretty much all countries use the GNP per head to measure standards of living and population needs to be considered for GNP per head so yeah

Reply 64

Dr.Pwepper

4

Original post by Lay-Z

Why? I did 1 on both sections

Posted from TSR Mobile

The 5 marker was a bit dodgy and I just didn't have a clue on what to write for the 25 marker. Context B however was <3. The question on interest rates was a godsend.

Reply 65

alexjersey

Original post by ineedtorevise127

Did anyone do the question on the Euro and question on supply side policy for improving balance of trade?

For Euro question I said 52% of our exports come from UK, therefore if times are good, demand could rise, depending on ped, more elastic and stuff and impact on employment as well
I also said we cant really get growth from C+I+G at the moment and explained why.
But we could get growth from BRICS due to countries EU recession e.g. France
but I said they could be protectionist the BRICS drew diagram and said tariff imposition will reduce exports , negative growth

all in all, the UK has to improve via supply side measures and make goods/services that consumers actually want then I said countries like germany have shown with expensive goods e.g. luxury cars you could do well in export market. But then I said supply side only long run, opp cost and said maybe the UK is dependent on the EU

And for the supply side essay on balance of trade it was really difficult

Talked about education and retraining scheme spending
a few small evaluation
then conclusion didnt have time really

15 mark I talked about
tarrifs, high exchange rate, and high inflation
And drew one diagram
and defined exports/imports and balance of trades deficit

Did the same questions as you, and it looks like I put similar points :smile:

I completely agree the second essay question was a lot more difficult

Reply 66

nadster

12

Original post by Lay-Z

tbh there all valid reasons so they should all be fine. The question says two factors considered in any assessment of a countries standard of living. Pretty much all countries use the GNP per head to measure standards of living and population needs to be considered for GNP per head so yeah

Oh okay

Reply 67

BS95

Anyone who did context 2 EU what was calculation answer for the change in GDP I think..?

Reply 68

KA12AN_X

Original post by BS95

Anyone who did context 2 EU what was calculation answer for the change in GDP I think..?

Apparently it was 75billion

Reply 69

newenglandpats

Original post by BS95

Anyone who did context 2 EU what was calculation answer for the change in GDP I think..?

75bn i think

Reply 70

BS95

Original post by newenglandpats

75bn i think

Haha good! That's what I got, just always worry about getting the simple questions wrong!! How'd you find it? I did context 2 then Q on balance of trade, trying find some info on people's answers about that as felt it went average!

Reply 71

nadster

12

Context one calculation... What did people get?

Reply 72

CLARA_

12

I did both the second questions - EU and the balance of trade. I thought it went okay, but I always mess up my timings some way and ended up slightly rushing question 10 :confused:

Reply 73

BS95

Original post by CLARA_

I did both the second questions - EU and the balance of trade. I thought it went okay, but I always mess up my timings some way and ended up slightly rushing question 10 :confused:

How'd you find them? The section 2 question 1 15 marker was hard I remember, and me, I'd you put in j curve or anything like that?

Reply 74

yoonjeonglim

did any one do context1 ? the Q3 is that about the impact on uk as the growth of MENA?

Reply 75

nadster

12

Original post by yoonjeonglim

did any one do context1 ? the Q3 is that about the impact on uk as the growth of MENA?

I did

Reply 76

marcosellitto

Hi I did context 2 and on the 25 marker talked about for the EU being increased growth in exports as main trading partner etc...... then that increased EU growth will bring stability then increasing confidence which will increase business investment and therefore growth in long andd short run.

Against were domestically via monetary policy and fiscal policy (expansionary) and emerging economies increasing trade with them acan increase exports and lead to cheaper raw materials leading to cheaper exports

how does that sound?

Reply 77

CLARA_

12

Original post by BS95

How'd you find them? The section 2 question 1 15 marker was hard I remember, and me, I'd you put in j curve or anything like that?

I found it okay, I expected a lot worse because I thought the exam in January was a really nice paper! How about you? And I can't remember the question nor what I put :/ sorry! I don't think I drew the j-curve. Do you remember the question?