AQA Economics Unit 4 11th June 2013

I'm reaaaally struggling to remember a word I wrote lol.
I had an exam clash with Biology so I had to be isolated till 1pm when I did that exam so I couldn't get the questions from other people so my brain is sort of in biology mode at the minute.

1. For the EU context I got +75 BN.
The next question was pretty straight forward.
2. Two reasons I used was increased oil price which would lead to increased business production costs, they produce less and may choose to shed labour (unemployment). I did the AS shift diagram to show the creation of a deflationary gap (unemployment). The next reason I did was falling house prices. Homeowners feel less wealthy and choose to save money rather than spend should their situation change. This reduced AD (inwards shift creating another deflationary gap)
3. The EU one we've done to death in class. Head of economics at my college had predicted it would come up and we'd done it to death with loads of data etc. I'm hoping for a 23-24 out of 25 here *pleaz* lol.

I did the Essay 1 (inflation) can't remember a thing I wrote though, think it went pretty smoothly, didn't my conclusion at the end so obviously had a lot to say. Key in these exams I think is to get 100% on the 5, 10 and 15 markers. That way you can afford to drop probably about 6 marks in each eval question and hover at the A* boundary. Hopefully I've done alright lol

Honestly don't be so pessimistic! They can't negatively mark you so anything you did put down will be looked at and any relevant information you put down/analysed will be marked positively.

Does that mean you already have 80 in Unit 3??

What grade you looking to get and are you doing economics at uni

Okay so im a little confused because I did context two and I seem to have approached the question differently to others. The questions came across to me basically as 'how important is the eu and eurozone in helping the Uk perform better'?

In my answer I spoke about the trade in the Eu is not in the short run going to cause a export led recovery due to poor Eurozone performance.
Then I spoke about how the rest of the world could improve out economics growth in BRIC's ect...
Then I spoke about how domestic demand could be used to help stimulate growth through expansionary fiscal policy
And then evaluated

For part two I did the trade of question about interest and inflation, both of those questions were fine.

Is what I have put for context 2 wrong :/?

To anyone who did the inflation and interest rates Q in Section B, what did you put??

I know an examiner who has seen the paper, apparently it's a good paper but reading the question really hard is very import and questions which look hard may not be as tricky as you think.

If only! He wouldn't budge at all.. But my fairly educated guess would be make sure you know your stuff on exchange rates and globalisation

Because he is also my teacher and a lot of focus has been on that in recent weeks. International trade also

I saw him after school today and was asking him questions on stuff and he was pretty interested in stuff I was saying about globalisation, international trade and exchange rates.. May be nothing to go by but hey ho...

No, 100/100 in Econ 3, so need 80/100 in this one x

Three factors I put was:
Quality (non-quantitative)
Cost of production (quantitative)
Exchange rate

Then for 10:
Intro - SSP definition - showed it with a graph shift in LRAS right

first point - education and training... blah blah...
EVAL - very long term and depends on quality of education and training.
Also, a decrease in the price level will only improve it in the long run - BOP J curve

second point - subsidy to firm for R&D... blah.. better quality
EVAL - subsidy can cause inefficient monopolies and it is very costly. If there is a public sector net debt, then this hardly the best option.
Also is tax is increased to fund the subsidy, then this could cause brain drain/disincentive to work...

I wanted to put a third point but didn't have time. I was gona say reduce trade union power...

Conclusion was that SSP are good, such as education and training, but instead of a subsidy to firm, maybe just have tax relief for R&D. Also, I was saying that since the UK has a well educated workforce, its unlikely the the price level is the real issue, its then probably quality.
Also, I mentioned alternatively they could use demand side policies in the short run, e.g. the MPC using the interest rate to influence the exchange rate. Finally I said the use of both would be best.

What about you?

Holy ****, that's awesome. Lol I don't think I have any chance of getting an A*, I would need 100 in Unit 4. Did you do the Jan 2013 paper?

Me neither, and I'm not pinning my hopes on it either haha good luck for your results! Yes, we did the Jan 2013 Econ 3 one, and everyone on TSR is claiming it was extremely easy haha!

Haha you're not pinning your hopes on it? You would only need 80 to get it and your Unit 3 score clearly shows you can lol. How did you find the paper?

Yeah we did the Jan 2013 paper as a mock and I didn't do too badly, I got 92. The June 2013 paper was absolutely horrendous so hopefully grade boundaries will be low. And yeah you too! Tbh econ is really not that consequential for me uni wise so I guess I can breathe.

You did a mock and got 92 when its only out of 80?

When you do the real exam AQA give you a UMS out of 100, so I'm surprised your own school give you mock scores in UMS terms

Hi

I was just wondering if anyone here is sitting the exam in June and how's your revision going, any tips, likely questions etc...

Hi

I was just wondering if anyone here is sitting the exam in June and how's your revision going, any tips, likely questions etc...

hi iam when you take the exam start from the last page then carry on because it will be much easier and also you will save time

Haha you're not pinning your hopes on it? You would only need 80 to get it and your Unit 3 score clearly shows you can lol. How did you find the paper?

Yeah we did the Jan 2013 paper as a mock and I didn't do too badly, I got 92. The June 2013 paper was absolutely horrendous so hopefully grade boundaries will be low. And yeah you too! Tbh econ is really not that consequential for me uni wise so I guess I can breathe.