AQA Economics Unit 4 11th June 2013

for the question about the causes of a recession i used the inventory cycle hypothesis and cyclical unemployment - is this okay? Barely had any sleep the past couple days since i've been cramming two exams!

Inventory cycle hypothesis is definitely one cause yes. Personally, I would have thought cyclical unemployment was more of a feature of a recession than a cause. But I'm quite confident that it's possible to argue it as a cause nevertheless. You'll probably gain credit

Reply 821

munazic483

9

I answered the EU context B question by talking about whether UK growth will come from within the EU or not but I think if you talked about pros and cons of being in the EU there's a degree of flexibility in interpretation of the question.

Reply 822

venenecinema

16

Original post by 12foott

Hi, everybody's saying they got +75 billion on context 2, part 1. But the growth rate figure was 3.6%. 2500 * 1.036 = 2590 implying a increase of 90 Billion. Or am I wrong?

Growth in 2011 was 3.0% so I'm pretty sure it was 75 billion.

Reply 823

Lay-Z

20

Original post by Axion

Opened the essay by talking about what interest rates actually do (i.e. raise inflation and explained the mechanism);d

then I talked about the inflation being cost push rather than demand pull so not much point in trying to suppress demand further. Talked about spare capacity limiting the increase in inflation. Talked about priorities and how growth is more essential than inflation at the moment

talked about other stuff too but tbh, have forgotten

SAME!, I talked about the government trading off inflation which is relativley stable at 2.4% and only slightly above the cpi target, to focus of growth which is 0.3% and 7.8% unemployment. I talked about how lower interest rates increase ad etc and firms with more money may invest leading to a rightwards shift in lras and lower rate of inflation therefore it may be appropriate if the cause of inflation is costpush :biggrin:

feeling optimistic

Reply 824

Cooke

1

Original post by Parkway Drive

Ahh nice, sounds good!

I think question 9 was name 3 factors that could cause a deficit in the balance of trade in goods for a country such as the UK.

I think that's what it was. I hope lol. Other if I've read it wrong, then my answer is wrong.

Yeah i remember the question was what causes continued deficit on the trade account. I wrote about the incorrect valuation of the exchange rate, lack of productivity in the economy and economics such as, the UK who due to past structural declines now perform better on the services section of BOP. Despite having a deficit in the balance of goods.
I put that dunno if it's right hahahhaa. What did you put?

Reply 825

phoebe230253

Original post by Cooke

Yeah i remember the question was what causes continued deficit on the trade account. I wrote about the incorrect valuation of the exchange rate, lack of productivity in the economy and economics such as, the UK who due to past structural declines now perform better on the services section of BOP. Despite having a deficit in the balance of goods.
I put that dunno if it's right hahahhaa. What did you put?

That's basically what I wrote too! Thought i was writing the wrong reading other people's answers....hahah

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Reply 826

phoebe230253

Original post by phoebe230253

That's basically what I wrote too! Thought i was writing the wrong reading other people's answers....hahah

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*wrong thing

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Reply 827

kelbel1

Original post by Parkway Drive

Yeah, I think you've got that covered lol. Is that UMS?

It is, yeah, so 62/80 raw marks

Reply 828

qr95

20

Original post by munazic483

I answered the EU context B question by talking about whether UK growth will come from within the EU or not but I think if you talked about pros and cons of being in the EU there's a degree of flexibility in interpretation of the question.

That's my last hope lol

Reply 829

newenglandpats

Original post by munazic483

I answered the EU context B question by talking about whether UK growth will come from within the EU or not but I think if you talked about pros and cons of being in the EU there's a degree of flexibility in interpretation of the question.

for the eu question do u think this would this be ok?

defiintion economic growth and macroeconomic policy

referred to data

Then i talked about how being part of eu could help boost UK demand through increased exports and how it could cause growth to slow down

Then how being part of eu allows UK firms to access skilled workforce from eu which can boost growth but can also cause falling consumption as they could send money back to own country. Also could cause unemployment of uk workers.

Then talked about exchange rate and hot money flows.

Then it could be better for UK to reduce reliance on EU trade and trade more with BRIC countries.

Evaluation.

Reply 830

qr95

20

Original post by newenglandpats

for the eu question do u think this would this be ok?

defiintion economic growth and macroeconomic policy

referred to data

Then i talked about how being part of eu could help boost UK demand through increased exports and how it could cause growth to slow down

Then how being part of eu allows UK firms to access skilled workforce from eu which can boost growth but can also cause falling consumption as they could send money back to own country. Also could cause unemployment of uk workers.

Then talked about exchange rate and hot money flows.

Then it could be better for UK to reduce reliance on EU trade and trade more with BRIC countries.

Evaluation.

Mine was

Define economic growth .... defined it as a boom :frown:

another stupid mistake

Refer to context about limited growth
The eu is not good for economic growth because its costly to be a part, affects unemployment because of various policies. If they leave the eu they can still trade with the eu like Switzerland

The eu is good for economic growth because we can export freely with no tariff therefore export more boosting economic growth. Being part of the eu may encourage investment into the uk boosting economic growth. Also briefly said euro cause unemployment and low economic growth

Then talked about alternatives such as supply side policies and fiscal

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(edited 10 years ago)

Reply 831

Cooke

1

Original post by phoebe230253

That's basically what I wrote too! Thought i was writing the wrong reading other people's answers....hahah

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I dunno i hope everyone else is wrong and we are right hahahha

Reply 832

ih094

1

Original post by Bvstudent

Inventory cycle hypothesis is definitely one cause yes. Personally, I would have thought cyclical unemployment was more of a feature of a recession than a cause. But I'm quite confident that it's possible to argue it as a cause nevertheless. You'll probably gain credit

i honestly could not think straight in that exam, i was shattered! but thanks for showing me some light (:

Reply 833

qr95

20

Original post by ih094

i honestly could not think straight in that exam, i was shattered! but thanks for showing me some light (:

Which question was this

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Reply 834

newenglandpats

what did people write for the 15 mark question of essay 1?

Reply 835

curtisblackham

Original post by newenglandpats

what did people write for the 15 mark question of essay 1?

For economics consequences I wrote about that it redistributes income increasing inequality in society because those on fixed incomes lose money in real terms. Showed this by a shift in the Lorenz curve.

Talked about lack of international competitiveness if our inflation is high relative to other nations.

For individuals talked about shoe leather costs and the inability for consumers to plan their spending well and the lack of reward for people wanting to save.

Hoping I've done enough for 15 marks this was probably my favourite question on the paper

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Reply 836

Axion

15

on individuals
- lower real disposable income
- lower consumer confidence -> deferred spending

economy
- lower exports as less competitive
- lower business confidence leading to less investment

(edited 10 years ago)

Reply 837

venenecinema

16

Original post by munazic483

I answered the EU context B question by talking about whether UK growth will come from within the EU or not but I think if you talked about pros and cons of being in the EU there's a degree of flexibility in interpretation of the question.

You're right, just as long as people related membership of the EU to economic growth then that's what the question was asking.

Reply 838

qr95

20

Original post by curtisblackham

For economics consequences I wrote about that it redistributes income increasing inequality in society because those on fixed incomes lose money in real terms. Showed this by a shift in the Lorenz curve.

Talked about lack of international competitiveness if our inflation is high relative to other nations.

For individuals talked about shoe leather costs and the inability for consumers to plan their spending well and the lack of reward for people wanting to save.

Hoping I've done enough for 15 marks this was probably my favourite question on the paper

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What if you said unemployment was consequence for the economy and the individual

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Reply 839

newenglandpats

Original post by Axion

on individuals
- lower real disposable income
- lower consumer confidence -> deferred spending

economy
- lower exports as less competitive
- lower business confidence leading to less investment

did exactly the same points :smile:

AQA Economics Unit 4 11th June 2013

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