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**********OFFICIAL OCR ECONOMICS F582 21st MAY 2014 THREAD************

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Original post by Ben_S96
I don't want to worry you! I might've got it wrong. You probably wouldn't have gotten 0 if what you wrote made sense. After all it said with reference to the case study, meaning the whole case study, so arguably you could've used any of it to make a point...Having got a C in this last year and restting for an A, I'm slightly worried now.


I'm sure you're right.. Everyone else got the same as you!

Original post by flipflop1
Rapid economic growth can't be supply side? I'm not too sure however



Original post by Fas
I didn't sit the paper so I don't know the full context of the question, but what I do know is that supply-side policies such as education and training generally have a time lag associated with them and wouldn't work if you wanted to RAPIDLY increase growth, they're more of a long term solution.



Ok, thanks guys! So far, it looks like i've dropped 6 + 2 marks. And I'd say about another 4 marks cut in my essay..
That's about 46 marks.. Hopefully, I got the others right!
(edited 9 years ago)
Original post by nitin0896
What did people write for 'why do governments seek to achieve economic growth'?
I messed up and ****, i wrote about increasing standards of living and reducing unemployment


I wrote about reducing the deficit and causing a trade surplus as this plays a large role in aggregate demand and the current account. I ****ed up on that one. 0 marks for that.
Did anyone talk about the policies which would increase exports, and reduce imports, such as manipulation of exchange rate through interest rates?

I evaluated policies alot, and didn't delve much into the affect on AD. :frown:

Also just mentioned how a surplus wouldn't be desirable either as a macro economic objective was a balance of payments. Mentioned living qualities slightly but such a messy structure and points flying everywhere.

Overall as a general consensus a lot of people found it difficult and the 18 marker was very vague.

All in all, to everyone feeling deflated, don't worry I'm sure you've done well. Examiners will recognise it was tough and hopefully lower grade boundaries.

All you can do is your best ay
For the budget deficit:
GDP was 700 million/billion in 2010 and increased 8% in 2011 (So it was 756million/billion)

Budget deficit was 9% of GDP in 2011 so 756 x 0.09 =68.04 million/billion US dollars

Forgot whether it's million or billion which is making me nervous... I think I put billion. Anyways did anyone else get that? I think I may have lost a mark for not putting a minus sign in front of it.
For the 18 marker i put The balance of payments is the money coming in and out of the economy, and that with a surplus it meant more money is coming into the economics than what's going out.

Is that correct?
The essay question I know I got 0/18 for I talked about gov policies with 2 sentences dedicated to exports....probably walk out of that exam with a D if im lucky :frown:

for the mulitiplier q....I put that korea save

for the rapid growth....more women entering the labour force and growing pop
Original post by w1ll1234
For the budget deficit:
GDP was 700 million/billion in 2010 and increased 8% in 2011 (So it was 756million/billion)

Budget deficit was 9% of GDP in 2011 so 756 x 0.09 =68.04 million/billion US dollars

Forgot whether it's million or billion which is making me nervous... I think I put billion. Anyways did anyone else get that? I think I may have lost a mark for not putting a minus sign in front of it.


Yeah I got exactly that and it was billion


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Original post by w1ll1234
For the budget deficit:
GDP was 700 million/billion in 2010 and increased 8% in 2011 (So it was 756million/billion)

Budget deficit was 9% of GDP in 2011 so 756 x 0.09 =68.04 million/billion US dollars

Forgot whether it's million or billion which is making me nervous... I think I put billion. Anyways did anyone else get that? I think I may have lost a mark for not putting a minus sign in front of it.


Being the clever person i didn't read the question and just found 9% of 700 billion
Original post by thunguyen168
I thought the women participation and growing population was in south Korea????

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I thought it was in Turkey and that was how it could possibly grow in the future because the question said about future growth and the case study talked about it's growing population and not many women in the workforce. These would be key to future rapid economic growth surely as the production possibility curve would shift outwards and the maximum potential capacity would increase.
Original post by Ben_S96
The question was is the movement from a current account of balance of payments always beneficial to an economy and thus the focus of your essay should've been on the benefits arising from AD increases etc. It sounds like you've explained how a country can go from a deficit to a surplus, without evaluating the benefits and possible negative consequences, aside from short term growth. Conclusions and evaluations are key for level 4 answers (16-18).


I talked about how a budget deficient can cause cyclical unemployment due to lower demand. I talked about how also a deficit can cause deflation (resulting in more u/e) and I'm fairly sure I mentioned it might be good thing to lower demand pull inflation. I talked about the significance, eg a deficiet is more costly if its structural than cyclical etc.
Original post by flipflop1
Yeah I got exactly that and it was billion


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Did you use a minus sign in front of it?
Original post by Anon606
Being the clever person i didn't read the question and just found 9% of 700 billion


Tbh I'm sure you'd get a mark for that at least
Will you lose a mark for not having the minus sign?
Guys ive compiled a list of the questions- its not exactly complete + some are not in the right order, but hey it might help u guys.

1 Components of AD (3)
2 How is the equilibrium determined in a macro-economy (3)
2b Monetary policy+ equilibrium (4)
3 Inflation 3 differences (3)
3b Comment on- savings (6)
4 comment on- low inflation and unemployment (6)
5a Why the government would want economic growth. (4)
5b analyse- econ growth in Turkey (6)
7A Influences of consumption (3)
7B Multiplier- difference between SK and Turkey (2)
8A Deficit calculation (3)
8B essay (18)
Original post by nitin0896
What did people write for 'why do governments seek to achieve economic growth'?
I messed up and ****, i wrote about increasing standards of living and reducing unemployment


I wrote reduce poverty and reduce unemployment.

What is the correct answer?

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I defined balance of payments as the record of imports and exports flows through an economy will this 0/18 on the 18 marker i think its meant to be money flows el oh el
But i mentioned what it consisted off etc.
would i lose a mark if i wrote '-$68bn' i dont know why i rounded up i didnt even write '-$68.04bn'😰


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For the 18 marker I put The balance of payments is the money coming in and out of the economy, and that with a surplus it meant more money is coming into the economics than what's going out.

I went on to talk about it was likely down to exports increase meaning AD increase and AS stayed the same meaning higher price level more output

I then talked about how it would cause inflation and also how the government would earn more money from taxes which they could spend on supply side policies to reduce inflation

Is that correct?
Original post by w1ll1234
Did you use a minus sign in front of it?


No. Don't think it is necessary.


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