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

The question specifically referred to the current account BALANCE OF PAYMENTS surplus and thus imports and exports were all that was needed in the essay. As a component of AD (X-M) AD would increase. However risk of inflationary pressures. Depends on...how big surplus was, how big pre-existing deficit was, international market stability with regard to future export-driven growth and sustainability. That was the focus of my essay. Was anybody else's similar?

With the comparisons between MIST and BRIC, I put:

1. The average inflation rate in one was higher
2. The highest inflation rate is one was higher
3. One ranged (top value - bottom value) more than the other
(cant remember which I put in each one)

For the relationship between inflation and unemployment, if you ranked each category for each country in the category they were in, all of them showed a positive relationship (eg country with highest unemployment in BRICs had highest inflation, second highest unemployment had second highest inflation etc etc).

The question about rapid economic growth was basically asking you to explain why a low female labour force participation rate and a a rising population meant a huge potential for economic growth. I basically just identified the two and how each could cause economic growth (Short Run and Long run).

The question about why do Governments wants economic growth could've been a range of things. I put to increase standards of living and to raise employment (therefore reducing the amount that has to be spent on unemployment related benefits).

The one about the multiplier was that South Korean citizens had a much lower APC/higher APS (they saved more).. I don't think anything else was required as it was a state/identify question.

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

I thought it was about how they don't spend as much meaning they have less consumer expenditure meaning less of an effect on the overall meaning South Korea has less chance of a multiplier effect

How does low proportion of females working mean huge economic potential?

I mentioned it but I only analysed the effect of a booming population- how many marks would that be?

How does low proportion of females working mean huge economic potential?

I mentioned it but I only analysed the effect of a booming population- how many marks would that be?

For the question 'why may the government want to achieve economic growth'. I wrote living standards would increase, and also government may want to increase tax revenue in order to improve services such as healthcare and education. Would this get 4 marks?

In terms of the marks it would depend on how well you analysed the effect of a booming population. Only mentioning the low proportion of females in the labour force would probably get you 1 mark.

The mark scheme will probably be 3 marks for each factor depending on how well they are explained.. or something like that.

yes mine was like that. I didn't think it was that bad a question, then again I was doing a retake

I mentioned booming population and analysed it well I think.
I also mentioned low proportion of females but I did not analyse it...

For the calculation question i worked out 68.04bn and wrote it down. Then I wrote below it, =68bn (nearest whole number), will i still get the full marks given that 68.04bn is the right answer??

Same. What did you get last year? What are you aiming for? Are you doing f583 and f585 this year?

For the multiplier question I wrote: South Korea have a higher GDP per capital. How many marks would that be + did anyone else write it?