OFFICIAL OCR ECONOMICS F582 21st MAY 2014 THREAD**

Is it even wrong? I considered doing what other people have done but thought it wanted 'evidence' not interpretation. I just said that quote and said that the effect was different to Korea in that it was more significant, as said by the quote etc.

yea, that's wrong. we should have written something about korean households spend less. The evidence is the sentence in the case study, which i don't remember. But yea.

Reply 381

TheVIllageGeek

1

Original post by inter empire

i cant remember for certain you might be right

The thing is only listed the determinants- I thought it was 3 marks

Reply 382

Randomer96

Original post by thunguyen168

yea, that's wrong. we should have written something about korean households spend less. The evidence is the sentence in the case study, which i don't remember. But yea.

I find questions like that stupid. I was thinking I could write about that stuff but thought for 2 marks it just wanted a quote and supporting sentence really.

Reply 383

MagentaGirl

Hi guys, I compiled a list of all the questions asked and the marks awarded, hope this helps! :smile:

1. State 3 components of aggregate demand (3)
2. Explain how equilibrium is determined in the macro-economy (2)
3. State and explain 2 monetary policies that would affect macro-economic equilibrium (4)
4. State 3 differences between BRIC and MIST countries with regards to inflation (3)
5. Comment on whether a reduction in interest rates will always increase consumer expenditure (6)
6. Comment on whether a reduction in inflation rate always reduces unemployment rate (6)
7. State and explain 2 reasons why a government would want to achieve economic growth (4)
8. Analyse the reasons why Turkey is likely to experience rapid economic growth in the future (6)
9. Using information from the case study, explain why Turkey may have a greater multiplier effect than South Korea (2)
10. Using information from the case study, calculate Turkey's budget deficit in 2011 (3)
11. State 3 influences on consumption (3)
12. Discuss whether it is always beneficial for an economy when their current account moves from a deficit to a surplus (18)

Reply 384

TheVIllageGeek

1

Original post by MagentaGirl

Hi guys, I compiled a list of all the questions asked and the marks awarded, hope this helps! :smile:

1. State 3 components of aggregate demand (3)
2. Explain how equilibrium is determined in the macro-economy (2)
3. State and explain 2 monetary policies that would affect macro-economic equilibrium (4)
4. State 3 differences between BRIC and MIST countries with regards to inflation (3)
5. Comment on whether a reduction in interest rates will always increase consumer expenditure (6)
6. Comment on whether a reduction in inflation rate always reduces unemployment rate (6)
7. State and explain 2 reasons why a government would want to achieve economic growth (4)
8. Analyse the reasons why Turkey is likely to experience rapid economic growth in the future (6)
9. Using information from the case study, explain why Turkey may have a greater multiplier effect than South Korea (2)
10. Using information from the case study, calculate Turkey's budget deficit in 2011 (3)
11. State 3 influences on consumption (3)
12. Discuss whether it is always beneficial for an economy when their current account moves from a deficit to a surplus (18)

I thought the analysis or second comment on was only 4 marks? And wasnt 2 a 3 marker?

Reply 385

Randomer96

Original post by MagentaGirl

Hi guys, I compiled a list of all the questions asked and the marks awarded, hope this helps! :smile:

1. State 3 components of aggregate demand (3)
2. Explain how equilibrium is determined in the macro-economy (2)
3. State and explain 2 monetary policies that would affect macro-economic equilibrium (4)
4. State 3 differences between BRIC and MIST countries with regards to inflation (3)
5. Comment on whether a reduction in interest rates will always increase consumer expenditure (6)
6. Comment on whether a reduction in inflation rate always reduces unemployment rate (6)
7. State and explain 2 reasons why a government would want to achieve economic growth (4)
8. Analyse the reasons why Turkey is likely to experience rapid economic growth in the future (6)
9. Using information from the case study, explain why Turkey may have a greater multiplier effect than South Korea (2)
10. Using information from the case study, calculate Turkey's budget deficit in 2011 (3)
11. State 3 influences on consumption (3)
12. Discuss whether it is always beneficial for an economy when their current account moves from a deficit to a surplus (18)

Was it not comment on whether a low inflation rate always gives a low rate of unemployment? And the second comment was whether increase in saving will reduce inflation or something

Reply 386

thunguyen168

Original post by Randomer96

I find questions like that stupid. I was thinking I could write about that stuff but thought for 2 marks it just wanted a quote and supporting sentence really.

completely agree

Reply 387

Randomer96

Original post by TheVIllageGeek

I thought the analysis or second comment on was only 4 marks? And wasnt 2 a 3 marker?

2 was definitely 2 marker. Well I think haha

Reply 388

noodles95

Firstly, for the reasons why governments wanted to achieve growth I firstly said that they would want to improve living standards and also reduce poverty, perhaps also improve regional inequalities in wealth. I had a brief description on these points too. Arguably this would be enough for 4 marks? However I only wrote this under number 1. Stupidly under number 2 I talked about inflation and how they'd want growth for inflation to rise to a target perhaps and how it would also reduce relative consumer and government debt. I don't think this is relevant for the other 2? So would I still potentially get 4 as there is no negative marking despite writing the first 2 in the 1st section?

Secondly, for the question on analyzing the likely reasons why turkey is likely to experience economic growth I didn't talk about the labour force or other things people have mentioned. I'm not sure what I said but I think I dragged it from somewhere towards the end of the case study. Would that still be relevant, and what other answers were possible to try bring back my memory of what I said?

Thanks for any help if you can be bothered, gutted that I may have lost 6 marks for not reading the case study properly.

Reply 389

vkram96

For the "State 3 differences between BRIC and MIST countries with regards to inflation (3)" I just compared 2 different countries for each point. So, Brazil vs Indonesia etc. How many marks am I likely to get?

Reply 390

GeorgeMacintyre

Hey please someone help in regards to my 18 mark answer.

I defined current account deficiet and surplus, talked about BOP (eg trade in goods etc)

Then talked about a current account deficiet. How it can be caused, the significance. Eg if its a greater % of GDP it's worse, it can cause deflation due to lower prices, it's more harmful if its a structural weakness, and increase in cyclical unemployment due to lower demand. I made sure I analysed that well and included AD/AS diagram. Also about how higher national debts lead to higher interest rates and taxes, slowing the economy down.

I then talked about how to improve, both lower X rate (used diagram) and supply side policies. I then ran out of time! Didn't conclude as I lost track and we didn't get a 5 min warning. I literally left it on "surpluses can be beneficial as AD increases and thus less output and more u/e."I was then going to write about inflation, and if its caused by a recession.

I think I did we'll in the test but a horrible essay :frown:

have I got potential for anything more than 5 marks on the essay? My aim was a B, I think I dropped 3-4 marks top in the test, I'm so down now

Reply 391

sadlady

7. State and explain 2 reasons why a government would want to achieve economic growth (4)
for this question I said inceased standard of living and could I have used to determine whether a country is doing well because its a policy objective?

Reply 392

TheVIllageGeek

1

How many marks for this:

An increase in the standard of living- an increase in output means an increase in material living standards, so the overall quality of life improves.

Reply 393

sadlady

8. Analyse the reasons why Turkey is likely to experience rapid economic growth in the future (6)
for this I used the two points in the case about less womens worked
so would it increase economics growth because theyll be encouraged to work and get more RDI so increase consumer expenditure and invest which contribute to growth?

Reply 394

Ben_S96

4

2. Explain how equilibrium is determined in the macro-economy (2)
I literally just stated the market forces of aggregate demand and aggregate supply. Did not mention intersection or any similar word as they will always meet whether in equilibrium or not. Is my answer sufficient?
3. State and explain 2 monetary policies that would affect macro-economic equilibrium (4)
I used interest rates for both of my points. Interest rates increasing, decreasing demand and interest rates decreasing, raising demand. Surely these are 2 policies? It didn't say 'different' policies. Would I get the marks?

Reply 395

yazmingulsen

I can't believe I messed up the calculation, consequence of not reading properly I guess. And I messed up the essay and started talking about budget deficit and surplus. Was not expect a BOP question as an 18.

I hope the examiner passes me cos I'm Turkish 😭

Posted from TSR Mobile

Reply 396

TheVIllageGeek

1

Can someone please confirm if the analyse question was 4 marks??

Reply 397

kingdoo

15

Original post by Ben_S96

2. Explain how equilibrium is determined in the macro-economy (2)
I literally just stated the market forces of aggregate demand and aggregate supply. Did not mention intersection or any similar word as they will always meet whether in equilibrium or not. Is my answer sufficient?
3. State and explain 2 monetary policies that would affect macro-economic equilibrium (4)
I used interest rates for both of my points. Interest rates increasing, decreasing demand and interest rates decreasing, raising demand. Surely these are 2 policies? It didn't say 'different' policies. Would I get the marks?