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AQA Economics AS May 2015

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For the multiple choice, I put a cross in the circle???? We weren't told what to do? Everyone did different things
Original post by himynameiswill
I had to just merge my against intervention and conclusion together. Just gotta hope the other parts of the paper were good.


I did evaluate the whole way through so hopefully I did enough to get a level 4 :moon:
Original post by Kiytt
Government intervention for income inequality would be a minimum wage/living wage. Monopolies however, I'm not so sure; I ran out of time before I could discuss them, but perhaps nationalising the good/service that the monopolised firm provides or reducing the barriers to entry somehow? Making the market competitive somehow was another idea of mine.


I only discussed the income inequality government intervention (did a minimum price diagram) and I also did an externalities diagram for gambling and I said the government could launch an information campaign to lower demand
In context 2

I spoke about
Subidies... Increase supply, this could be bad in the energy Indus. Cos that will increase supply for oil...
this leads to higher cost for consumers.. negative impact on welfare... subsidies also lead to misallocation

Taxes - reduce supply... Save resources (oil) , reduces pollution ... however leads to higher cost for individuals...

Government subsidies.. could improve trade as they lower cost, improve productivity, competativness thus good for economy.

Allows firms to invest in economies of scale such as techinacal... Improves effecicy, thus higher profits for firms in the industr.. Thus leading to higher wages for worker... thus they are better off.

The investment could be used for specialisation in diclviosion of labour ... Improved education and training leading to Vetter productivity.

Didn't have time to finish essay :frown:

What do you guys think?
Reply 504
Avatar for Kiytt
Kiytt
11
Original post by anonwinner
I only discussed the income inequality government intervention (did a minimum price diagram) and I also did an externalities diagram for gambling and I said the government could launch an information campaign to lower demand


I was so pushed for time I didn't even read the extracts properly. I made no mention of gambling, just "demerit goods" :frown:
Is it right to say you can tax gambling so less is produced and therefore less consumed and also make it more expensive, and for income inequality - Higher taxes on higher incomes to bring closer the inequality posed?
Context 1: 12 Marker

Defined: Demand, Supply, Scarce Resources
(2 Marks)

Showed a diagram, with a shift in demand to the right, and a price increase. Labelled excess demand at intital equilibrium price.
(4 Marks)

Explained the adjustment process.
'When the demand curve shifts to the right, there is excess demand at the initial equilibrium price, followed by an extension along the supply curve. This causes prices to rise, and quantity sold to increase.
(4 Marks)

Explained what happens when prices rised.
'An increase in price, causes the market to send a signal to suppliers to enter the market, who are incentivized by the higher price so enter the market.'
(4 Marks)

Explained what happened when prices fell.
'If prices fall, possibily caused by a demand side shock, then the market will signal to producers to reallocate their scarce resources in the production of another good or service.'
(4 Marks)

That's what I put - hopefully I get 12 marks.
Does anyone have the multiple choice questions?
I didn't mention monopolies in my 25 just talked about gambling as a demerit good and how government could tax or use information provision then a bit about government failure before recommending a hypothecated tax be used to help solve the market failure.
Can someone take a pic of the multiple choice questions please
Original post by Kiranjott
For the multiple choice, I put a cross in the circle???? We weren't told what to do? Everyone did different things


The instructions given to us was to colour the circle, and if we wanted to change our answers, we had to cross the original answer, and then colour the new answer. However, if you wanted to go back to the original answer, you had to circle the circle. Hope that makes sense..
Original post by czj1997
The instructions given to us was to colour the circle, and if we wanted to change our answers, we had to cross the original answer, and then colour the new answer. However, if you wanted to go back to the original answer, you had to circle the circle. Hope that makes sense..


I put crosses for the ones I chose? :frown:
Original post by Kiranjott
I put crosses for the ones I chose? :frown:


hmm, if an examiner marks your paper i think it should be fine but I'm not sure if a computer or an examiner is going to mark the MCQ :s-smilie:
Reply 513
Avatar for Kiytt
Kiytt
11
Original post by Schmitzel
Context 1: 12 Marker

Defined: Demand, Supply, Scarce Resources
(2 Marks)

Showed a diagram, with a shift in demand to the right, and a price increase. Labelled excess demand at intital equilibrium price.
(4 Marks)

Explained the adjustment process.
'When the demand curve shifts to the right, there is excess demand at the initial equilibrium price, followed by an extension along the supply curve. This causes prices to rise, and quantity sold to increase.
(4 Marks)

Explained what happens when prices rised.
'An increase in price, causes the market to send a signal to suppliers to enter the market, who are incentivized by the higher price so enter the market.'
(4 Marks)

Explained what happened when prices fell.
'If prices fall, possibily caused by a demand side shock, then the market will signal to producers to reallocate their scarce resources in the production of another good or service.'
(4 Marks)

That's what I put - hopefully I get 12 marks.


This is what I did:

Defined:- Demand, scarce resources (only 2 definitions needed max.)

Diagram:- Demand/Supply diagram, with outwards shift of demand and inwards shift of supply, subsequent increase in price

Explanation:- 3 functions of the price mechanism; the low price incentivises consumers to consume more of the good, causing demand to increase, signalling to producers to ration their resources, thus causing supply (and quantity output) to contract and the price to rise.
Original post by Kiytt
This is what I did:

Defined:- Demand, scarce resources (only 2 definitions needed max.)

Diagram:- Demand/Supply diagram, with outwards shift of demand and inwards shift of supply, subsequent increase in price

Explanation:- 3 functions of the price mechanism; the low price incentivises consumers to consume more of the good, causing demand to increase, signalling to producers to ration their resources, thus causing supply (and quantity output) to contract and the price to rise.


Do you reckon i'll get the full 12 marks for what i put?
Original post by Kiranjott
I put crosses for the ones I chose? :frown:


I think a computer will mark the MCQ so I'm not sure what will happen. I would expect the exam board to realise that you accidentally crossed them all though.
Reply 516
Avatar for Kiytt
Kiytt
11
Original post by Schmitzel
Do you reckon i'll get the full 12 marks for what i put?


I definitely think from the 10-12 range—I wish I'd spoken about when price falls. Oh well. :frown:
Reply 517
Avatar for tomsas
tomsas
"How do prices allocate scarce resources ?"
I thought we were meant to talk about rationing products to people who can afford them and drew a diagram to show excess demand and talked about signaling and the incentive function....
What was the 25 marker for context 1 ??
Original post by econam
I think a computer will mark the MCQ so I'm not sure what will happen. I would expect the exam board to realise that you accidentally crossed them all though.


Ahh that's so unfair. We weren't given any instructions regarding it

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