Competition - post a photo you've taken of nature >>

Edexcel AS Economics Unit 2 (19th May 2015) - Managing the Economy Exam Thread

Scroll to see replies

Hi i was just wondering what is the recommended amount of time to spend on each question, as i have really poor time management and usually dont have enough time left for the 30 marker but when i dont do it under timed conditions i usually get high marks

Reply 21

ISandles

Original post by rhysd

Hey,
The paper is out of 80 marks with 90 minutes exam time, with 10 minutes for reading, analysing and taking notes from the extract, that virtually leaves you with a minute a mark.

The real exceptions to this would be the 4 and 6 markers which you can usually nail in a minute or two just by: stating data in your answer, mentioning key points the examiner is looking for and maybe even a graph to draw.

Example: ''Explain how ‘UK ILO unemployment’ (Extract 2, line 1) is measured'' (4 marks)
The UK ILO refers to the people of working age (between 16-64) who are not currently working and have been out of work in the past four weeks. They must be actively looking for a job and be able to work within the next two weeks.

This picks up 4 marks instantly and can be written in minimal time, giving you extra for the 30-marker. Be sure not to spend any more than a minute a mark for each question or you're sure to not have enough time for part c) at the end. Be sure for 8 markers NOT to evaluate as you don't need to for most of them and you are otherwise wasting your time if you do.

If you're pushed for time at the end and you have half an hour left, drop everything to try the 30 marker. It counts as over a third of you Macro paper's grade and hence over a sixth of your overall AS grade (hope my math is correct here) so you should be giving it your best shot.

My suggestion to you is to do a timed paper everyday leading up to your exam so you are able to write more efficiently and become better accustomed to the 90 minute time limit which even I find quite ludicrous to complete. But anyway, hope that helps somewhat.

Reply 22

angelwattings

any predictions for the 30 mark qs ?

Reply 23

ctkycrtkxm

does investment in research and development come under investment (component of ad)

Reply 24

ctkycrtkxm

Why does income of high income group rise however low income groups comparatively dont rise in economic growth?

Reply 25

ctkycrtkxm

how is monetary policy a government molicy

Reply 26

ISandles

Original post by ctkycrtkxm

does investment in research and development come under investment (component of ad)

I believe so yes.

Original post by ctkycrtkxm

Why does income of high income group rise however low income groups comparatively dont rise in economic growth?

Generally, if there's economics growth, firms are making more profit which leads to higher income households being better off since the firm's CEOs and executive members earn outrageous bonuses on top of their salaries as they're the real ones benefiting from the economic growth.

Original post by ctkycrtkxm

how is monetary policy a government molicy

I'm sorry...what?

Reply 27

ctkycrtkxm

can anyone post the current data of uk
infaltion-
unemplyment-
economic growth-
current account-

Reply 28

ctkycrtkxm

Original post by ISandles

I believe so yes.

Generally, if there's economics growth, firms are making more profit which leads to higher income households being better off since the firm's CEOs and executive members earn outrageous bonuses on top of their salaries as they're the real ones benefiting from the economic growth.

I'm sorry...what?

MPC is independent of the government. So how does it come under government macroeconomic policy

Reply 29

ISandles

Original post by ctkycrtkxm

MPC is independent of the government. So how does it come under government macroeconomic policy

I don't actually know, maybe someone else could help shed light on this

Reply 30

falloutboyyy

Monetary policy is actually not set by the govt. It's run by the Bank of England's monetary policy committee (MPC) they look at multiple things to decide the Interest rates but a main one is obviously inflation. Raising interest rates will bring down inflation and vice versa.

Reply 31

ctkycrtkxm

MPC is independent of the government. So how does it come under government macroeconomic policy

This was in jan 2013 paper 30 marker in second section..something about government policy... the mark scheme included monetary policy in mark scheme but if you look in examiner report someone wrote MPC control interest rate they were not awarded marks

Reply 32

NotNotBatman

What reference do I need to make in questions that say; "with reference to extract 1, what is meant by [economic term]?" These are the questions that are worth 4 or 6 marks.

Reply 33

member1753327

Original post by NotNotBatman

What reference do I need to make in questions that say; "with reference to extract 1, what is meant by [economic term]?" These are the questions that are worth 4 or 6 marks.

You just answered your own question

Reply 34

NotNotBatman

Original post by member1753327

You just answered your own question

Okay, but what reference to the extract is needed? The extract never has the definitions for these terms.

Reply 35

falloutboyyy

You put a statistic in so you explain and define with own knowledge. Then you reference like the current erm rate of cpi inflation is ... etc
So you reference like a fact or a current value

Reply 36

NotNotBatman

Original post by falloutboyyy

You put a statistic in so you explain and define with own knowledge. Then you reference like the current erm rate of cpi inflation is ... etc
So you reference like a fact or a current value

Okay, thanks.

Reply 37

nnemo

Hi there was this question on
Describing how fiscal policy and supply sode policy can reeuce unemployment ?
I wrote goverment spending on welfare benefits i. E unemployment benefits can be reduced. But the markscheme said to reduce vat and increase gov spending?
Can u explain why im worng
Thnaks

Reply 38

nnemo

Also there was this question
That said state the impact of high jnflation of macroeconomic objectives!
I said wage inflation would be high resulting in unemployment risig as firms would attempt to cut costs by firing workers. And used a phillips curve to explain wage inflation .
Can you explain why am wrong again. ?
What would you write ?

Reply 39

ISandles

Original post by nnemo

You would maybe need to mention why you would reduce unemployment benefits, stating that it reduces the incentive to stay at home and claim benefits and make them look for a job as they are unable to maintain a standard of living they want.

There may also be things not mentionned in the mark scheme that still provide you with the marks, as long as its logical and correctly relates to the extract.