Economics Unit 2 Edexcel - Managing the UK economy Tuesday 19th May 2015 (PM)

Original post by prepdream

I am quite satisfied with it, providing the fact that I revised for it only 1 week before the exam. Though both questions were good but Q1 seemed pretty good for me in general. Hoping that i can reach an A if I didn't make any stupid mistakes :smile:

How about you?

Sounds like it went pretty well for you :smile:

I didn't do as well as I feel like I could have, I think I almost overthought some questions. I'm still hoping for an A though, the 30 mark question may have been good enough to get me there (hope so!)

Reply 923

Original post by ElizaLea

Sounds like it went pretty well for you :smile:

I didn't do as well as I feel like I could have, I think I almost overthought some questions. I'm still hoping for an A though, the 30 mark question may have been good enough to get me there (hope so!)

Which one did you do? Yeah that was always the case for me, overthinking stuffs instead of seeing it in simple ways. But hope you will be fine and get an A. Good luck! :biggrin:

Reply 924

ElizaLea

Original post by prepdream

Which one did you do? Yeah that was always the case for me, overthinking stuffs instead of seeing it in simple ways. But hope you will be fine and get an A. Good luck! :biggrin:

Question 1. Thank you, I hope so too! Good luck to you too! :smile:

Reply 925

EnigmaticUtopia

Someone help. I kind of ran out of time for the 30 marker. did definition of demand policy (fiscal, monetary), listed the macro objectives then went on to explain how for example using fiscal to reduce tax will increase economic growth, did a shift right in AD, explained how this will cause inflation etc.
said how monetary decreasing interest rates will affect exchange rates and imports increase exports decrease, damaging the BoP deficit. Briefly talked about lower unemployment often associated with high economic growth (added a Phillips curve) and how the government need to weigh up the magnitude of this trade-off and assess whether it will be worth their while. Also briefly evaluated the time-lag of decreasing interest rates to take affect and how by then other factors could off-set this potential disadvantage so not a big concern.

Anyway, wanted to know very VAGUELY if my answer was strong and how many marks I would roughly receive? Very worried as I went overboard on the first 8 marker and 12 marker and didn't really consider time. Completed the last question in 15 mins! :frown:

Reply 926

lauradaura

guys uno for the urm like what other things would the mpc have looked at when keeping interest rates low, what did u guys write?

I wrote unemployment figures and inflation- not too sure about inflation though...

Reply 927

Original post by EnigmaticUtopia

Someone help. I kind of ran out of time for the 30 marker. did definition of demand policy (fiscal, monetary), listed the macro objectives then went on to explain how for example using fiscal to reduce tax will increase economic growth, did a shift right in AD, explained how this will cause inflation etc.
said how monetary decreasing interest rates will affect exchange rates and imports increase exports decrease, damaging the BoP deficit. Briefly talked about lower unemployment often associated with high economic growth (added a Phillips curve) and how the government need to weigh up the magnitude of this trade-off and assess whether it will be worth their while. Also briefly evaluated the time-lag of decreasing interest rates to take affect and how by then other factors could off-set this potential disadvantage so not a big concern.

Anyway, wanted to know very VAGUELY if my answer was strong and how many marks I would roughly receive? Very worried as I went overboard on the first 8 marker and 12 marker and didn't really consider time. Completed the last question in 15 mins! :frown:

Didn't read all but wait, doesn't a decrease in rate of interest will lead to depreciation in exchange rate and more export less import instead?

Reply 928

lauradaura

Original post by EnigmaticUtopia

Someone help. I kind of ran out of time for the 30 marker. did definition of demand policy (fiscal, monetary), listed the macro objectives then went on to explain how for example using fiscal to reduce tax will increase economic growth, did a shift right in AD, explained how this will cause inflation etc.
said how monetary decreasing interest rates will affect exchange rates and imports increase exports decrease, damaging the BoP deficit. Briefly talked about lower unemployment often associated with high economic growth (added a Phillips curve) and how the government need to weigh up the magnitude of this trade-off and assess whether it will be worth their while. Also briefly evaluated the time-lag of decreasing interest rates to take affect and how by then other factors could off-set this potential disadvantage so not a big concern.

Anyway, wanted to know very VAGUELY if my answer was strong and how many marks I would roughly receive? Very worried as I went overboard on the first 8 marker and 12 marker and didn't really consider time. Completed the last question in 15 mins! :frown:

Pffft! calm down lol- i did 4 pages for the 8 marker loool... talk about overboard but yeah I would say as its 18 points for analysis and 12 for ev. I would say you have pretty good analysis: you defined both types of demand policy- 2 marks, you listed the objectives, you did the diagram- 4 marks providing it was correct, you included atleast 2 macro objs and linked 4 marks and then you said how they'd conflict- 6 marks. Evaluation: SR/LR argument- 4 marks and I cant remember if you did another evaluation but pfffft come on, you got ATLEAST 20 marks!! and thats only what I counted because I couldnt be bothered reading the rest lol but yeah hopefully around 25 :smile:

honestly!! dont worry!!! :smile:

Reply 929

lauradaura

Original post by prepdream

Didn't read all but wait, doesn't a decrease in rate of interest will lead to depreciation in exchange rate and more export less import instead?

Think Ceterus Parabus- what if there wasn't any demand on the world market for those exports?

Reply 930

member1753327

11

An easier point would be higher relative inflation than other countries leading to a fall in exports, easier to explain than exchange rates

Reply 931

Original post by lauradaura

Think Ceterus Parabus- what if there wasn't any demand on the world market for those exports?

It would be evaluation then-Price elasticity of demand?

(edited 8 years ago)

Reply 932

jeevanr21

10

Would it be acceptable to state the policy and its effects (eg expansionary monetary policy leads to economic growth/inflation) and then use this policy for all 3 points (plus a short detour into fiscal policy)?

Reply 933

EnigmaticUtopia

Original post by lauradaura

Pffft! calm down lol- i did 4 pages for the 8 marker loool... talk about overboard but yeah I would say as its 18 points for analysis and 12 for ev. I would say you have pretty good analysis: you defined both types of demand policy- 2 marks, you listed the objectives, you did the diagram- 4 marks providing it was correct, you included atleast 2 macro objs and linked 4 marks and then you said how they'd conflict- 6 marks. Evaluation: SR/LR argument- 4 marks and I cant remember if you did another evaluation but pfffft come on, you got ATLEAST 20 marks!! and thats only what I counted because I couldnt be bothered reading the rest lol but yeah hopefully around 25 :smile:

honestly!! dont worry!!! :smile:

Thank you so much! I feel sort of relieved now haha. I was very worried as I'm retaking and this is my last shot at A-levels! Question 1 was very easy in my opinion and it being easy made me over confident for section A, not considering time lol. How did you do? Hope u did well

Reply 934

Original post by jeevanr21

Would it be acceptable to state the policy and its effects (eg expansionary monetary policy leads to economic growth/inflation) and then use this policy for all 3 points (plus a short detour into fiscal policy)?

How much did you write for fiscal?
If it makes up 1 point then I think it will be fine.

Reply 935

jeevanr21

10

Original post by prepdream

How much did you write for fiscal?
If it makes up 1 point then I think it will be fine.

I defined fiscal at the beginning but tbh I wrote very little about it. It was linked to my point about the conflict between economic growth and inequality

Reply 936

thompsza

If you were to write incorrect KAA, but your evaluation was relevant and correct on the mark scheme, would you get any marks for that?? E.g. for the 30 marker in Q1 if I only wrote that the demand-side policy caused a rise in inflation, but didn't say what it conflicted with, then evaluated that inflation may not occur because of whatever reason, would I get marks???

Reply 937

Posh Student