Ocr economics f581 (16/05) and/or f582 (23/05) retakes

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Anyone remember in the question about the increase in taxation, was the diagram already labelled for us??

does anyone know how much we need to know about the circular flow of income for the f582 exam? every time i see a diagram online they all have different labels.

Reply 302

Yousf

Original post by Pato1

And June 12 is a piece of cake compared to our paper

For the information failure of production, do you think we get 2marks for defining what information failure is?

Reply 303

r-star

for essay i did this: intro+how it works in one parap2-advantage of permit
p3-advantage of permit
p4-what indirect tax are+how it works
p5-advantage
p6-disadvantage of permit
p7-disadvantage of permit
p8-disadvantage of tax
p9-disadvantage of tax
p10-comparision + judgement

i made a mistake here since i was meant to do disadvan of permits in p4, p5 but i did tax by mistake so kinda messed up structure.How many marks out of 18?

Also as an advantage for indirect tax i wrote about if good is inelastic government will get more tax revenue since consumers will still carry on buying the demerit good.....etc
would this be right
I am really worried about this essay question since im not sure about the structure and the advantage which i stated above

Reply 304

Newitt97

for the 18 marker on pollution permits, I didn't apply my answer to the context/case study at the start as i didn't feel it was necessary although usually this is expected for f581, will this lose me marks at all??

also, has anyone got any predictions for the 18 marker for f582 or any links to the 2015 f582 paper?
cheers

Reply 305

CheekySploon

anyone got any predictions for f582?

Reply 306

uzochi97x

Original post by Newitt97

I don't have links to the paper but I could send you the questions or take a picture ? I got 49/60 in my paper so I ca give you what I wrote

Reply 307

Pato1

Original post by CheekySploon

anyone got any predictions for f582?

Honestly, I've looked at every single F582 essay and it's impossible to predict what it'll be. They've only repeated an essay once (interest rates). So at this point you should revise everything. As an A2 student you shouldn't find F582 difficult compared what we're doing in F585.

Reply 308

Pato1

In order of year released;

Discuss whether reducing tax rates always increase econ. growth
Discuss whether an economy will always benefit when CA BOP moves from Deficit to Surplus
Discuss whether an increased Ex. Rate will always reduce it's inflation rate
Discuss whether a reduction in AS is harmful to econ performance
Discuss whether an increase in gov. spending on education will always increase econ. growth
Discuss whether Inflation is always harmful to an economy
Discuss the effectiveness of lowering interest rates to stimulate ecom. growth
Discuss the effectiveness of reducing gov. spending in order to reduce demand pull inflation
Discuss the extent to which econ. growth may benefit the economy
Discuss the extent to which a reduction in interest rates will increase consumption and investment
Discuss the extent to which to which an increase in AD may affect output, unemployment and inflation

Discuss the causes of economic growth (specimen)

(edited 7 years ago)

Reply 309

Pato1

G Conomics reckons that Ex rate & BOP will appear

Reply 310

Slenderman

Original post by r-star

You should be fine as long how you said it corrects market failure and when you talked about other solutions, you related back to the question.

Reply 311

Slenderman

Original post by Sophieem28

does anyone know how much we need to know about the circular flow of income for the f582 exam? every time i see a diagram online they all have different labels.

Know what it is and what the leakages and injecions are and how the multiplier works.

Reply 312

Arlenambxx

Leakages
1) Savings
2) Taxes
3) Imports

Inflows
1) Government spending
2) Exports
3) Investment

Multiplier effect

Example: When injections exceed leakages. The rise in Aggregate demand will have a greater effect on the economy.
The multiplier effect occurs as when people spend money, the expenditure becomes the income of those who sell them the products. They in turn, will spend some of the money they receive

(edited 7 years ago)

Reply 313

GinMC 1124

Guys whats the likely 18 marker? for F582

Reply 314

Arlenambxx

Does anyone have predictions for the f582 paper? All the past papers are very similar with the question types...

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Reply 315

mihaf

what is income redistribution and economic stability definitions?

Reply 316

uzochi97x

Original post by mihaf

what is income redistribution and economic stability definitions?

Economic stability - refers to an environment that enhances macroeconomic performance whilst avoiding volatility in exchange , inflation , unemployment and economic growth rates

Reply 317

Arlenambxx

Original post by mihaf

what is income redistribution and economic stability definitions?

Income redistribution is done in order to ensure everyone has access to basic necessities. So transferring some income from the rich to the poor.

There's not really a definition, read it up in the ocr economics book

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Reply 318

P Conomics

Original post by Newitt97

https://www.dropbox.com/s/knd2slzz5x45lor/qp%20F582.pdf?dl=0

Original post by Sophieem28

does anyone know how much we need to know about the circular flow of income for the f582 exam? every time i see a diagram online they all have different labels.

I highly doubt you'll need to label a diagram of the circular flow in the exam, since I don't believe I've ever seen them ask a question like that. However, you'll need to know what it is and be able to explain it (i.e. definition, injections and leakages/withdrawals, multiplier effect due to the marginal propensity to consume etc.).

Original post by Arlenambxx

Leakages
1) Savings
2) Taxes
3) Income

Inflows
1) Government spending
2) Exports
3) Investment

Multiplier effect

Example: When injections exceed leakages. The rise in Aggregate demand will have a greater effect on the economy.
The multiplier effect occurs as when people spend money, the expenditure becomes the income of those who sell them the products. They in turn, will spend some of the money they receive