New Spec AS Level OCR Economics:Macroeconomics - 23rd of May

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Was the 4 mark question shift to the right of the demand curve?
And what was the other way of measuring gdp?(first question in case study)

Reply 41

jordancohen

Original post by koolgurl14

Was the 4 mark question shift to the right of the demand curve?
And what was the other way of measuring gdp?(first question in case study)

Yep demand shifted outward

Another way of measuring GDP would be expenditure method

Reply 42

jordancohen

Original post by tsrecon123

what is the answer for comparative advantage multiple choice question?

Neither country will benefit from trade as opportunity costs were the same

Reply 43

yelash

Original post by jordancohen

Neither country will benefit from trade as opportunity costs were the same

Phew. I thought so, but exam panic made me consider that country Y may have an advantage. Glad I stuck with D.

Reply 44

yelash

Original post by Luiswright31

I put 87.5 for terms of trade, 'twas 0.875, couldn't for life of me remember whether it was displayed as an 'index' looking number or a decimal.
Think the 'good tax' one was equity right?

No it is durable apparently :/ I put convenient. according to my revision guide you times by 100 for terms of trade, so 87.5 is probably right if you did exports divided by imports * 100

(edited 7 years ago)

Reply 45

rebirth61213

Original post by jordancohen

Neither country will benefit from trade as opportunity costs were the same

Wasn't there an option that stated that one country had an absolute advantage over the over (that's what I put b/c one country could produce more corn per hour than the other iirc).

Reply 46

yelash

Original post by rebirth61213

Wasn't there an option that stated that one country had an absolute advantage over the over (that's what I put b/c one country could produce more corn per hour than the other iirc).

I thought it was a comparative advantage option not absolute

Reply 47

swingrx

Original post by hate0cr

What did people write for q18 ?

I just went through the four macro-economic objectives - decrease in inflation, surplus in current account, rise in unemployment and fall in economic growth
Then for evaluation I talked about other factors affecting AD (e.g. increase in C on offset AD),
If the economy is at full capacity employment and economic growth don't fall which is more beneficial to the economy
And it depends from where the spending is cut - e.g. If cut from education can reduce long-term economic growth

Reply 48

Asad271

For the 20 marker on reducing unemployment without increasing inflation, I wrote that protectionist measures such as quotas on foreign goods will boost domestic firms allowing them to hire more staff therefore reducing unemployment whilst suppressing demand pull inflation. Would that have been completely wrong?

Reply 49

DanLinton

Original post by yelash

I thought it was a comparative advantage option not absolute

I think it was the one that country Y would benefit from trade but country X wouldn't because although they had the same comparative advantage country y made less products than country x

Reply 50

marshy12345

What did people get as the unemployment calculation answer?

Reply 51

Asad271

Original post by marshy12345

What did people get as the unemployment calculation answer?

5%?

Reply 52

Lukewins1

Original post by Luiswright31

I thought that it was 'equality' not 'equity', I thought of equity as being shares in a company so ruled it out. I guess by definition 'equity' also means equality. Got me that one.

The answer was complexity, don't know where equity is coming from

Reply 53

Lukewins1

Original post by Asad271

5%?

Correct

Reply 54

Logim

Original post by Luiswright31

I put 87.5 for terms of trade, 'twas 0.875, couldn't for life of me remember whether it was displayed as an 'index' looking number or a decimal.
Think the 'good tax' one was equity right?

I put durability

Reply 55

Maisie987

Was the measurement question about gdp or employment