AQA A-level Economics new 7136 - 06, 13 & 19 Jun 2017 [Exam Discussion]

47.5 or 46.5 for multiplier and +12 for PED question ?

Does anyone know what the answer to 27 was, the one about inflation and the price level?
I said real prices have increased in the time period but idk it could have been the disinflation one

MCQs were good, rest of it was a bit meh especially the 15 marker.

What was the 25 mark essay questions? I think i wrote about something completely different 😖

I dont remember exactly but i think it was something like 'referring to the sources, discuss whether or not the government should intervene in the uk steel industry'

Macro MCQ answers for AS book is:
b
b
b
c
d
c
b
b
b
c
Macro MCQ answer for A2 book is:
b
b
a
a
b
a
d
c
c
b
My teacher marked them

What did you write for the 15m question?

I wrote how they should intervene 💔 Do you think ill be havily penalised for it?

That was what you were supposed to do haha

Erm, UK has a comparative advantage in services as it can prove them cheaply and efficiently, hence demand increases for it so firms need to employ workers to keep up with a demand, which has a multipler effect as people get income = economic growth

Then cos UK struggles to compete in the manufacturing industry as wage costs are cheaper elsewhere, less demand for UK goods so unemployment falls, but UK people employed/unemployed can buy other goods from other countries really cheap which leaves people with more income to spend on other goods, income elasticity is high for services so UK benefits again, multipler effect blah blah

someone tell me if I'm wrong but in my second argument on the 25 marker I said that gov need to intervene by subsidising steel market because it's a positive production externality in the sense it creates millions jobs in the manufacturing industry increases exports making AD go up in both ways and makes the uk more competitive and used diagrams to show how it works I did 4 diagrams for that argument one showing Positive production externality, and the deadweight loss to society if steel industry is not producing to the optimal level, the increase in production of government subsidies it, I also showed employment and demand for manufacturing workers increasing and creating jobs and an AD diagram