OFFICIAL OCR ECONOMICS F582 21st MAY 2014 THREAD**

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I HATED that paper! I can't believe that there wasn't a single definition or graph! They're usually such easy marks to pick up!!

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Tell me about it! I have to say that I struggled through most of the paper and I didn't get to finish my essay because a couple of the earlier questions really threw me off. Definitely re-sitting next year!

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Reply 221

000alex

Original post by Randomer96

I think the paper was quite good. Hardest thing was 3 different points about the 2 sets of countries inflation rates tbh. One were generally higher and struggled to make any other points.

Same here, I just put that one contained both the countries with the highest and lowest inflation rates, maybe I should have talked about the ranges? Not sure...

Other than that...

All I could hear while walking out of the exam room was people complaining about the 18 marker :biggrin:

I thought it was a tougher one...

I wrote about the surplus potentially coming from exports increasing which increases AD which increases real GDP so there is economic growth hence it benefits the economy.

Also I put if there is not a surplus it means that the the capital account doesn't have to balance it out anymore. This means no more borrowing and interest to be paid etc ... not sure if this was ok? Nobody else I know did that.

For a drawback all I had time for was inflation..

Then the standard stuff for comment (size of previous deficit and new surplus and then the current position of the economy (inflation could be worse if we are at full capacity))

Reply 222

Lilyghz

How difficult was this paper in comparison to previous years?

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Reply 223

IsthatmaryX

I really liked that paper. Calculation question I didn't even bother lol. I knew I got it wrong but everything else was good. I wrote a lot on the 18 marker even though it was a poorly written question. And I did like that 3 points about the inflation rate thing. I only put 2 but overall, all the comment on questions were beautiful.

Hopefully, the grade boundaries are generous.

Reply 224

Randomer96

Original post by 000alex

Yeah some other people did the mean and the range, didn't think of that at all. Apart from putting the one group was higher apart from one country, I just wrote Turkey was higher than all the other groups and Korea was lower than all the other groups. I wouldn't usually but the obvious things often get marks on past papers I've done so I'll hope.

Reply 225

Ben_S96

The question specifically referred to the current account BALANCE OF PAYMENTS surplus and thus imports and exports were all that was needed in the essay. As a component of AD (X-M) AD would increase. However risk of inflationary pressures. Depends on...how big surplus was, how big pre-existing deficit was, international market stability with regard to future export-driven growth and sustainability. That was the focus of my essay. Was anybody else's similar?

Reply 226

AsianBeauty

It was horrendous , so so so bad !!! No definitions and what did people put for the reasons why turkey could experience a rapid economic growth rate

Reply 227

domcliffordjones

Original post by IsthatmaryX

You know what Mary, It's people like you who deserve to go to no other place than hell.

Reply 228

leftchr

I did the first question you?

Reply 229

manchesterunited15

Original post by Ben_S96

I wish you were right as I only spoke about imports and exports, but the current account of the balance of payments is all 4 sections (investment income and transfers included). http://www.investopedia.com/articles/03/061803.asp

Reply 230

manchesterunited15

Original post by Randomer96

68.04bn

63bn... I think I didn't do the added 8% as I thought 700bn was the figure for the year we were calculating, not 700bn+8%

Reply 231

ali_blue

For the calculation question, is it right to put a minus?
i put "the size of the deficit would be - us$68.04 bn.
Hopefully if that's wrong, they'll just think the - is a dash!

Reply 232

IsthatmaryX

Original post by domcliffordjones

You know what Mary, It's people like you who deserve to go to no other place than hell.

Lol. That's a bit mean. I said it was good. But who knows? I could probably have written the wrong thing.

Reply 233

hanley9

Original post by manchesterunited15

This is true but you wouldn't have had to refer to them all.

Reply 234

brenkongroup

i found that paper quite easy if im honest. I feel if you understood the four components of Current account your could form a good 18 marker.

But the question stating the 3 difference in the interest rates for both groups of countries throw me off. I wrote the following:

1) The average inflation rate of one group was higher than the other

2) (The group with china india and the larger economies i said... ) Due to having larger economies it can be said the price level would be higher, however inflation is relatively the same, therefore this groups economies are performing better.

Anybody else get anything similar , i didnt get a third point

Reply 235

hanley9

Original post by ali_blue

For the calculation question, is it right to put a minus?
i put "the size of the deficit would be - us$68.04 bn.
Hopefully if that's wrong, they'll just think the - is a dash!

I'm sure they would accept that.

Reply 236

MrHogwash

Original post by Randomer96

68.04bn

I thought I was wrong with that question. wrote "$68bn". That the easiest question in the whole paper imo

Reply 237

000alex

GDP in 2010 = $700bn
GDP in 2011 is 8% more than in 2010 so 700*1.08 = $756bn

Current account defecit is 9% of GDP so (756/100)*9 = $68.04bn

I think that saying 700bn was x% more than in 2009 was just to mess with us?

Reply 238

Randomer96

Original post by MrHogwash

I thought I was wrong with that question. wrote "$68bn". That the easiest question in the whole paper imo

I nearly rounded it but didn't bother. Wouldn't go that far, 3 components of AD was so simple. But yeah is a guaranteed 3 marks.

Reply 239

clara16

For some of my evaluation in the 18m I wrote a long section on how if the surplus was formed through ways like taxation on imports or quotas etc. that it could have negative effects on the economy because of possible retaliation from the other country's reducing the markets for exports...

I don't know I got a tad stuck is this worth any marks?

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