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**********OFFICIAL OCR ECONOMICS F582 21st MAY 2014 THREAD************ Watch

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    (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.

    18 Marker mainly talked about imports and exports but did a paragraph on profit and income. Surely they don't expect us to have analysed all 4 areas?
    You had to work out the average inflation rate for both groups. The other point was that China as a relatively large economy had a higher inflation rate than South Korea(can't remember what I wrote). Had a brainfart afterwards.
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    -****ed up the calculation question. Didn't read it fully all I did was 0.09 times the GDP and many of my classmates were saying something about the difference in GDP in 2010 and 2011. Argh. Hopefully I'll get 1 mark from it out of 3.

    -Also the comparison between the countries regarding inflation rate. I wrote about how the range was higher in one group of countries. I wrote about how Korea has the lowest, and some other country(I forgot) got the highest. Other than that it was difficult what I can write other than comparing the means of their inflation rates.

    -The rest were alright and the last question was easy.

    I feel like I'll get something around 48-53/60. I reckon it's going to be 50/60 for an A if the examiners are lenient about the inflation rate comparison question.
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    Did anyone else write about hot money flows in the 18 marker or did I just mess it up?

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    (Original post by namaanulhaq)
    Did anyone else write about hot money flows in the 18 marker or did I just mess it up?

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    I wrote about it but didn't define it. Probably got an E.
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    For the one with three differences was quite weird but in the end I got it. It was just average, minimum and maximum.

    1) On average BRIC or whatever it was had a higher inflation rate that MIST.
    2) Turkey had the highest inflation rate compared to any other country from BRIC (or whatever it was)
    3)South Korea had the lowest inflation rate compared to any other country from BRIC (again, what ever it was)
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    (Original post by hanley9)
    This is true but you wouldn't have had to refer to them all.
    Exactly. How would you use investment income and transfers within your answer? Knowing the four components is simply for general awareness and the textbook even explicitly says that you only need to focus on the imports and exports side of things. Remember generous marking for the 18 maker. They're not going to not give marks for what you haven't written. They will mark what you have written.
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    Hello. I'm really worried about my answer for the 18 marker. I began by defining current account deficit/surplus, I then went into talking about the effect on a deficit, eg less output leads to higher cyclical u/e. I talked about the significance, eg being a larger problem if it is a greater % of GDP, if it is caused by structural problems, eg weakness in productivity/quality being more significant than a deficit arising from higher spending on imports due to a boom. I did an AS/AD diagram to show the impact.

    i then went into ways to solve the deficit. Talked about lower exchange rate (used diagram) resulting in higher export revenue depending of the elasticity. and how it could be solved by supply side policies, and the benefits of this. However I ran out of time at this point and now I feel really dissapointed, i didnt conclude my essay. How many marks do you think ill probably get /18?
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    (Original post by moeyxo)
    For the one with three differences was quite weird but in the end I got it. It was just average, minimum and maximum.

    1) On average BRIC or whatever it was had a higher inflation rate that MIST.
    2) Turkey had the highest inflation rate compared to any other country from BRIC (or whatever it was)
    3)South Korea had the lowest inflation rate compared to any other country from BRIC (again, what ever it was)
    OMG!!!!!!! That's what I wrote too. That question was ****ing tricky!
    For Korea, I wrote that China as a relatively large economy, its inflation was higher than South Korea.
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    Thought there were a few odd questions in there, not necessarily difficult but strange nonetheless. I'd say the essay was the hardest they have ever used on F582 as well. Bit of a pain overall the exam I felt, especially with all the flicking back to the case study!
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    (Original post by moeyxo)
    For the one with three differences was quite weird but in the end I got it. It was just average, minimum and maximum.

    1) On average BRIC or whatever it was had a higher inflation rate that MIST.
    2) Turkey had the highest inflation rate compared to any other country from BRIC (or whatever it was)
    3)South Korea had the lowest inflation rate compared to any other country from BRIC (again, what ever it was)
    i wrote the same, hope it was right, what a bloody hard paper
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    Awful paper, completely messed up the three differences one so thats 6 marks gone already....
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    What did people get for the multiplier effect question?
    I talked about the increase in women in the labour force, would increase supply, and could also increase consumption, which is the multiplier since women would spend more as they earn money etc..

    What did you put for the comment question on how Turkey would rapidly increase growth?
    I talked about supply side policies here.. Suggesting that if there is an increase in spending on education and training, there will be an increase in supply which can increase potential growth etc..

    I think I got those 2 horribly wrong!
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    (Original post by arjunbels)
    i wrote the same, hope it was right, what a bloody hard paper
    I don't think the exam was necessarily hard but more tricky. Because all the past papers had broad content, it wasn't just about one thing. But this paper was very narrow, you had to know quite a lot from a very specific section of the spec. If you didn't know then you would be screws. For exam in the 18 marker, there was hardly anything to talk about, i literally just talked crap about imports and exports for like 3 pages aha. But quite a tricky paper indeed. Grade boundaries should be low though, i can imagine the paper did catch a few people out.
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    (Original post by arjunbels)
    i wrote the same, hope it was right, what a bloody hard paper
    How many marks were those 3 points about inflation?
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    (Original post by GeorgeMacintyre)
    Hello. I'm really worried about my answer for the 18 marker. I began by defining current account deficit/surplus, I then went into talking about the effect on a deficit, eg less output leads to higher cyclical u/e. I talked about the significance, eg being a larger problem if it is a greater % of GDP, if it is caused by structural problems, eg weakness in productivity/quality being more significant than a deficit arising from higher spending on imports due to a boom. I did an AS/AD diagram to show the impact.

    i then went into ways to solve the deficit. Talked about lower exchange rate (used diagram) resulting in higher export revenue depending of the elasticity. and how it could be solved by supply side policies, and the benefits of this. However I ran out of time at this point and now I feel really dissapointed, i didnt conclude my essay. How many marks do you think ill probably get /18?
    The question was is the movement from a current account of balance of payments always beneficial to an economy and thus the focus of your essay should've been on the benefits arising from AD increases etc. It sounds like you've explained how a country can go from a deficit to a surplus, without evaluating the benefits and possible negative consequences, aside from short term growth. Conclusions and evaluations are key for level 4 answers (16-18).
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    (Original post by GeorgeMacintyre)
    Hello. I'm really worried about my answer for the 18 marker. I began by defining current account deficit/surplus, I then went into talking about the effect on a deficit, eg less output leads to higher cyclical u/e. I talked about the significance, eg being a larger problem if it is a greater % of GDP, if it is caused by structural problems, eg weakness in productivity/quality being more significant than a deficit arising from higher spending on imports due to a boom. I did an AS/AD diagram to show the impact.i then went into ways to solve the deficit. Talked about lower exchange rate (used diagram) resulting in higher export revenue depending of the elasticity. and how it could be solved by supply side policies, and the benefits of this. However I ran out of time at this point and now I feel really dissapointed, i didnt conclude my essay. How many marks do you think ill probably get /18?
    The question was about the effects of trade deficit to surplus on the economy. Not describe how the trade deficit became a trade surplus. Did you talk about the effects on unemployment, inflation?
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    Was looking around the exams room and quite a lot of people were just sitting there looking confused having empty sheets. This paper was nothing like any other past papers. OCR wants to play games.
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    it was a great exam paper only thing i was disappointed was the fact that there was no 8 mark question the one which you draw a graph and simply analyse it.
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    (Original post by lionelmessi19)
    What did people get for the multiplier effect question?
    I talked about the increase in women in the labour force, would increase supply, and could also increase consumption, which is the multiplier since women would spend more as they earn money etc..

    What did you put for the comment question on how Turkey would rapidly increase growth?
    I talked about supply side policies here.. Suggesting that if there is an increase in spending on education and training, there will be an increase in supply which can increase potential growth etc..

    I think I got those 2 horribly wrong!
    With the multiplier, in comparison to South Korea, I picked up from the case study that South Korean households spend/consume less, which is the key element in the multiplier effect. Didn't go further though, question just said why the two might differ. For rapid growth I picked out women entering the work force and growing population. The actual structure of the case study is directly linked to the questions, you can clearly see which part of the study they are talking about and what they want you to mention...I think!
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    I think the reason for this is due to us picking up 6ix easy marks - 3 for components of AD and 3 for what affects consumer expenditure
 
 
 
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