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

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    For the multiplier question I wrote: South Korea have a higher GDP per capital. How many marks would that be + did anyone else write it?
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    With the comparisons between MIST and BRIC, I put:

    1. The average inflation rate in one was higher
    2. The highest inflation rate is one was higher
    3. One ranged (top value - bottom value) more than the other
    (cant remember which I put in each one)

    For the relationship between inflation and unemployment, if you ranked each category for each country in the category they were in, all of them showed a positive relationship (eg country with highest unemployment in BRICs had highest inflation, second highest unemployment had second highest inflation etc etc).

    The question about rapid economic growth was basically asking you to explain why a low female labour force participation rate and a a rising population meant a huge potential for economic growth. I basically just identified the two and how each could cause economic growth (Short Run and Long run).

    The question about why do Governments wants economic growth could've been a range of things. I put to increase standards of living and to raise employment (therefore reducing the amount that has to be spent on unemployment related benefits).

    The one about the multiplier was that South Korean citizens had a much lower APC/higher APS (they saved more).. I don't think anything else was required as it was a state/identify question.

    For the budget deficit:
    GDP was 700 billion in 2010 and increased 8% in 2011 (So it was 756 billion)

    Budget deficit was 9% of GDP in 2011 so 756 x 0.09 =68.04 billion US dollars
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    (Original post by 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?
    yes mine was like that. I didn't think it was that bad a question, then again I was doing a retake
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    I thought it was about how they don't spend as much meaning they have less consumer expenditure meaning less of an effect on the overall meaning South Korea has less chance of a multiplier effect
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    (Original post by w1ll1234)
    With the comparisons between MIST and BRIC, I put:

    1. The average inflation rate in one was higher
    2. The highest inflation rate is one was higher
    3. One ranged (top value - bottom value) more than the other
    (cant remember which I put in each one)

    For the relationship between inflation and unemployment, if you ranked each category for each country in the category they were in, all of them showed a positive relationship (eg country with highest unemployment in BRICs had highest inflation, second highest unemployment had second highest inflation etc etc).

    The question about rapid economic growth was basically asking you to explain why a low female labour force participation rate and a a rising population meant a huge potential for economic growth. I basically just identified the two and how each could cause economic growth (Short Run and Long run).

    The question about why do Governments wants economic growth could've been a range of things. I put to increase standards of living and to raise employment (therefore reducing the amount that has to be spent on unemployment related benefits).

    The one about the multiplier was that South Korean citizens had a much lower APC/higher APS (they saved more).. I don't think anything else was required as it was a state/identify question.

    For the budget deficit:
    GDP was 700 million/billion in 2010 and increased 8% in 2011 (So it was 756million/billion)

    Budget deficit was 9% of GDP in 2011 so 756 x 0.09 =68.04 million/billion US dollars

    How does low proportion of females working mean huge economic potential?

    I mentioned it but I only analysed the effect of a booming population- how many marks would that be?
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    what did people write for the macro-economics equlibrium position question, and the monetary policy one
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    (Original post by Anon606)
    I thought it was about how they don't spend as much meaning they have less consumer expenditure meaning less of an effect on the overall meaning South Korea has less chance of a multiplier effect
    Thats the same as saying they save more which is correct I think
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    Ugh i messed up the 18 marker so badly ! I was talking about the current account , like the trade in goods and services evaluating and everything and then i mentioned about transfer payments but went to talk about budget deficit which had no link am i gonna get 0 ?
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    (Original post by TheVIllageGeek)
    How does low proportion of females working mean huge economic potential?

    I mentioned it but I only analysed the effect of a booming population- how many marks would that be?
    If theres a low proportion of females working that means that the labour force could be massively increase by getting a much higher proportion of females to work, increasing AS. Then you go further to say that the increase employment would mean higher consumption/investment (More people are earning incomes, so consumption increases). Thats where you get the increase in AD from.
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    For the question 'why may the government want to achieve economic growth'. I wrote living standards would increase, and also government may want to increase tax revenue in order to improve services such as healthcare and education. Would this get 4 marks?
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    (Original post by TheVIllageGeek)
    How does low proportion of females working mean huge economic potential?

    I mentioned it but I only analysed the effect of a booming population- how many marks would that be?
    In terms of the marks it would depend on how well you analysed the effect of a booming population. Only mentioning the low proportion of females in the labour force would probably get you 1 mark.

    The mark scheme will probably be 3 marks for each factor depending on how well they are explained.. or something like that.
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    (Original post by RavinderKlair97)
    For the question 'why may the government want to achieve economic growth'. I wrote living standards would increase, and also government may want to increase tax revenue in order to improve services such as healthcare and education. Would this get 4 marks?
    That's what I put. I can't imagine you'd get any lower than 3 if not 4 marks.
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    (Original post by w1ll1234)
    In terms of the marks it would depend on how well you analysed the effect of a booming population. Only mentioning the low proportion of females in the labour force would probably get you 1 mark.

    The mark scheme will probably be 3 marks for each factor depending on how well they are explained.. or something like that.
    I mentioned booming population and analysed it well I think.
    I also mentioned low proportion of females but I did not analyse it...
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    Can anyone remember the essay question?

    I think it was something like: Comment on whether a change in the current account of the balance of payments from a deficit to a surplus will always benefit an economy.
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    (Original post by tash282)
    yes mine was like that. I didn't think it was that bad a question, then again I was doing a retake
    Same. What did you get last year? What are you aiming for? Are you doing f583 and f585 this year?
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    For the calculation question i worked out 68.04bn and wrote it down. Then I wrote below it, =68bn (nearest whole number), will i still get the full marks given that 68.04bn is the right answer??
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    (Original post by TheVIllageGeek)
    I mentioned booming population and analysed it well I think.
    I also mentioned low proportion of females but I did not analyse it...
    That's probably 4 marks then.
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    (Original post by flamegoblin0)
    For the calculation question i worked out 68.04bn and wrote it down. Then I wrote below it, =68bn (nearest whole number), will i still get the full marks given that 68.04bn is the right answer??
    No idea but you've definitely not dropped more than 1 mark (Providing 68.04 bn is correct)
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    (Original post by Ben_S96)
    Same. What did you get last year? What are you aiming for? Are you doing f583 and f585 this year?
    Hey, same here. I got 72 ums marks last year and 4 ums marks off an A overall. Retook so there wouldn't be too much pressure on f583 and 585. But apparently, that plan didn't work out. Sucks

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    (Original post by TheVIllageGeek)
    For the multiplier question I wrote: South Korea have a higher GDP per capital. How many marks would that be + did anyone else write it?
    You needed to say that the South Korean households spent less in relation to other MIST countries but their GDP was higher. Meaning the final change in real GDP was much larger than the change in the component of AD
 
 
 
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