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

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    (Original post by tash282)
    you don't have to draw a diagram you can still get all the marks, but it is harder to do so, like drawing a diagram makes you do a reasonable amount of analysis
    True but you have to be explicitly clear in your analysis. Aslong as he's achieved that, then he should be fine.
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    Was question 2a and 2b both 4 marks??
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    (Original post by Muneeba x)
    increase in population and non-working women were 2 out of the 3 reasons for potential economic growth as stated in the text. So there couldve been other reasons, you should get some credit for it.
    Omg I'm so gutted :'( there's my A gone!, how do you know there was 3 reasons?
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    (Original post by JMG-Manchester)
    What did everyone put on the second question that said to say 2 monetary policy measures that cause macroeconomic equilibrium? (Was something like that)
    I put Interest rate and exchange rate u?
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    (Original post by Knowing)
    I can't be the only one who thought the micro was harder than macro? I thought the macro was alright, aside from the multiplier effect and the 3 differences question.
    I agree, the 3 differences was the worst one. Didn't like the 2 reasons why governments wanted economic growth. Had the first one about Real GDP per head increasing so increased living standards but couldn't think of another.

    For the multiplier I think I'm like the only one who picked out the quote that 'Changes in gov spending have more effect on Turkey than other countries in the MIST'.
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    For 2b, i wrote exchange rate and interest rate + my analysis went something like this: fall in IR = rise in consumption = rise in AD = change in equilibrium.

    Is that adequate for the extra mark? I didn't want to go into too much detail.
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    (Original post by Randomer96)
    I agree, the 3 differences was the worst one. Didn't like the 2 reasons why governments wanted economic growth. Had the first one about Real GDP per head increasing so increased living standards but couldn't think of another.

    For the multiplier I think I'm like the only one who picked out the quote that 'Changes in gov spending have more effect on Turkey than other countries in the MIST'.
    Lemme give you a hug. I did exactly the same with that multiplier question. Feeling ridiculously stupid now
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    For analyse economic growth I put that there was a lot of government spending and I spoke how that could create a multiplier effect since this has caused the labour force quality and quantity to increase increasing investment as firms are willing to employ more skilled workers which should increase economic growth rapidly as this creates like a tripling 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 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


    what were the averages you got, if you can remember
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    (Original post by justfly)
    Omg I'm so gutted :'( there's my A gone!, how do you know there was 3 reasons?
    it mentioned in the text that those were 2 of the 3 reasons.
    and dw about it,whats done is done, youll be fine- focus on your next exam now
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    (Original post by Fas)
    True but you have to be explicitly clear in your analysis. Aslong as he's achieved that, then he should be fine.
    I was very clear in my analysis and developed my points. Hopefully it won't effect my marks
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    I'm pretty nervous about the essay think i might have answered it a bit wrongly. Around how many marks do you think I would get if i did the following...

    Defined all the main concepts of the question

    Explained a likely cause of a deficit, explained the benefits of a deficit, explained the negative aspects of a deficit and said due to the high negative effects on the macro targets moving to a surplus would be beneficial
    Also used a diagram showing what effects a deficit can have on a economy

    Then explained a likely cause of a surplus X>M, explained the benefits of a surplus relating to macro targets, explained the negative aspects on a surplus and said the extent to which it will be beneficial will depend on if the benefits of a surplus are greater than the benefits of a deficit on a specific economy

    (Didn't draw a diagram to show the benefits but analyzed it quite well)
    Then also said that the extent to which it is beneficial will depend on how a economy arrived at the surplus and said it wouldn't be so beneficial if it used contractionary monetary policies like increasing rate of interest in order to increase FDI because this could also cause a decrease in AD + Made a judgment saying that it wouldn't always be beneficial because in order to move from a deficit to a surplus requires a lot of time (time lag) and requires a good structure of policies

    How many marks do you think I would get ?
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    (Original post by Duja)
    So for the calculation i can believe i wrote $68Bn deficit, i do not know i left off the .o4 How many marks would this be?
    2 or 3 some mark schemes in the past say accept the rounded figure so you may be fine.
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    (Original post by TheVIllageGeek)
    Guys, are these the right marks? It adds to 59 mark so I have either missed out a question or the marks are wrong:

    1 Components of AD (3)
    2 How is the equilibrium determined in a macro-economy (3)
    2b Monetary policy+ equilibrium (4)
    3 Inflation 3 differences (3)
    3b Comment on- savings (6)
    4 comment on- low inflation and unemployment (6)
    5a Why the government would want economic growth. (4)
    5b analyse- econ growth in Turkey (4)
    7A Influences of consumption (3)
    7B Multiplier- difference between SK and Turkey (2)
    8A Deficit calculation (3)
    8B essay (18)

    Q4 was 4 marks even though it was comment i think. 7a was 6 marks
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    Could an increase in the money supply be a monetary policy. I wrote consumers have access to more money so disposable income increases, so C increase, AD increases
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    (Original post by thunguyen168)
    Lemme give you a hug. I did exactly the same with that multiplier question. Feeling ridiculously stupid now
    Is it even wrong? I considered doing what other people have done but thought it wanted 'evidence' not interpretation. I just said that quote and said that the effect was different to Korea in that it was more significant, as said by the quote etc.
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    Guys, if we talk about inflation or unemployment but didnot state what type of inflation or unemployment. Will we lose mark on that?


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    (Original post by inter empire)
    Q4 was 4 marks even though it was comment i think. 7a was 6 marks
    Wait- dont scare me: you had to explain the influences on consumption??????????????
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    (Original post by RavinderKlair97)
    Could an increase in the money supply be a monetary policy. I wrote consumers have access to more money so disposable income increases, so C increase, AD increases
    I did money supply as well as interest rates. Thought interest rates overlapped with exchange rate a lot to do them as seperate ones :cool:
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    (Original post by TheVIllageGeek)
    Wait- dont scare me: you had to explain the influences on consumption??????????????
    i cant remember for certain you might be right
 
 
 
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