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    i was just wondering for the 12 marker in context 1 what was the diagram??
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    (Original post by Yaokin)
    Hey guys!
    I did Context 2.
    1 - defined imports, exports, then said that deficit is when the total value of imports exceeds total value of exports in the country.
    2 - pointed highest and lowest deficits for current account balance and balance of payments in goods and services. Another point, described how these two change during the time given (BoP goes up, but Current account goes down etc.)
    3 - Said fiscal policy i.e. Taxation to increase, and Government spending to decrease.
    This will cause AD to shift to the left and therefore cause lower dispensable incomes as businesses do not receive as much profit due to lower consumption, so therefore businesses will lower their costs (wages) --> prices go down.
    Therefore consumers will most likely spend money on cheap domestic goods rather than expensive imported goods meaning that the amount of imports will decrease.
    Same for Govt Spending.
    4 - Defined imports and exports....
    - Spoke mainly about the economic cycle and drew a graph.
    Then explained what happens to exports and imports during both negative and positive output gaps.
    I did not say a word about exchange rates...
    In conclusion said that Supply-side policies will achieve a higher effect in the long run if used with demand side policies.


    What do you guys reckon I am going to get roughly
    So nervous =(
    Tbh, I don't think you could bring in the exchange rate, until the conclusion. It was about the impact on the UK of less imports and more exports.

    My conclusion was basically the same.
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    Hi guys,

    For Context 2 remember that it asked for the effect on UK macroeconomic performance of a large increase in exports and decrease in imports.

    This doesn't require any choice of alternatives as far as i'm concerned (ie. talking about Fiscal, Monetary and Supply-Sided policies doesn't answer how an increase in exports affects UK macroeconomic performance).

    Key points for the essay:
    Good for Econ Growth
    Good for Unemployment
    Good for Balance of Payment
    Bad for inflation

    Conclude by saying that in the short run it may be beneficial but in the long run it will have to be monitored otherwise the effects could be detrimental to the economy.

    In other news- I started with the questions and essay and subsenquently lost time on the multiple choice. Slack on my part and I only got up to question 18.. had to "multiple guess" the last 7. Hopefully I can still get an overall A as I got 87ums in January :/
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    I did context one, also thought that mcq was not too bad.

    I don't know if I'm right but for the 25 marker my structure was:

    Intro - definition of economic growth then said that gov could use monetary, fiscal and supply side policies

    2nd paragraph - How monetary policy can be used for economic growth

    3rd - The issues of gov using monetary policy on the economy

    and I continued in the same way for fiscal and supply side policies + I did 2 AD/AS diagrams

    for conclusion I talked about how the gov needs to also look at LR vs SR and something else that I can't remember.

    What do you think? :confused:
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    (Original post by Skilled)
    I did context one, also thought that mcq was not too bad.

    I don't know if I'm right but for the 25 marker my structure was:

    Intro - definition of economic growth then said that gov could use monetary, fiscal and supply side policies

    2nd paragraph - How monetary policy can be used for economic growth

    3rd - The issues of gov using monetary policy on the economy

    and I continued in the same way for fiscal and supply side policies + I did 2 AD/AS diagrams

    for conclusion I talked about how the gov needs to also look at LR vs SR and something else that I can't remember.

    What do you think? :confused:
    I don't remember the question but your structure is good.
    Definitions followed by the instruments of government policy are a good way to start an essay which requires you to make a decision about how to achieve something.
    A graph will get you marks, and referring to it will gain you brownie points with the examiners.
    I'd say as long as you did that and pulled some data from the extracts you'd be on for a solid level 4 (19-22 marks) so well done
    ( I didnt pull anything from the extracts in my essay because there was nothing to pull out it was about evaluating the effects of a rise in exports and decrease in imports and all the extracts were about government policy which doesn't answer the question haha so im so nervous about that! )
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    (Original post by Dprince)
    I don't remember the question but your structure is good.
    Definitions followed by the instruments of government policy are a good way to start an essay which requires you to make a decision about how to achieve something.
    A graph will get you marks, and referring to it will gain you brownie points with the examiners.
    I'd say as long as you did that and pulled some data from the extracts you'd be on for a solid level 4 (19-22 marks) so well done
    ( I didnt pull anything from the extracts in my essay because there was nothing to pull out it was about evaluating the effects of a rise in exports and decrease in imports and all the extracts were about government policy which doesn't answer the question haha so im so nervous about that! )
    Dw, I'm sure they won't penalize you so much for it, after all it is AS. Thanks for the feedback
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    I know its a bit late but i think ive totally messed the essay up. I know im stupid only mentioned policies a little very briefly. I evaluated etc, but i thought as the question was on pros and cons i just talked about that straight to the point. Context 2 btw. How badly would i have scored as i hardly at all mentioned policies




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    (Original post by preyan)
    I know its a bit late but i think ive totally messed the essay up. I know im stupid only mentioned policies a little very briefly. I evaluated etc, but i thought as the question was on pros and cons i just talked about that straight to the point. Context 2 btw. How badly would i have scored as i hardly at all mentioned policies




    Posted from TSR Mobile
    Not badly at all.. Tell me which part of the question suggested you mentioned policies? Too may people have forgotten to ANSWER THE QUESTION and nnot a question they think the examiner has set. All you needed to do was talk about the pros and cons of a rise in imports and lowering of exports. You have nothing to worry about and if anything have done better than most. Kudos.
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    (Original post by Ravenblood95)
    Oh sorry I wasn't being clear. I didn't use the word 'deficit'; I only stated that the balance of payments was 'lowest' in 2005 at 42.7 bn, and said a similar thing for the current account. Do you think it would cost me 4 marks since a high deficit isn't the same as a low balance of payments?
    I did something like this, I'd also like clarification... but who knows, until the mark scheme's released?
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    (Original post by TheMan100)
    I did something like this, I'd also like clarification... but who knows, until the mark scheme's released?
    I wonder if anyone got econ1 mark scheme (unofficial)
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    Hi guys,

    these mistakes wouldn't cost you half of the marks for the question.

    you need to remember that in this question edexcel are evaluating your ability to pull significant points from the data. In my books this would cost you 2 marks tops.

    hope it helps
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    (Original post by Dprince)
    Hi guys,

    For Context 2 remember that it asked for the effect on UK macroeconomic performance of a large increase in exports and decrease in imports.

    This doesn't require any choice of alternatives as far as i'm concerned (ie. talking about Fiscal, Monetary and Supply-Sided policies doesn't answer how an increase in exports affects UK macroeconomic performance).

    Key points for the essay:
    Good for Econ Growth
    Good for Unemployment
    Good for Balance of Payment
    Bad for inflation

    Conclude by saying that in the short run it may be beneficial but in the long run it will have to be monitored otherwise the effects could be detrimental to the economy.

    In other news- I started with the questions and essay and subsenquently lost time on the multiple choice. Slack on my part and I only got up to question 18.. had to "multiple guess" the last 7. Hopefully I can still get an overall A as I got 87ums in January :/
    My essay was pretty much the same as yours. Everyone is going on about policies, but they totally missed what the question was asking.
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    Huzzah!

    The ability to answer the question is what they're looking for (unsurprisingly) so expect good marks considering half of the students seem to have answered the wrong question!
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    Has anyone got the official or unofficial unit 2 mark scheme?
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    (Original post by Skilled)
    Has anyone got the official or unofficial unit 2 mark scheme?
    This guy seems to have done the multiple choice although I haven't had a chance to look through it yet... https://www.facebook.com/media/set/?...8347905&type=1
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    does anyone remeber the questions it will be really helpful if you do!
 
 
 
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