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# Economics Unit 2 prediction for 17th may 2013 :) Watch

1. I think I probably failed this paper epicly. I went into the exam room and just instantly forgot everything
Oh man, yh you have to add 100 to it since the base year will always be 100.
Don't worry about it though. You will get marks for your working out. Its not all about the final answer and as long as you've done OK on other questions I'm pretty sure you'll be fine.
Yeah I knew the base was 100 but exam pressure got to me and just wrote down 177 XD. I'd say it definitely went better than Unit 1.
3. (Original post by Brandon_RNS)
Didnt the number change by 178%? It more than doubled i think. So i just added 100 to 178. You got 178!that means the number increased by 78% i could have sworn it more than doubled
Ah, yes. My bad. I see where I went wrong now.

Boo, that was my safety question!

4. (Original post by SimonaKo)
I think I probably failed this paper epicly. I went into the exam room and just instantly forgot everything
Called a mind block, i got it at the beginning, i felt hot all the blood rushing to my head couldnt control my legs bouncing. but deep breathes helps and it goes once you get into the groove of the paper
5. (Original post by SimonaKo)
I think I probably failed this paper epicly. I went into the exam room and just instantly forgot everything
This happened to me in Jan with my unit 3.

Does anyone think 90 min to write a solution for an economy is a very short period of time?
They need to make this exam 2 hours.
This happened to me in Jan with my unit 3.

Does anyone think 90 min to write a solution for an economy is a very short period of time?
They need to make this exam 2 hours.
Yeah, 2 hours would be fine. I finished bang on time up yesterday.
7. What was the other 12 marker apart from the living standards one on Q2?
8. (Original post by Heypopsicle)
Ah, yes. My bad. I see where I went wrong now.

Boo, that was my safety question!

No worries you could have still picked up 2-4 marks. and it was only out if 6so you can still get an A dont stress
9. (Original post by sh7171)
What was the other 12 marker apart from the living standards one on Q2?
Was it the Monetary Policy one or was that an 8 marker?
10. (Original post by sh7171)
What was the other 12 marker apart from the living standards one on Q2?
How supportive the MPC have been to help economic recovery.

What an absolute joke of a question that was.
11. For the 30 marker ( Q2) is it ok to say due to the policy inflation would decrease but a decrese in inflation may lead to an increase unemployment? I then drew a philps curve... PLEASE answer worried that wont be accepted
12. (Original post by Smko)
For the 30 marker ( Q2) is it ok to say due to the policy inflation would decrease but a decrese in inflation may lead to an increase unemployment? I then drew a philps curve... PLEASE answer worried that wont be accepted
Your answer makes sense so I see no reason why it shouldn't be accepted. Actually well done for remembering that.

I totally forgot to add a phillips curve in my 30 marker.

Defined GDP and used the data GDP was revised from -0.3% to -0.2%
The said that ceteris paribus does not hold true in the real world, consumer and business confidence are constantly changing through demand and supply side shocks hence revision is required.

I thought that was a horrible question to ask.
I used the extract and said it helps to see if government policies have been a success as the extract said something about critics and government policies. I also said about it helping to set interest rates as a high GDP signals strong economic growth so interest rates may need to be highered. It was a horrible question I had no idea how to answer it!
Your answer makes sense so I see no reason why it shouldn't be accepted. Actually well done for remembering that.

I totally forgot to add a phillips curve in my 30 marker.

Thanks (PHEW) How many points do you have to talk about to get 30 marks?
I talked about umemployment, balance of payment, economic growth and of course inflation ... + evaluation for all..
How supportive the MPC have been to help economic recovery.

What an absolute joke of a question that was.
Oh god yes! What did you write?
17. Guys for the oil one on question 1, did you guys use a SRAS or a LRAS curve? I recall my teacher saying that if it's a supply side shock then it's SRAS.
18. (Original post by Farringtonn)
I used the extract and said it helps to see if government policies have been a success as the extract said something about critics and government policies. I also said about it helping to set interest rates as a high GDP signals strong economic growth so interest rates may need to be highered. It was a horrible question I had no idea how to answer it!
Yh sounds right - technically what you said was to aid them with decision making which is what I wished I wrote.

(Original post by Farringtonn)
Oh god yes! What did you write?
I defined Inflation and the tools available to MPC to control it. Said that the target 2% (±1%). Mentioned that CPI is above its target and that they have a mandate to keep inflation within its target.

Talked about how they've lowered base rate to encourage consumption and investment and drew an AD and AS diagram to show a shift and increase in output.
I said that however if banks have a sense of default then they may not actually pass on the low rates to consumers and businesses.

Talked about quantitative easing. Said how it works and I drew a diagram showing that supply of money in the economy has increased and hence interest rates have fallen but then evaluated saying that it will have inflationary pressure on the economy and since BOE only has mandate to keep inflation within its target then they may hesitate to use this policy and hence not being so helpful towards their economic recovery as they would have to meet their own target first.

Not sure if I'm right1
19. (Original post by Smko)
Thanks (PHEW) How many points do you have to talk about to get 30 marks?
I talked about umemployment, balance of payment, economic growth and of course inflation ... + evaluation for all..
Usually 3 points well explained should be enough!
20. (Original post by pessimist)
Yeah, 2 hours would be fine. I finished bang on time up yesterday.
Yh I finished on time too but could have done with a bit of more time.

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