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F581/ F582 Economics June 2013 Watch

  • View Poll Results: How hard did we find this exam ?
    so hard i felt like crying through the exam
    13
    12.50%
    very difficult , but one or two were alright
    13
    12.50%
    fairly standard
    33
    31.73%
    quite easy , with one or two hard ones
    35
    33.65%
    so easy i felt like dancing throughout the exam
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    9.62%

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    (Original post by Dilsz)

    Diagram should have been AD shifting to the left as our exports are more price competitive so there will be less demand thus resulting in net exports, a component of aggregate demand, to decrease reducing inflationary pressure and lowering the rate of inflation for L2

    Grade boundaries I'm guessing 47/48 for A
    Yeah i did the above for the 18 marker.
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    (Original post by Dilsz)
    You should have defined INFLATION RATE because the paper already asked you to define inflation. Inflation rate is an sustained/continuous rise in price level EXPRESSED AS A PERCENTAGE. And for the inflation definition I guarantee most people forgot to put over a given time period for the second mark. And you should have defined exchange rate as the price of once currency in terms of another or basket of other currencies.

    Grade boundaries I'm guessing 47/48 for A
    This, so many people I spoke to just defined inflation, not IR.
    Also, I could easily see it being 50..

    ps - textbook defintion of ER is 'the price of one currency in terms of another currency'
    and IR - 'the percentage increase in the price level over a period of time'
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    (Original post by christanmu)
    ps - textbook defintion of ER is 'the price of one currency in terms of another currency'
    and IR - 'the percentage increase in the price level over a period of time'
    Yeah you can either the textbook or mine. Mine are just a little bit more detailed both get the marks for L1 though.
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    (Original post by Dilsz)
    . For the conclusion of the essay I wrote how expansionary/reflationary fiscal policy would be most effective in terms of reducing the inflation rate as well as tackling unemployment.
    It probably isn't the most effective policy to reduce inflation, supply side policies are much more useful.
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    (Original post by fletchdd02)
    It probably isn't the most effective policy to reduce inflation, supply side policies are much more useful.
    You're correct
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    (Original post by Stiffmeister)
    how much did you guys write for the 18 marker? only 2 sides for me
    4 sides, but my writing is small
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    (Original post by AtotheT)
    4 sides, but my writing is small
    This, I got 4 but I can't condense anything at all so I write lots and fast.
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    (Original post by christanmu)
    1b threw me at the start as well, you get around it in the end? It basically wanted to know injections where higher than leakages and you could use knowledge and put in about China being a major exporter also - says my teacher.
    For that question, I said consumer expenditure was 35% and investment was 40%, as stated in the case study, therefore injections total to at least 75% of real GDP. So injections were greater than leakages.
    Do you think that's right?
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    (Original post by Nerd2)
    I skipped pages
    What did you skip?
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    (Original post by Nerd2)
    For that question, I said consumer expenditure was 35% and investment was 40%, as stated in the case study, therefore injections total to at least 75% of real GDP. So injections were greater than leakages.
    Do you think that's right?
    I think you may get the marks - definitely at least one - but isn't expenditure just part of the circular flow, not an injection? I may be going a bit stupid now though so don't take my word for truth..
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    (Original post by Dilsz)
    What did you skip?
    Not in the the exam, but in the revision book. I skipped pages 91-103. I left the revision too late, there was no way I was going to get my head round those diagrams in one night!
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    (Original post by Nerd2)
    Not in the the exam, but in the revision book. I skipped pages 91-103. I left the revision too late, there was no way I was going to get my head round those diagrams in one night!
    You shouldn't worry about it too much - you seem like you know what you're talking about!
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    (Original post by Nerd2)
    Not in the the exam, but in the revision book. I skipped pages 91-103. I left the revision too late, there was no way I was going to get my head round those diagrams in one night!
    Ahhh I see. I'm kinda sad my teacher mislead me to believe fiscal policy or balance of payments deficit would come up wasted a lot of time in those areas.
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    (Original post by christanmu)
    I think you may get the marks - definitely at least one - but isn't expenditure just part of the circular flow, not an injection? I may be going a bit stupid now though so don't take my word for truth..
    yeah your right, only investment, government spending and exports are injections.
    **** that question!
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    (Original post by Dilsz)
    Ahhh I see. I'm kinda sad my teacher mislead me to believe fiscal policy or balance of payments deficit would come up wasted a lot of time in those areas.
    Don't be too annoyed, sounds like a lot of teachers thought it would be fiscal - it does make sense given the current climate..
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    Thought it went well, hopefully got an A. Only one i was stuck on was 1b. It said that the growth rate was improving (or something like that). I said that meant injections had to be greater than leakages otherwise there would be a negative growth rate. Did i get that completely wrong?
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    (Original post by christanmu)
    Yeah man I have a season ticket! It was absolutely incredible!
    I used to, moved away from Manchester when I was 11 Yeah must've been amazing!
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    (Original post by dan08)
    Thought it went well, hopefully got an A. Only one i was stuck on was 1b. It said that the growth rate was improving (or something like that). I said that meant injections had to be greater than leakages otherwise there would be a negative growth rate. Did i get that completely wrong?
    If real GDP rose, which is did in the case study, then that means AD has risen right? If AD has risen then according to the OCR book, this is because injections exceed leakages.
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    Did anyone else get confused by the question asking you to comment on how the change of inflation rate has an impact on the price level between 2007- 2011?

    I started putting the inflation rate fell between 07-09 which caused the price level to fall until I corrected it and said that the price level was increasing at a slower level. I then said deflation occurred from mid 08-09 which caused the price level to fall before rising again between 10-11
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    (Original post by manchesterunited15)
    China - 4,800
    Japan - 45000

    Investment percentage of GDP - 2572 billion
    Ahah I got this wrong I got 48 and 45, I know thats wrong but I used the correct formula, should I expect 1 mark do you think?
 
 
 
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