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    (Original post by econam)
    I think a computer will mark the MCQ so I'm not sure what will happen. I would expect the exam board to realise that you accidentally crossed them all though.
    Ahh that's so unfair. We weren't given any instructions regarding it
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    In the Essay with 3 market failures mentioned, would it be possible to get high marks by just focusing on one (ie gambling as a cause of negative externalities) if there was good consideration and evaluation of leaving it to market forces versus intervening with perhaps indirect taxes.
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    will my multi choice get marked it i put a line through the circles instead of colouring them in. The exam invigilator didn't tell us about the instructions on the back.
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    Multiple choice was hard..😔 I did context 1

    for 5marker I talked about how it leads to market failure and about redistribution of income, I used regressive taxes as a example

    8 marker - talked about the volatility of each and used range as examples and I talked about the highest point on both

    for the 12 marker the layout was different so I was confused..I shifted demand to the right etc
    I defined demand
    I talked about incentives and rationing function, forgot the third one so I talked about price

    for 25marker i mainly talked about policies
    intro: used extract, define the 3 types of market failure and defined market failure

    Para 1: equality and how it causes market failure and policies to help eg) max price on houses, progressive Taxes and I said advantages and disadvantage for each

    Para 2: monopolies - what they were how they caused market failure, drew a diagram and talked about regulation and pros and cons of that (made this up)

    para 3: negative externality - what they are, how they cause market failure, drew diagram and talked about how taxes could be used

    conclusion: overall pro and cons of government intervention vs free market

    Hopefully got a B/C...multiple choice was hard. If I got 12/25 for it, what do you think I would get??
    How much could I get for the essay???
    PLEASE REPLY

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    (Original post by Epiphron)
    So does mine (the exam marking I mean) and he always says you can get up to 4 marks for the diagrams themselves according to the complexity (the highest being a double diagram). Also mark schemes always state "reward relevant use of diagrams to support the analysis", so I guess they allocate extra mark per se.

    The tutor2u guys also always stress students to try to add a diagram for each paragraph if they can...doubt they're talking out of their asses.
    Ye, I think the tutor 2 U people are like examiners too. As for my schools econ and business dept, It really isn't that good so my teacher could be talking BS. I went the the tutor 2 u seminars and the way they do things and the way they say they teach things was a whole lot different from the way we are taught. Probs coz our school has poor teaching staff lol.
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    If you don't refer to extracts and don't do a conclusion for your 25 mar Mark would you get ??
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    Why didn't the 12 marks state that a diagram was needed like usual?
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    (Original post by tomsas)
    "How do prices allocate scarce resources ?"
    I thought we were meant to talk about rationing products to people who can afford them and drew a diagram to show excess demand and talked about signaling and the incentive function....
    thats what i did too! i talked about incentive and functions
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    (Original post by ozzie2)
    I did evaluate the whole way through so hopefully I did enough to get a level 4 :moon:
    Yeah, I evaluated both of my points (tax on neg externalities and subsidies on monopolies) with a graph. I'd be happy to get at least 14 marks on that question tbh
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    (Original post by tavleen123)
    If you don't refer to extracts and don't do a conclusion for your 25 mar Mark would you get ??
    I think it will be hard to get into Level 5/4 as conclusion is quite important but don't worry cause if u did well in ur other sections you only need like 12 on the essay to get a B or even A.
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    (Original post by Wombat11)
    What did people think of the paper today?
    The 12 mark question seemed odd I thought as no reference to using a diagram, which is what I expected. And wasn't the usual shifting of a curve or externality question either. Didn't seem to focus on the mainstream topics either.
    Did anyone do the essay about ethical issues which mentioned 3 diff types of market failure in it. Would I have needed to cover all 3. I only know interventions for negative externalities but not income inequality or monopolies.
    hey i found it ok it, i tried to include all three things in the 25marker but ran out of time, i think i covered some points. And yeah the 12 marker was confusing i wrote about incentives and functions although i think it was a bit rambley !
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    For the 12 marker for context 1. I said if prices increase the effect would be an decrease in demand as consumers ration so demand contracts d1 to d2(drew demand shifting to the left diagram) then said it leads to prices decreasing less incentive for suppliers to supply etc. I basically talked about the 3 functions working to allocate resources. i also defined demand and supply.

    But then I realised a price increase at the start will provide incentive for suppliers to supply more, so added that in at the end. But I could have drawn a diagram shifting supply to the right but just decided to shift demand left as stated above. Is that fine ?
    How much do you think this will get me?

    Thanks guys
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    still waiting for the multi choice
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    Did anyone do context 2? I came out of the exam and on me and one other girl had done cntext 2, seriously context one was difficult.
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    Hi guys just wanted to know what you lot wrote for the 25 marker in context 1
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    Guys for context 1 12 marker:
    I drew a demand curve with no supply curve. And I showed price and quantity demanded. So basically just the demand curve. And in my explanation I talked about three roles of the price mechanism? What will I get? Is my diagram right?
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    (Original post by War-Mac)
    Ye, I think the tutor 2 U people are like examiners too. As for my schools econ and business dept, It really isn't that good so my teacher could be talking BS. I went the the tutor 2 u seminars and the way they do things and the way they say they teach things was a whole lot different from the way we are taught. Probs coz our school has poor teaching staff lol.
    Jim and Geoff work with Eton and are RSA members...words say they are deeply involved with the actual making of exam papers as well. Yeah they're great.
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    For Context 1 the 12 marker it talks about the rationing of scarce resources so due to the fact they are scarce I shifted supply to the left which showed an increasw in price and a reduction in availability and demand. I talked about how income inequality comes into play as the poorest 20% would not possess the money to be able to afford the higher prices meaning the scarce resources would be purchased by the richest.
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    Would be so grateful if someone could let me see the multiple choice questions, massive respect if you do.
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    25 MARKER - CONTEXT 1

    What would people give this? Level 3, Level 4, or Level 5?

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