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    guys did anyone else find that exam awful? For the government intervention to Lake Navaisha what did people say, because I talked a bit about taxation but my answer was so rubbish...
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    Did anyone here do the old spec for unit 1 econ??
    if so what was the answer to the first Q?(the one about opportunity costs)
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    (Original post by somebodyelse98)
    guys did anyone else find that exam awful? For the government intervention to Lake Navaisha what did people say, because I talked a bit about taxation but my answer was so rubbish...
    was that question 10?
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    (Original post by BIGBOI A)
    was that question 10?
    no don't think so this was on the new spec!
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    I talked about putting a permit system in place where the quantity extracted would then be limited but I think taxation would have been a way better answer!!
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    (Original post by Pingu17)
    I talked about putting a permit system in place where the quantity extracted would then be limited but I think taxation would have been a way better answer!!
    lot's of my friends said what you did, and included regulation and a quota system which made more sense to me looking back! but oh well - only 3 marks and have much bigger issues with the 15 mark one....

    oh and the one on cross elasticity that i had no idea was even about XED...!!
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    (Original post by somebodyelse98)
    lot's of my friends said what you did, and included regulation and a quota system which made more sense to me looking back! but oh well - only 3 marks and have much bigger issues with the 15 mark one....

    oh and the one on cross elasticity that i had no idea was even about XED...!!
    wait, there was a question about XED?????
    oops there goes a few more marks
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    (Original post by Pingu17)
    wait, there was a question about XED?????
    oops there goes a few more marks
    yes apparently!! the help to buy scheme was a cross elasticity question as it asked about the effect on the RENTAL MARKET not the HOUSING MARKET.
    So i screwed that one up big time! didn't even read the question lol
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    (Original post by somebodyelse98)
    yes apparently!! the help to buy scheme was a cross elasticity question as it asked about the effect on the RENTAL MARKET not the HOUSING MARKET.
    So i screwed that one up big time! didn't even read the question lol
    Let us all hope for low grade boundaries...
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    (Original post by somebodyelse98)
    yes apparently!! the help to buy scheme was a cross elasticity question as it asked about the effect on the RENTAL MARKET not the HOUSING MARKET.
    So i screwed that one up big time! didn't even read the question lol
    To me it didn't seem to make sense to use XED to answer that question. It mentioned a rise in demand for housing, which would lead to a price rise. Rental housing and purchased housing are substitutes, i.e. have positive XED, so that would suggest a rise in demand for rental housing. But it seems obvious that consumers are switching from renting to buying, and demand for rental housing is falling, which confused me.
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    (Original post by BIGBOI A)
    Did anyone here do the old spec for unit 1 econ??
    if so what was the answer to the first Q?(the one about opportunity costs)
    I put D altho not sure if that was right
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    (Original post by BIGBOI A)
    Did anyone here do the old spec for unit 1 econ??
    if so what was the answer to the first Qi ?(the one about opportunity costs)
    I put the one about economic growth output at W being greater or whatever.
    Do you remember what you put for the other multiple choice questions ?
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    (Original post by Dylanmann)
    I put the one about economic growth output at W being greater or whatever.
    Do you remember what you put for the other multiple choice questions ?
    I went through each question with my teacher after and she said that one was correct, I don't know the exact order but the last question was selling stock from its wheat pile, the only one I got incorrect was the one about the producer surplus as it was improvements in technology but I wrote about the flooding in brazil or somewhere
 
 
 
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