Hey there! Sign in to join this conversationNew here? Join for free
    Offline

    2
    ReputationRep:
    (Original post by Prina_R)
    I basically did the same so glad someone did similar to me..hopefully we get 16-18 out of it because MCQ was hard


    Posted from TSR Mobile
    That's great hopefully we do! I didn't have time to make a point about how Gov can intervene to reduce inequality tho. Just those 2 arguments plus free market. Hopefully we did enough cause yh MCQ was hard
    Offline

    2
    ReputationRep:
    Was the defination for income inequality the unfair or unequal distribution of income and how it can lead to market failure.
    Offline

    3
    ReputationRep:
    (Original post by saran12)
    Was the defination for income inequality the unfair or unequal distribution of income and how it can lead to market failure.
    Yeh, that's what I wrote...stupid me I forgot to define income 🙈 I used regressive tax as am example..what do you normally get in your economics exam??


    Posted from TSR Mobile
    Offline

    2
    ReputationRep:
    (Original post by Prina_R)
    Yeh, that's what I wrote...stupid me I forgot to define income 🙈 I used regressive tax as am example..what do you normally get in your economics exam??


    Posted from TSR Mobile
    Hopefully it's 5 marks. When I did papers I got like As and atleast 22+ in the multiple choice but this exam was difficult in terms of MCQ, 12 maker and even the 5 marker :/
    Offline

    3
    ReputationRep:
    The MCQ was terrible 😔 12marker was okay, layout was different to usual as it didn't say use a graph, I just talked about the three functions and moved a standard demand curve to the right..


    Posted from TSR Mobile
    Offline

    3
    ReputationRep:
    I'm worried about the essay question because it was "should the government intervene etc" I mainly wrote how they could intervene eg through different policies like taxes, max control etc


    Posted from TSR Mobile
    Offline

    1
    ReputationRep:
    What the answer the to MCQ about PPF graphs.

    Was it the amount firms able CURRENTLY capable of producing with limited resources?
    Offline

    3
    ReputationRep:
    (Original post by ie123)
    What the answer the to MCQ about PPF graphs.

    Was it the amount firms able CURRENTLY capable of producing with limited resources?
    I got that...
    What did you get for the capital goods? I put stocks and shares..apparently it was the van

    What did you put for the MSC graph with taxes and subsides?? And what did you get for the last one, monopolies?


    Posted from TSR Mobile
    Offline

    1
    ReputationRep:
    (Original post by Prina_R)
    I got that...
    What did you get for the capital goods? I put stocks and shares..apparently it was the van

    What did you put for the MSC graph with taxes and subsides?? And what did you get for the last one, monopolies?

    Posted from TSR Mobile
    I put Coal reserves but yeah it was a delivery van.

    And for the subsidy one I had put as EGKM and Im pretty sure thats correct.

    I also put an increase subsidy for when social cost exceeding the private cost question, but apparently it was increase in tax :s
    Offline

    4
    ReputationRep:
    Yes, if the social costs exceed the private costs with regards to that context then the production or consumption process only takes into account the private costs, hence, the tax would cause a left shift in supply making MSC equal to MSB, and thus the externalities are internalised.
    Offline

    4
    ReputationRep:
    (Original post by czj1997)
    hmm, if an examiner marks your paper i think it should be fine but I'm not sure if a computer or an examiner is going to mark the MCQ
    Computer marks it.
    Offline

    4
    ReputationRep:
    (Original post by GeorgeAndLennie)
    I would've wrote, "Income inequality is the comparison of income of an individual in one country compared to others in the same country, a person is in income inequality if they're living below a certain threshold"

    Though I'm not doing this exam and doing A2 lol dunno if I'm right or not.
    Yep thats a good definition A2 students who were re-sitting would have found the exam particularly easier with regards to income inequality as unit 3 of A2 economics has a whole topic dedicated to it.
    Offline

    2
    ReputationRep:
    How's everyone's unit 2 prep

    Posted from TSR Mobile
    Offline

    0
    ReputationRep:
    (Original post by lollipopsftw)
    How's everyone's unit 2 prep

    Posted from TSR Mobile
    Lol not that great... wbu?
    Offline

    2
    ReputationRep:
    can someone please upload the paper if they can
    thanks
    Offline

    0
    ReputationRep:
    Could someone give me an idea of how good they think this answer is? I didn't finish the 25 marker :/

    Extract 1
    12 marker: I put a demand and supply curve illustrating market equilibrium, defined it, and then explained the 3 price functions - rationing, incentive, signalling - and how they interact and how they cause reactions from consumers and producers.

    25 marker: I defined government intervention, and gave examples. I referred to the source once throughout the essay. My points were as follows

    Income inequality - solve by reducing regressive taxes / replacing with progressive taxes.
    Evaluation: most regressive taxes are on luxury (elastic goods). This means that there is a low incidence of tax on the consumer anyway, so the effectiveness of reducing these taxes must be questioned. (graph showing incidence)

    Alternately it is likely that the govt will choose to raise welfare, or perhaps increase top rate taxation in order to reduce income disparity.
    Evaluation - however this is anti aspirational. This means that there is a
    disincentive to work, which could result in increased unemployment.

    Negative externalities : could impose a tax (refer to extract c(?)) on gambling and other demerit goods. could be effective e.g. smoking ban in public places 2007 = 11% decrease in demand.
    Also, demerit goods are usually consumed by low income earners. Therefore by taxing these goods low income earners should in theory consume less and hence have more disposable income - reducing income inequality.
    Evaluation - law of unintended consequences - demerit goods are often addictive - inelastic demand - taxation has less than proportionate effect plus high consumer incidence - would likely actually make situation worse for low income earners as they'd still consume a similar amount.

    Alternative - ban the good
    Effective? - black market could occur, which taxes would have no effect on = could be cheaper so consumption could increase??


    That's all I wrote. I'm really panicking so if anyone could tell me what they think it would be greatly appreciated
    Offline

    3
    How is everyone preparing for unit 2?
    Offline

    6
    ReputationRep:
    (Original post by BBeyond)
    How is everyone preparing for unit 2?
    YouTube videos + multiple choice and reading through some essays I done in class that got me good marks.

    Posted from TSR Mobile
    Offline

    3
    ReputationRep:
    Geoff is running three exam revision webinars on Saturday evening to help students preparing for the ECON2 paper on Tuesday afternoon.

    You can register free for these sessions using these links:

    Living Standards and Human Development:
    https://attendee.gotowebinar.com/reg...81584582306818

    Supply-Side Policies in the UK
    https://attendee.gotowebinar.com/reg...69190436815362

    Aggregate Demand & Supply
    https://attendee.gotowebinar.com/reg...68150504756738

    A recording of Geoff's recent webinar on the UK Economy (highly recommended) can be viewed here:
    http://beta.tutor2u.net/economics/re...vision-webinar

    There are also some other revision videos for AS Macro here:
    http://beta.tutor2u.net/economics/re...el=2999&board=

    Jim
    Offline

    2
    ReputationRep:
    (Original post by Nicole_Streakyy)
    Lol not that great... wbu?
    haha its okay i guess. going to do all 25 markers.
 
 
 
Poll
Do you agree with the PM's proposal to cut tuition fees for some courses?

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Write a reply...
Reply
Hide
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.