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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
    10
    9.62%

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    (Original post by elzginger)
    Hahah, take it you wrote something similar then
    yeah and everyone kept telling me i'd messed up !! you have no idea just how pissed off ive been with myself ALL day hahahaha and you have no idea how reassuring it is to see this
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    (Original post by Fas)
    yeah and everyone kept telling me i'd messed up !! you have no idea just how pissed off ive been with myself ALL day hahahaha and you have no idea how reassuring it is to see this
    I've sat this exam before and got a B and I thought I F*cked it up, and all the people who came out saying how great they did actually failed with E's and U's

    So you never know!
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    (Original post by elzginger)
    I've sat this exam before and got a B and I thought I F*cked it up, and all the people who came out saying how great they did actually failed with E's and U's

    So you never know!
    aye true true ! and for that essay you could have argued it from demand-side or supply-side and still got the marks i personally think i got about 12-13 / 18 on that essay though lol , don't think my evaluation was great
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    In summary for the 18 mark I put:

    - Defined Inflation
    - Defined Exchange Rates

    - Mentioned that a high exchange rate would cause cheaper imports and higher exports
    - This would reduce AD left (since X and M are components)
    - Showed diagram
    - Didn't mention that firms cost of production decreased (might have loosed a couple of marks on that)

    However, it might not work if:
    - There is a small increase in the EXR
    - Duration?
    - Hard for the government to manage since many developed countries let their currency 'float'
    - Other components of AD might mean that AD increase
    - X and M make up a very small amount compared to other components such as C and I which mean that it might not be effective
    - Proposed an alternative (I think it was fiscal)
    - Then summarised by saying that it was difficult for the government to manage the situation, again, completely forgot about firms

    Anyone got anything simular? Please relate!
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    did anybody mention anything about ER's decreasing inflation depending on the school of thought (e.g keynesian or classical economist)
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    (Original post by davea1995)
    In summary for the 18 mark I put:

    - Defined Inflation
    - Defined Exchange Rates

    - Mentioned that a high exchange rate would cause cheaper imports and higher exports
    - This would reduce AD left (since X and M are components)
    - Showed diagram
    - Didn't mention that firms cost of production decreased (might have loosed a couple of marks on that)

    However, it might not work if:
    - There is a small increase in the EXR
    - Duration?
    - Hard for the government to manage since many developed countries let their currency 'float'
    - Other components of AD might mean that AD increase
    - X and M make up a very small amount compared to other components such as C and I which mean that it might not be effective
    - Proposed an alternative (I think it was fiscal)
    - Then summarised by saying that it was difficult for the government to manage the situation, again, completely forgot about firms

    Anyone got anything simular? Please relate!
    I defined inflation rate instead of inflation. I did the same analysis as you.

    For my evaluative I said -depends on other AD components, depends on size of appreciation, depends whether exports are price elastic/inelastic (Iknow this is micro but you have been allowed to use it on previous mark schemes) and put it depends on what other currencies are doing (which is totally wrong) so hopefully the first 3 evaluative points will get me through.
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    (Original post by lufc_dan)
    I defined inflation rate instead of inflation. I did the same analysis as you.

    For my evaluative I said -depends on other AD components, depends on size of appreciation, depends whether exports are price elastic/inelastic (Iknow this is micro but you have been allowed to use it on previous mark schemes) and put it depends on what other currencies are doing (which is totally wrong) so hopefully the first 3 evaluative points will get me through.
    Yeah we should do alright then Now we need to work hard for Unit 1!
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    (Original post by davea1995)
    In summary for the 18 mark I put:

    - Defined Inflation
    - Defined Exchange Rates

    - Mentioned that a high exchange rate would cause cheaper imports and higher exports
    - This would reduce AD left (since X and M are components)
    - Showed diagram
    - Didn't mention that firms cost of production decreased (might have loosed a couple of marks on that)

    However, it might not work if:
    - There is a small increase in the EXR
    - Duration?
    - Hard for the government to manage since many developed countries let their currency 'float'
    - Other components of AD might mean that AD increase
    - X and M make up a very small amount compared to other components such as C and I which mean that it might not be effective
    - Proposed an alternative (I think it was fiscal)
    - Then summarised by saying that it was difficult for the government to manage the situation, again, completely forgot about firms

    Anyone got anything simular? Please relate!
    I did write about Defined Inflation
    - Defined Exchange Rates

    - Mentioned that a high exchange rate would cause cheaper imports and higher exports

    - This would reduce AD left (since X and M are components)

    - Showed diagram

    - Didn't mention that firms cost of production decreased (might have loosed a couple of marks on that) then i went on about cost of firms buying good is cheaper and because the price value depreciates ect ,

    went on about higher exchange rates increase value of a currency then made ad/as curve with four ad curves 1 above PO one @ bottle neck and two below, analysis about demand pull inflation with out stating it sadly -.-

    but show and evaluation wrote about multiplier effect the initial position of the curve by how much u reduce inflation has an positive effect and negative effect. yh sio i think i got 13 marks there -.-
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    (Original post by hello my name is)
    I did write about Defined Inflation
    - Defined Exchange Rates

    - Mentioned that a high exchange rate would cause cheaper imports and higher exports

    - This would reduce AD left (since X and M are components)

    - Showed diagram

    - Didn't mention that firms cost of production decreased (might have loosed a couple of marks on that) then i went on about cost of firms buying good is cheaper and because the price value depreciates ect ,

    went on about higher exchange rates increase value of a currency then made ad/as curve with four ad curves 1 above PO one @ bottle neck and two below, analysis about demand pull inflation with out stating it sadly -.-

    but show and evaluation wrote about multiplier effect the initial position of the curve by how much u reduce inflation has an positive effect and negative effect. yh sio i think i got 13 marks there -.-
    Yeah that's pretty good man! My teacher is one of the leading examiners for OCR Economics and he said as long as you follow that structure you should be alright. I wrote like 6 pages for that question lol
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    you werent supposed to define inflation in the essay were you ? i defined the rate of inflation - percentage increase in the price level over a given time period and the exchange rate , but that was it..
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    (Original post by lisa96)
    For Jan 2013 i guess you could also say that it depends on AD. if AD is under full capacity, then a decrease in AS wont harm the economy as much.

    For some questions like "Discuss the extent to which a reduction in the rate of interest can be effective in increasing consumer expenditure and investment" In a practise essay i started writing about monetary policy because the rate of interest is a part of it, but my teacher crossed out what i'd written as he said that monetary policy wasnt referred in the question.

    Looking at the past questions, i think fiscal/monetary are likely to come up, as well as unemployment. Not too sure about economic growth or inflation as they've came up quite a lot in the past few years
    Well monetary policy is basically adjustment of the interest rate, but obviously the key to the question is how will consumers and firms respond. The keynesian and classical models are key. Possibly good to mention the multiplier effect, if consumers spend more, shop keepers earn more and spend more, and so on, so it can re energise the economy. But it might not be effective, or even possible if interest rates are already low or at 0%. Also it might cause inflation which undermines investor's confidence if prices are fluctuating, which is obviously the bank of englands central goal to avoid.
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    Personallyy...
    I defined the exchange rate and drew a diagram to show how it was determined, defined inflation and then inflation rate.
    Then I wrote about how if you have a strong currency imports are cheaper exports are dearer and therefore there will be less demand for exports and less demand in the domestic economy as imports are cheaper
    Then I explain that (X-M) was a component of AD so AD should shift left, and I showed it on a diagram operating at full capacity to show that it could bring down the price level. Then I showed it at spare capacity too and showed that it didn't reduce price level but instead just reduced output.
    Then I wrote that the assumption lacks reference to human nature and motivation and people may still choose to buy exports because they can't get certain products domestically then I went on about bananas.... and how you may not want to import because of poorer quality
    And then I did some really super quick little star thing explaining it depended what the exchange rate was in the rest of the world and something else scrawled but no idea about that!

    Anybody else find the second question about if injections were greater really confusing? :')
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    (Original post by davea1995)
    Yeah that's pretty good man! My teacher is one of the leading examiners for OCR Economics and he said as long as you follow that structure you should be alright. I wrote like 6 pages for that question lol
    i would have scored high but i ****ed on the cause of inflation and lost 6 marks there and lost a mark on evaluation of interest rates question and lost 2 marks on the supply side cuz i wrote education increase productivity and increase output, lost a mark for saying 4.8 and 45 but stated japan is higher, rest way all 100 percent good so i think i got a C which is **** so i have to get an high solid A in unit 1 to get an overall B.
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    (Original post by lucysutton)
    Personallyy...
    I defined the exchange rate and drew a diagram to show how it was determined, defined inflation and then inflation rate.
    Then I wrote about how if you have a strong currency imports are cheaper exports are dearer and therefore there will be less demand for exports and less demand in the domestic economy as imports are cheaper
    Then I explain that (X-M) was a component of AD so AD should shift left, and I showed it on a diagram operating at full capacity to show that it could bring down the price level. Then I showed it at spare capacity too and showed that it didn't reduce price level but instead just reduced output.
    Then I wrote that the assumption lacks reference to human nature and motivation and people may still choose to buy exports because they can't get certain products domestically then I went on about bananas.... and how you may not want to import because of poorer quality
    And then I did some really super quick little star thing explaining it depended what the exchange rate was in the rest of the world and something else scrawled but no idea about that!

    Anybody else find the second question about if injections were greater really confusing? :')
    haha yeah that was a weird one - i put injections were greater than leakages due to an overall increasing GDP in China in that year - probably only 1/2 marks though.
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    To get an A overall at AS do you need 80% average of both papers (e.g. 90% in one 70% in other) or do you need at least 80% in each paper??

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    (Original post by lolables)
    To get an A overall at AS do you need 80% average of both papers (e.g. 90% in one 70% in other) or do you need at least 80% in each paper??

    Posted from TSR Mobile
    for Economics ? you need 160/200 UMS in total for the A , so 80/100 UMS on each paper. But if you scored 90/100 on one paper , then you can score 70/100 on the other and still get an A.
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    what figure did you get for the contribution of investment?
    i got something like 25%... really awkward question!:mad:
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    hi can someone please answer my questions. Felt the exam went well, the essay question was good. Just one thing, instead of showing a decrease in demand pull and cost push inflation due to increase in exchange rates i just explained and did 2 diagrams describing the two, (showing a diagram showing what demand pull and cost push inflation was) this was after the introduction. Then went onto explain how exchange rate and decrease exports and all that then evaluated. Thats allright yh

    lastl, on the question asking about causes of inlfation, i said number one the increase in consumer expenditure in china, and for number two the high level of investment...described how both led to inflation (increase in AD)

    Also pretty sure i got 1b wrong...because i said that you cant tell what happens with injections and withdrawels from the increase in RGDP....apart from that hoping for a middle A...hope everzone else did well
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    i am so annoyed because i completely messed up the last question!!! agh i really wanted to do well in it too!!
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    (Original post by asadsiddiq)
    what figure did you get for the contribution of investment?
    i got something like 25%... really awkward question!:mad:
    yeah it wasn't asking for a percentage i don't think , i got 2572 billion dollars i think for that
 
 
 
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