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    (Original post by ozzie2)
    Yeah they scan it to save time and stuff, all that economies of scale stuff



    I put C as well like many others because that's what the Balance of payments is
    Heh =P

    So then, will they know if I crossed something out?

    I suppose the computer would detect the anomaly and have an examiner check the actual answer, which would be the one that isn't crossed? Lol :/
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    Does anyone have an unofficial mcq mark scheme? also, mcq 5 i found very difficult, regarding inflation, gdp and population?
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    (Original post by SotonianOne)
    C - Trade in goods and services, investment incomes and transfers.
    D - Transfers involving money in and out of the economy.

    I put C because D threw me off as it sounds a bit like Circular Flow rather than BoP but I have regrets.
    I put C aswell, seemed more relevant.
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    (Original post by BBeyond)
    if currency appreciates then AD falls and SRAS shifts right, so the answer was c?
    If the currency appreciates then there are fewer exports from the economy as other countries buy less, so there's a shift in demand to the left (and I just realised I messed up my answer) while aggregate supply should also shift to the left as it would be more expensive to buy raw resources.. ffs

    So a contraction in both would've been the correct answer, I think
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    (Original post by Caius Filimon G)
    If the currency appreciates then there are fewer exports from the economy as other countries buy less, so there's a shift in demand to the left (and I just realised I messed up my answer) while aggregate supply should also shift to the left as it would be more expensive to buy raw resources.. ffs

    So a contraction in both would've been the correct answer, I think
    no imports would be cheaper so sras would shift to the right!
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    (Original post by Caius Filimon G)
    Heh =P

    So then, will they know if I crossed something out?

    I suppose the computer would detect the anomaly and have an examiner check the actual answer, which would be the one that isn't crossed? Lol :/
    Well if you wrote it in pencil, it will come up as 0 marks as it only scans black inc I believe - don't be alarmed as if they see 0 they will hand mark it and the examiner will know which one is your answer, don't worry about it because some people will have done other things than filling the circle such as ticking it.
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    I didn't mention any policies that the government could use in context 2 25 marker, I believe it didn't even mention govt. in the question or extract. I focused on what the conflicts were, why they're bad, and whether it is relevant or is it outweighed by the positives
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    I think its D as balance of payments include the transfer of money in out of the country as the circular flow of income only tell us about the flow of money in the eocnomy.
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    (Original post by BBeyond)
    if currency appreciates then AD falls and SRAS shifts right, so the answer was c?
    Was that the one where it imports raw materials and exports manufactured ****. So appreciation makes imports cheaper - SRAS shifts out and exports more expensive - AD shifts in? So yeah I think I put C too
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    (Original post by ozzie2)
    Was that the one where it imports raw materials and exports manufactured ****. So appreciation makes imports cheaper - SRAS shifts out and exports more expensive - AD shifts in? So yeah I think I put C too
    Yeah that's what I put
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    (Original post by RJM1997)
    I didn't mention any policies that the government could use in context 2 25 marker, I believe it didn't even mention govt. in the question or extract. I focused on what the conflicts were, why they're bad, and whether it is relevant or is it outweighed by the positives
    Policies solves the conflicts my good sir
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    (Original post by BzRMonkeh)
    Policies solves the conflicts my good sir
    the question wasn't asking you how to solve the conflicts my good bro
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    I think its D as balance of payments include the transfer of money in out of the country as the circular flow of income only tell us about the flow of money in the eocnomy.
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    (Original post by BzRMonkeh)
    I think its D as balance of payments include the transfer of money in out of the country as the circular flow of income only tell us about the flow of money in the eocnomy.
    Nah, it asked for the current account, not the BoP
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    (Original post by BzRMonkeh)
    Policies solves the conflicts my good sir
    Yeah I feel I should've wrote a bit more about how SSP could be used. I did mention tax a bit but not a lot

    At least full marks is available without a perfect answer, maybe that applies to the levels as well
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    Bringing in your own economic knowledge and write about how you can avoid these conflicts would give you more marks i thought
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    dont lie!! i dont think it did cause i wouldve easily put C if it was
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    (Original post by Wawasan)
    The Extracts guided you as to which direction your answer should take - it mentioned unbalanced growth (e.g. growth based on consumption), lack of productivity and therefore perhaps the necessity of supply side policies, the situations when inflation might emerge. So you don't by any means have to refer to what the Extract was telling you, a variety of approaches would be acceptable, but as long as you followed the clues in the Extract and your own knowledge you probably couldn't go wrong.
    Ah, fair enough.

    Likewise, if you have the time to go through this and offer some feedback, it would be greatly appreciated =P Wall of text incoming

    Reasons why there'd be conflict: 1) higher econ growth is usually driven by increased aggregate demand in western economies, which tends to cause the current growth to jump over the trend growth leading to a positive output gap which is likely to lead to demand-pull inflation, thus conflicting with inflation policies. (UK's labor productivity had stagnated for years)2) Higher econ growth may be stifled by environmental regulation, so there's a conflict in between keeping people healthy through a decent, non-collapsing environment and keeping companies from relocating abroad wrecking econ growth 3) Wealth redistribution is a policy for some governments, and some may think that such redistribution messed with the incentive to work as hard and be entrepreneurial (so, econ growth). Of course, conflict.
    Reasons why there'd be no conflict: 1) Higher econ growth can remain as sustained growth if the gov employs supply side policies to cause the trend rate growth to stay above the current growth, eliminating or at least post poning the usually inevitable positive output gap that causes the inflation (said that in the extract the UK was thought to be bound to see an increase in labor productivity as investment increased) 2) Regulation on environment could be scrapped in favour of tax and subsidy incentives for companies to be environmentally friendly not causing business to want to relocate and improving the environment, or imposing tariffs to force companies to locate there and put up with the regulation in order to have access to the markets without exorbitant tariffs 3) Wealth redistribution: poorer people consume more of their income, richer people just save more of their income, so overall it can improve the economy my increasing AD.
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    Did i do it correct context 2, 25 marker. I talked about the policies such as supply, fiscal and monetary and how it will affect the productivity, growth, BOP and employment?
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    (Original post by BzRMonkeh)
    Bringing in your own economic knowledge and write about how you can avoid these conflicts would give you more marks i thought
    Yep definitely - in fact it was crying "own knowledge!". I think people wouldn't be disadvantaged if they didn't include own knowledge but they'd perhaps miss the opportunity to impress the examiner. The fact that it referred explicitly to the IMF's prediction for 2014 was a bit of a give away, as well as the problems of inflation and deflation - you could talk about both falling and rising prices I guess.
 
 
 
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