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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 >Username<)
    I just wanted some opinions on the F582 exam.

    At the time I found it hard. I knew I hadn't done well. I didn't think I did that badly though. What did everyone else do better in F581 or F582? (I didn't take the F581 exam in June)

    I did all the past papers ect but I thought F582 was a lot harder than I expected! Does anyone else think the same?

    I got my script back and all the questions I thought I did bad on I did. However the 6 mark question I got 0 on. It was a small mistake which cost me the 6 marks. When I say small mistake I mean 2 words...

    Also, how hard do you think it would be boost my grade?

    Any replies would be appreciated.
    I did F581 in January and initially got 76 but then remarked to 84 so F581 was my etter exam

    Some of the questions were very different, boundaries were ridiculously high. I have no idea, lucky you got your script back, I had to send off my remark last wednesday, the remark deadline is gone btw
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    (Original post by Robbie242)
    I did F581 in January and initially got 76 but then remarked to 84 so F581 was my etter exam

    Some of the questions were very different, boundaries were ridiculously high. I have no idea, lucky you got your script back, I had to send off my remark last wednesday, the remark deadline is gone btw
    Its good your grade went up. I know the deadlines gone, lol. I was too scared to send it back incase it went down. LOL. My teacher said it was okay and she said she could see where I went wrong.

    There were no definitions or diagram questions - That's something I noticed. And yeah the questions were very very different!

    Are you planning to resit? (Is anyone else?)

    Thanks for the reply btw.
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    (Original post by >Username<)
    Its good your grade went up. I know the deadlines gone, lol. I was too scared to send it back incase it went down. LOL. My teacher said it was okay and she said she could see where I went wrong.

    There were no definitions or diagram questions - That's something I noticed. And yeah the questions were very very different!

    Are you planning to resit? (Is anyone else?)

    Thanks for the reply btw.
    They it's great!. Haha fair enough.

    Nope probably not unless the remark destroys my mark haha.

    I got my script back... the mark breakdown is weird

    1a 3 / 3
    1b 2 / 2
    2a 5 / 6
    2b 0 / 2
    3a 2 / 2
    3b 3 / 3
    3c 6 / 6
    4a 2 / 2
    4b 0 / 6
    5 4 / 4
    6 6 / 6
    7 15 / 18

    0/6 for 4b and it says ''Too vague''

    My essay is interesting because I hit L4 over 6 times but in my stronger argument is purely L3
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    (Original post by Robbie242)
    They it's great!. Haha fair enough.

    Nope probably not unless the remark destroys my mark haha.

    I got my script back... the mark breakdown is weird

    1a 3 / 3
    1b 2 / 2
    2a 5 / 6
    2b 0 / 2
    3a 2 / 2
    3b 3 / 3
    3c 6 / 6
    4a 2 / 2
    4b 0 / 6
    5 4 / 4
    6 6 / 6
    7 15 / 18

    0/6 for 4b and it says ''Too vague''

    My essay is interesting because I hit L4 over 6 times but in my stronger argument is purely L3
    got mine back too got 14/18 for the essay also got 0/6 for 4B too vague written all over it , i have to retake it now as i have a C overall, really thought i was gonna get a B
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    (Original post by Robbie242)
    They it's great!. Haha fair enough.

    Nope probably not unless the remark destroys my mark haha.

    I got my script back... the mark breakdown is weird

    1a 3 / 3
    1b 2 / 2
    2a 5 / 6
    2b 0 / 2
    3a 2 / 2
    3b 3 / 3
    3c 6 / 6
    4a 2 / 2
    4b 0 / 6
    5 4 / 4
    6 6 / 6
    7 15 / 18

    0/6 for 4b and it says ''Too vague''

    My essay is interesting because I hit L4 over 6 times but in my stronger argument is purely L3
    This is interesting, lol. I also got 0 in that question! If I would have got marks on that question my grade would have gone up overall.

    How are you finding the A2 work?
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    (Original post by popo)
    got mine back too got 14/18 for the essay also got 0/6 for 4B too vague written all over it , i have to retake it now as i have a C overall, really thought i was gonna get a B
    It is ridiculous...

    What the hell look at this:

    What I said:
    An increase in the rate of interest increases the cost of borrowing (0 marks)
    And therefore also increases the reward for saving, with a higher cost of borrowing, consumers are more likely to save instead of spend, this reduces aggregate demand, the fall in consumer expenditure leads to a fall in investments as there is no consumer demand to ensure a safe return on investments. A few things to consider is that it depends on the original rate of interest. It depends on the size of the increase in interest rates. It can be offset by another factor e.g. supply side policies, leading to greater investment. Consumers and producer may be optimistic about the future, and so consumer expenditure and investment may not fall. A lower inflation rate could increase exports which could lead to increased investment abroad and at the home country.

    What the markscheme says (I'll link bold parts in my paragraph to marks I should have got):
    An increase in the rate of interest will increase the cost of
    borrowing to firms. (1) - Because I didn't say to firms I lose this mark???
    Consumer expenditure may fall with a higher interest rate
    which may reduce firms’ profits. (1) - Ok I basically said it reduces the firms incentive to invest, rather than profits wouldn't this be suitable?
    Depends on the initial rate of interest. (1) - Original = initial therefore wtf OCR?
    Depends on the size of the increase. (1)
    Other factors may be favourable to investment, eg low
    corporation tax. (1)


    This is a load of **** if I'm being too vague
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    (Original post by >Username<)
    This is interesting, lol. I also got 0 in that question! If I would have got marks on that question my grade would have gone up overall.

    How are you finding the A2 work?
    Look at my analysis above, OCR have got to be kidding me...

    It's fine, gonna start on my notes tonight, being paying more attention to maths than Economics, getting back on the economics wave
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    (Original post by >Username<)
    I just wanted some opinions on the F582 exam.

    At the time I found it hard. I knew I hadn't done well. I didn't think I did that badly though. What did everyone else do better in F581 or F582? (I didn't take the F581 exam in June)

    I did all the past papers ect but I thought F582 was a lot harder than I expected! Does anyone else think the same?

    I got my script back and all the questions I thought I did bad on I did. However the 6 mark question I got 0 on. It was a small mistake which cost me the 6 marks. When I say small mistake I mean 2 words...

    Also, how hard do you think it would be boost my grade?

    Any replies would be appreciated.
    Hi,

    I got 98/100 UMS in June F582 (58/60 raw) and 98/100 UMS in January F581 (57/60 raw).

    I think that the consensus from my college regarding the F582 is that the first 42 marks were generally OK, apart from possibly the question regarding unemployment being a governments main economic objective. However, most people struggled with the 18 mark question - particularly those who did little or no revision. Although it was probably the hardest F582 18 mark question I have seen.

    Saying that our college didn't do very well in F582; some people I know got A's or high B's in January F581 and got D's in June F582.

    I do think that the grade boundaries were around what they should have been, possibly one or two marks lower but on the whole were about right.

    Boosting your grade would be difficult to say without knowing your module scores and whether you plan to resit.

    I have the photocopy of my January F581 script and will be getting the photocopy of the June F582 script shortly. Also, if anyone wants me to post my responses to specific questions, or want general F581/F582 help then feel free to ask.
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    (Original post by Coombsy)
    Hi,

    I got 98/100 UMS in June F582 (58/60 raw) and 98/100 UMS in January F581 (57/60 raw).

    I think that the consensus from my college regarding the F582 is that the first 42 marks were generally OK, apart from possibly the question regarding unemployment being a governments main economic objective. However, most people struggled with the 18 mark question - particularly those who did little or no revision. Although it was probably the hardest F582 18 mark question I have seen.

    Saying that our college didn't do very well in F582; some people I know got A's or high B's in January F581 and got D's in June F582.

    I do think that the grade boundaries were around what they should have been, possibly one or two marks lower but on the whole were about right.

    Boosting your grade would be difficult to say without knowing your module scores and whether you plan to resit.

    I have the photocopy of my January F581 script and will be getting the photocopy of the June F582 script shortly. If anyone wants me to post my responses to specific questions, or want general F581/F582 help then feel free to ask.
    Could you look at my response to 4b a few posts above, do you think I rightfully or wrongly lost all 6 marks?
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    (Original post by Robbie242)
    It is ridiculous...

    What the hell look at this:

    What I said:
    An increase in the rate of interest increases the cost of borrowing (0 marks)
    And therefore also increases the reward for saving, with a higher cost of borrowing, consumers are more likely to save instead of spend, this reduces aggregate demand, the fall in consumer expenditure leads to a fall in investments as there is no consumer demand to ensure a safe return on investments. A few things to consider is that it depends on the original rate of interest. It depends on the size of the increase in interest rates. It can be offset by another factor e.g. supply side policies, leading to greater investment. Consumers and producer may be optimistic about the future, and so consumer expenditure and investment may not fall. A lower inflation rate could increase exports which could lead to increased investment abroad and at the home country.

    What the markscheme says (I'll link bold parts in my paragraph to marks I should have got):
    An increase in the rate of interest will increase the cost of
    borrowing to firms. (1) - Because I didn't say to firms I lose this mark???
    Consumer expenditure may fall with a higher interest rate
    which may reduce firms’ profits. (1) - Ok I basically said it reduces the firms incentive to invest, rather than profits wouldn't this be suitable?
    Depends on the initial rate of interest. (1) - Original = initial therefore wtf OCR?
    Depends on the size of the increase. (1)
    Other factors may be favourable to investment, eg low
    corporation tax. (1)


    This is a load of **** if I'm being too vague
    Firstly, I can't remember the specific question and I will use the mark scheme you have given as I don't have access to it.

    I would say for the first point that not mentioning specifically firms is enough not to give you the mark. Although it looks harsh, precision is needed - you could be referring to the cost of borrow increasing for consumers or firms.

    In your second point you need to mention that a decrease in consumer expenditure leads to a decrease in the firms profit which then leads to a decrease in investment. The examiners will be looking specifically for you to mention firms profit.

    If your analysis has scored 0/3 marks then you cannot access the three marks for evaluation.

    Although it may look harsh, the biggest tip I can give for success in these two exams is learning exam technique and the mark schemes. Specific, methodical answers are needed to score well in the analysis in the 6 and 8 mark questions and will allow you to access the evaluation marks which hold half of these questions' marks.

    Hope that helps.
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    (Original post by Coombsy)
    Firstly, I can't remember the specific question and I will use the mark scheme you have given as I don't have access to it.

    I would say for the first point that not mentioning specifically firms is enough not to give you the mark. Although it looks harsh, precision is needed - you could be referring to the cost of borrow increasing for consumers or firms.

    In your second point you need to mention that a decrease in consumer expenditure leads to a decrease in the firms profit which then leads to a decrease in investment. The examiners will be looking specifically for you to mention firms profit.

    If your analysis has scored 0/3 marks then the three marks for evaluation are not available I understand.

    Although it may look harsh, the biggest tip I can give for success in these two exams is learning exam technique and the mark schemes. Specific, methodical answers are needed to score well in the analysis in the 6 and 8 mark questions and will allow you to access the evaluation marks which hold half of these questions' marks.

    Hope that helps.
    Thanks for being honest.

    I do think though that the markscheme in the first place, the first analysis mark (which would've allowed me to access evaluation) is ridiculous. Look at it and tell me that the implication of my first sentence covers all areas ''by mentioning to firms surely I am not acknowledging the fact that it also increases the cost of borrowing for consumers which in turn influences the level of investment...'' The question never mentioned firms specifically, I should have being able to access that mark.

    I hope that in my remark I have a more generous examiner; my paper says TV next to 4b meaning too vague, I think in parts I was vague but in other parts I was specific.
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    (Original post by Robbie242)
    Thanks for being honest.

    I do think though that the markscheme in the first place, the first analysis mark (which would've allowed me to access evaluation) is ridiculous. Look at it and tell me that the implication of my first sentence covers all areas ''by mentioning to firms surely I am not acknowledging the fact that it also increases the cost of borrowing for consumers which in turn influences the level of investment...'' The question never mentioned firms specifically, I should have being able to access that mark.

    I hope that in my remark I have a more generous examiner; my paper says TV next to 4b meaning too vague, I think in parts I was vague but in other parts I was specific.
    I can see what you're saying.

    When you say you're covering all areas you can't assume that the examiner will know what you are thinking - as obvious as it may seem. You need to specifically mention 'the cost of borrowing will increase to firms and consumers'. This precision is needed in definitions and analysis, as pedantic as it may seem. Do you want me to post my response to this question when I get a photocopy of my script?

    Again, do all of the past papers and learn exactly what the mark scheme is asking for. For example, in F581, I knew my three evaluation points for a demand and supply diagram (time period, elasticity of supply curve, extent of shift) before I went into the exam from studying previous mark schemes.

    Good luck with the remark.
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    (Original post by Robbie242)
    It is ridiculous...

    What the hell look at this:

    What I said:
    An increase in the rate of interest increases the cost of borrowing (0 marks)
    And therefore also increases the reward for saving, with a higher cost of borrowing, consumers are more likely to save instead of spend, this reduces aggregate demand, the fall in consumer expenditure leads to a fall in investments as there is no consumer demand to ensure a safe return on investments. A few things to consider is that it depends on the original rate of interest. It depends on the size of the increase in interest rates. It can be offset by another factor e.g. supply side policies, leading to greater investment. Consumers and producer may be optimistic about the future, and so consumer expenditure and investment may not fall. A lower inflation rate could increase exports which could lead to increased investment abroad and at the home country.

    What the markscheme says (I'll link bold parts in my paragraph to marks I should have got):
    An increase in the rate of interest will increase the cost of
    borrowing to firms. (1) - Because I didn't say to firms I lose this mark???
    Consumer expenditure may fall with a higher interest rate
    which may reduce firms’ profits. (1) - Ok I basically said it reduces the firms incentive to invest, rather than profits wouldn't this be suitable?
    Depends on the initial rate of interest. (1) - Original = initial therefore wtf OCR?
    Depends on the size of the increase. (1)
    Other factors may be favourable to investment, eg low
    corporation tax. (1)


    This is a load of **** if I'm being too vague
    i think for the first bit ive bolded you lost the mark because you didn't specify whether the cost of borrowing is increased for firms or consumers.

    the second thing ive bolded - you really should have got this mark ( cannot see why youve lost it ) however i think if you don't get the marks for analysing , then you can't access the comment marks.
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    (Original post by Fas)
    i think for the first bit ive bolded you lost the mark because you didn't specify whether the cost of borrowing is increased for firms or consumers.

    the second thing ive bolded - you really should have got this mark ( cannot see why youve lost it ) however i think if you don't get the marks for analysing , then you can't access the comment marks.
    it increases for both though

    I should have got the other mark as well about less sure safe returns on investments due to less consumer expenditure
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    (Original post by Robbie242)
    it increases for both though

    I should have got the other mark as well about less sure safe returns on investments due to less consumer expenditure
    yes , but the examiner is not going to know your thinking that. you could have been thinking it increases for consumers only and not for firms ( stupid i know but OCR are little ****s like this ) hence since firms wasn't specified you lost the mark.

    it's such an awful mark to lose though. i hope your remark gives you that mark + whatever ones you did deserve but didn't get due to this idiocy. i definitely don't agree with the way these papers are marked thats for sure
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    (Original post by Coombsy)
    Hi,

    I got 98/100 UMS in June F582 (58/60 raw) and 98/100 UMS in January F581 (57/60 raw).

    I think that the consensus from my college regarding the F582 is that the first 42 marks were generally OK, apart from possibly the question regarding unemployment being a governments main economic objective. However, most people struggled with the 18 mark question - particularly those who did little or no revision. Although it was probably the hardest F582 18 mark question I have seen.

    Saying that our college didn't do very well in F582; some people I know got A's or high B's in January F581 and got D's in June F582.

    I do think that the grade boundaries were around what they should have been, possibly one or two marks lower but on the whole were about right.

    Boosting your grade would be difficult to say without knowing your module scores and whether you plan to resit.

    I have the photocopy of my January F581 script and will be getting the photocopy of the June F582 script shortly. Also, if anyone wants me to post my responses to specific questions, or want general F581/F582 help then feel free to ask.
    If anyone is interested, I now have a photocopy of my F582 script.


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    (Original post by Robbie242)
    It is ridiculous...

    What the hell look at this:

    What I said:
    An increase in the rate of interest increases the cost of borrowing (0 marks)
    And therefore also increases the reward for saving, with a higher cost of borrowing, consumers are more likely to save instead of spend, this reduces aggregate demand, the fall in consumer expenditure leads to a fall in investments as there is no consumer demand to ensure a safe return on investments. A few things to consider is that it depends on the original rate of interest. It depends on the size of the increase in interest rates. It can be offset by another factor e.g. supply side policies, leading to greater investment. Consumers and producer may be optimistic about the future, and so consumer expenditure and investment may not fall. A lower inflation rate could increase exports which could lead to increased investment abroad and at the home country.

    What the markscheme says (I'll link bold parts in my paragraph to marks I should have got):
    An increase in the rate of interest will increase the cost of
    borrowing to firms. (1) - Because I didn't say to firms I lose this mark???
    Consumer expenditure may fall with a higher interest rate
    which may reduce firms’ profits. (1) - Ok I basically said it reduces the firms incentive to invest, rather than profits wouldn't this be suitable?
    Depends on the initial rate of interest. (1) - Original = initial therefore wtf OCR?
    Depends on the size of the increase. (1)
    Other factors may be favourable to investment, eg low
    corporation tax. (1)


    This is a load of **** if I'm being too vague
    Plenty of arguments, but each does not have enough detail. You were being too vague. Sorry.


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    Please could someone help me out.

    I want to study Economics at university and I guess I have reached an all time low. I don't want to post my exact grades on here/the exact UMS. Lets just say I got a very good grade in F581 and a very bad grade in F582.

    I didn't send my paper back because I was scared my mark would go down. I guess now I regret that to some extent. I'm not really sure how I feel.

    On question 4B - Comment on whether an increase in the rate of interest would reduce investment. (6)

    I wrote: An increase in the rate of interested would mean the cost of borrowing increases therefore people feel less encouraged to get a loan. This would reduce investment... - Somewhere else I wrote people.

    I've wrote other stuff as well. This is just some of what I wrote. My answer is right... I achieved 0 because I used the word 'people'. I feel extremely upset because its the right answer maybe not the best answer, but maybe 4/6 or even 3/6.

    I mean, do you think it would have been worth sending it off for a remark? I didn't because I was scared it'd get marked down and people said the grades hardly ever go up. Now I'm worried because this is the subject I want to study yet I feel I cannot improve my grade. I revised a lot for this exam ect I'm worried when I take it again I'll get the same grade.

    Is anyone else in a similar position or anything?
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    I missed out on an A just because I didnt label the demand curve on the consumer surplus diagram and thus losing all 4 marks was 3 off an A overall in AS Econ.


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    (Original post by lisa96)
    Do you have any tips on how to get high ums?
    Firstly, learn all of the definitions and be precise - I recommend taking the definitions from the OCR textbook.

    In analysis questions look at the chain of argument from cause to effect. For example, 'analyse how an decrease in income tax leads to real GDP growth'. Here the cause is the decrease in taxes, and we need to explain how this leads to real GDP growth - the effect. So the analysis would be decrease in income tax->increase in disposable income and increase in consumer confidence->increase in consumption->firms will need to expand capacity to meet demand and increase in business confidence->increase in investment->consumption and investment are part of AD so AD increases->real GDP growth. Always bring your last sentence back to the question - and be specific when referring to consumers or firms.

    When looking at the evaluation, look at factors that oppose what you have suggested for the analysis. For the example above, evaluative points could be: the magnitude of the decrease in the tax, if consumers are pessimistic about the future they may save rather than consume, firms existing factors of production may be sufficient to cope with rising demand so they do not need to invest, firms may be pessimistic about the future so may not invest, there may be decreases in government spending or exports so AD may decrease.

    For the 18 mark question, I firstly drew a diagram and then analysed using the above method, including advantages to support the view in the question. I would then include four or five expanded upon evaluative points (opposing side to the question). Then I would conclude by making a decision in the first sentence of my last paragraph. I would then weigh up why I made the decision and give possible consequences of the decision that has been made.

    The best advice I can give to do all of the past papers, but more importantly look at the mark schemes. I found looking at what the mark scheme is asking for in each question was the most useful revision technique. For example, I learnt the evaluative points I would use for a demand and supply diagram from looking at many mark schemes; I can still remember them now (elasticity of curve not moved/time period/magnitude of shift).

    I hope that helps. If you have any specific questions then ask. I've written this quickly and late so apologies if there are some bits that don't make sense!
 
 
 
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