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    Hey,,


    Thought I would make a thread to discuss this examination in full.
    So it consists of: 25 Multiple Choice Questions
    5 Mark Definition Question
    8 Mark Data response Question
    12 Mark Diagram explaination
    25 Mark Essay Questions


    Does anyone have any advice/tactics on answering any of the questions they would discuss please ?

    Normally I start with the essay first; with a quick 5 minute plan, leaving me with approx. 20 minutes to finish the essay!

    Thanks for reading!
    Post away!
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    Anyone answered the Market failure Q?
    cos i was the only one from my school... everyone else was like "BUFFER STOCK <3"

    That question from market failure was not from this world...

    "evaluate the view that, provision and maintenance should be paid soley by the government"

    anyone did this question? (27 d)
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    Hi compare this to the january 2010 exam
    do you think it was harder both the multiple choice and essay questions?
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    (Original post by tomorei)
    Anyone answered the Market failure Q?
    cos i was the only one from my school... everyone else was like "BUFFER STOCK <3"

    That question from market failure was not from this world...

    "evaluate the view that, provision and maintenance should be paid soley by the government"

    anyone did this question? (27 d)
    Yeah I did this question.
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    what points did you put?
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    yh i answered the mark one...found define ok...the part b was confusing cos there went much.
    just said that they follow a similar trend over time- going up and down at same time
    second point was that they fluctuated with a small range with stating figures
    part c i drew a negative externality with mpc, msc and mpb=msb. showed over produced and therefore market failure due to the fact that missallocation of rescoures...to much production and consumption

    last part was hard but by time i started to l8 to go back
    introduced topic and why flood defence was public good
    first explained wat it was like to make goverment pay, free rider, those hu dont use pay and also opportunity cost of tax
    next subsidise cos wen left to market force it is merit good so underproduced- dreew grpqah of this and also of subsidy increasing supply so lower price and more bought
    finally tax loggers and the housing lot so they pay the tax straight for the defence...tax will deter them from doing some and also pay for it...no free rider and lil opporunity cost so i chose this of solely govt

    multiple choice was hardest ive ever seen it with random stuff like that ppf?
    also value judement, derived i put labour cos more labour iwll need more machines ratehr than products
    very hard
    hopefully scrape an a

    watd u fink?
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    (Original post by PunjabiBoi)
    Hi compare this to the january 2010 exam
    do you think it was harder both the multiple choice and essay questions?
    personally, i think january's market failure question last year on trains was a lot nicer than the choice this year. i only got 70%, scraping a b when i took it last january but that was partly down to not having a teacher for the 6 weeks up to the exam.

    i didn't think the public good defence question was very nice, + our teacher focused on externalities, barely touching on the agriculture market.

    the multiple choice, from what i remember seemed to be easier last year. it wasn't horrific this year but there were quite a few trick questions. that's what i think anyway. i'm not optimistic about getting a fabulous grade but i'll be devastated if i get less than 70%, looks like i might be retaking for the 2nd time in june. haha. roll on results day. x
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    Hi i did 26 and a question on d did you need to include market forces or does it matter
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    I answered 27.. worst question in economics i've ever seen... by the time i realised it was out of this world I didn't have enough time to switch... F*** AQA
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    (Original post by tomorei)
    Anyone answered the Market failure Q?
    cos i was the only one from my school... everyone else was like "BUFFER STOCK <3"

    That question from market failure was not from this world...

    "evaluate the view that, provision and maintenance should be paid soley by the government"

    anyone did this question? (27 d)
    i did. it was shocking. how did you structure your answer? + what points did you make? i didn't think the extracts were particularly useful either.
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    Yea I did 27 and hated it...I said about externalities but couldn't figure out what else to do so I just said they could subsidise the housing producers to make a new dam, subsidise insurance companies for flood insurance or do a mixture of local tax and subsidies...I failed so badly :/
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    That was not an economics paper :| , i flopped so bad
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    I looked at Q26 and Q27... obvious choice tbh, did Q27 even a proper question? LOL didnt get it at all, so just did Q26
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    I thought they were quite kind with this papers DR Q's.
    Q26 - Buffer stock, amazingly easy to remember, because it was the last thing I looked at before I went in.
    Q27 - Market failure, government supplying goods with P Externalities, public/merit goods, non-rivalry etc.

    But I wasn't gonna let the buffer stock pass! Anyway, I think the 25 marker for Q26 was where I went off track a bit, but a good question!
    I sort of left MC too late.. Really gonna drag my mark down.. But it was a good paper.
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    both 26 and 27 had generaous c) and d) part questions in my opinion. The MC was harder than expected though as i thought that was where easy marks could be earned.
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    i've chosen question 27... this is my third time retaking it, worst question i have ever seen... i was like ye i will do that one then when i look at the extract, i said "Wot the xxxx????", how flood defence related to economics? (How does flood defence non rivaly and non excludable? I just dont get it... time doesnt allow me to change so i was forced to keep going. I dont know what to write, just panic...

    MC question isnt that bad really, but sure harder than the previous 2 i've done... ergh i dont want to retake again... if so, it will be my 4th time
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    I chose question 27 as well. I thought parts a b and c were relatively okay, but for part C I drew a negative externality diagram, but what did you write to explain it? I quoteed quite a bit from the extract and said how farmers and forestry companies cut down trees etc which led to negative externality from flooding.

    I thought part D was okay. However, I didnt know how to structure my answer. I wrote how flood defences would be both non rivaled and non excludable, and i wrote arguments how governments could soley pay for it. and i also wrote a case against saying people like farmers and forestry companies should pay as they'er creating the negative externality as well by deforestation. But i also said that flooding cannot be controlled and if everyone helps in, then flood defences can be of good quality and in the longer term this could result in a postive externality. I don't know whether that's right?
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    (Original post by gabrielwong1991)
    i've chosen question 27... this is my third time retaking it, worst question i have ever seen... i was like ye i will do that one then when i look at the extract, i said &quot;Wot the xxxx????&quot;, how flood defence related to economics? (How does flood defence non rivaly and non excludable? I just dont get it... time doesnt allow me to change so i was forced to keep going. I dont know what to write, just panic...

    MC question isnt that bad really, but sure harder than the previous 2 i've done... ergh i dont want to retake again... if so, it will be my 4th time
    Its my third retake too!!!!!!!!!!
    I chose part 27 too but i wasn't sure if for part c, if drawing a negative externality digram was allowed; because often in past papers it usually states "using a supply and demand diagram..." Regardless, i still drew a negative externality diagram and a supply and demand digram because i wasnt sure.

    Part D, was ridiculously hard for my introduction i defined public good too. For my first argument i focus on the fact that the government should supply flood defence because it creates positive externality however, the problem with the government supplying flood defences is that they are going to use the tax payers money and there is a clear opportunity cost.

    For my second argument i said that government has to supply it because its not going to supplied on the free market because social cost exceeds private benefit in other words private organisation do not gain anything from investing in flood defence so they are not going to do it ( because most firms aim to profit max). however the problem with the government intervening is that they are often inefficient but on the other hand construction of flood defence will create more jobs and this will be very beneficial for the economy.

    FML!!!!!!!!!!!!! But i forgot to mention instead of government solely providing flood defences; they could subsidy the production of flood defences to encourage firms to supply them!
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    (Original post by Braniac101)
    yh i answered the mark one...found define ok...the part b was confusing cos there went much.
    just said that they follow a similar trend over time- going up and down at same time
    second point was that they fluctuated with a small range with stating figures
    part c i drew a negative externality with mpc, msc and mpb=msb. showed over produced and therefore market failure due to the fact that missallocation of rescoures...to much production and consumption

    last part was hard but by time i started to l8 to go back
    introduced topic and why flood defence was public good
    first explained wat it was like to make goverment pay, free rider, those hu dont use pay and also opportunity cost of tax
    next subsidise cos wen left to market force it is merit good so underproduced- dreew grpqah of this and also of subsidy increasing supply so lower price and more bought
    finally tax loggers and the housing lot so they pay the tax straight for the defence...tax will deter them from doing some and also pay for it...no free rider and lil opporunity cost so i chose this of solely govt

    multiple choice was hardest ive ever seen it with random stuff like that ppf?
    also value judement, derived i put labour cos more labour iwll need more machines ratehr than products
    very hard
    hopefully scrape an a

    watd u fink?
    its not labour its the quantity of consumers good purchased, went over that with teacher today, because capital goods are products used to produce goods and services, the demand for capital goods is derived demand of the quantity of goods and services purchased.
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    hi,

    if i didnt put question number in the boxes of the answer book.
    will i lose mark from this?

    i put 01, 02, 03, 04. but i didnt put it is question 26 or 27.
 
 
 
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