Revision/Discussion Thread Edexcel Economics Unit 2 Friday 25th of May 2012

Scroll to see replies

Reply 420

Student296

Did Q1. It was easier than past papers so boundaries will be higher than every past paper.

Reply 421

tooambitious

Original post by Miryo

It was a hard decision to make, took me longer than 5 minutes to decide which one I wanted to do, kept flicking through it, biting my nails, getting nervous, I ecru thought to myself that if I can't make a decision I'll do ip dip do, lol in the end the 30 market swayed me, what did you put for the 2 disadvantages of current account deficit and 2 reasons why we've got biggest trade in goods deficit

umm for disadvantages i cant remember :P

for reasons i said weak exporting and manufacturing and high inflation reducing competitiveness

Reply 422

Wa 007

Original post by QwertyG

Did you mention interest rates in your 30 mark essay. god im paranoid i wrote the things down :s-smilie:

DJFEFNGRGNG

Interest rates are a cause of growth, not a benefit, i dont think , dont worry about it i'm sure you wont lose many marks :smile:

Reply 423

Wa 007

Btw, this may be stupid lol but how did people answer part a on q1 on real wages, all i could say was minus inflation, nominal was with inflation, then quote???

Reply 424

ryanboi

Original post by Wa 007

Btw, this may be stupid lol but how did people answer part a on q1 on real wages, all i could say was minus inflation, nominal was with inflation, then quote???

Real Income is the one that takes inflation into account and nominal income doesn't take into account prices changes in the future. Plus reference.

Reply 425

Wa 007

Original post by ryanboi

Real Income is the one that takes inflation into account and nominal income doesn't take into account prices changes in the future. Plus reference.

Does nt real income subtract inflation? Thats what google says

Reply 426

ryanboi

Original post by Wa 007

Does nt real income subtract inflation? Thats what google says

Yeah. real income is when you subtract inflation from nominal income. I am not saying you are wrong lol

Reply 427

dineshn

hey i found it hugely rpetetive. i said studd like a possible rise in income tax could have made less incentive to work, or a rise in unemlpoyment benefits. i also said porcution cosists for firms increased, causing people gettin fired

Reply 428

Wa 007

Original post by ryanboi

Yeah. real income is when you subtract inflation from nominal income. I am not saying you are wrong lol

woooppps ma bad aha

Reply 429

Mtice

A lot of Q2 was repetitive.

Don't think I did very well on the 30 mark question, I couldn't expand my points on the benefits of growth (reduced unemployment, improved government finance, attract investment, improved standards of living) evaluated with inflation (depends on the spare capacity in the economy, drew an AS AD curve showing the how growth in different parts of the LRAS curve would have higher inflation than others), talked about inequality worsening, as low income households tend to have "fixed" incomes, whereas higher income households' tend to adjust for inflation. Also spoke briefly about sustainability, but didn't expand it very well.

Not sure how the rest went, overall it felt good, but one of the 8 mark questions I only really made one point, at least that's what I'm worried about).

Also worried that I made too many small points in the 30 mark, and not 3 big ones, also didn't really apply it to the UK economy, even though that was in the question. :s-smilie:

Reply 430

lighterthanAyer

Original post by hannahb2706

I did a shift of AS to the right on the 30 marker, but two of my points were SSP and one was demand.

I hated the question on why the two counts change after 2009, I could only think of one point then just wrote loads of figures with the other half of the page:s
Unit 1 > unit 2

Oh good to know I wasn't the only one :rolleyes:

And yeah I did one on fiscal (tax breaks) one on SSP (training programmes) and one on depreciation (didn't specify how it occurs though :s-smilie:

)

I talked about how there might have been inaccurate data collection since they always mention it on mark schemes. And I think just about how the claimant count is too dependent on people actually seeking the JSA and social stigma etc. Data always gets you marks though :smile:

Reply 431

HarryS7

For question 2 with the 30 marker, I went blank after a few points and then just wrote about economic growth being good for the UK as there may be a stable government, so less political volatility and more long-term policies. Would this be worth any marks? cos it did say why it's good for the UK in general

Reply 432

mainac1912

How about the second question of question 1 about why there was less real disposable income i said:
Because of risind CPI 4% and fiscal drag.
Also for the 30marker was very similar to january 2011 one and it reminded me of the philips curve theory which i completely forgot to mention :frown:

.
Overall i found myself repeating alot of stuff and abit stuck on a second point for the affect on price level and output due to low disposable income.does anyone know how many marks it was worth?

This was posted from The Student Room's iPhone/iPad App

Reply 433

ryanboi

Original post by mainac1912

12 marks for the price level and output question

Reply 434

Gary

Predictions for grade boundaries? i hope its not too high =/

Reply 435

mainac1912

Original post by ryanboi

12 marks for the price level and output question

it was an evaluation question then.
I said that low incomes affect consumption and said it is 65% of AD is that an evaluation point?
Also i mentioned it might affect G due to lower tax revenue from spending and linked it to a diagram with an AD shift inward.
then for evalution i went for the magnitude of which a small 0.8% decrase on income would have on the current economy already suffering low consumer confidence.
How many marks do u think this would rofly get?

This was posted from The Student Room's iPhone/iPad App

(edited 11 years ago)

Reply 436

Student296

Original post by Gary

Predictions for grade boundaries? i hope its not too high =/

Same as June 11: A-63 B-56 C-49

This is the highest it has been so far.

Reply 437

ryanboi

Original post by mainac1912

I got same evaluation as you for the small decrease. I also included the 65% of AD but am not sure if thats an evaluation, so I did another, saying that there are other factors such as investment and if investment has increased, AD will increase. But I have seen 65% of AD taken as an evaluation point before so you might get 4 marks for the evaluation point.

Btw, did you say anything about fall in price level and fall in real output?? Cuz if you didn't, you will automatically lose 4 marks cuz thats what they are asking.

Reply 438

PeaceLoveKindness

Original post by Smeemi

No, but i'm sure you can.

Oh phew! I know, I realised after the exam that I could've but I was wondering if it specifically required a diagram... ^^

This was posted from The Student Room's iPhone/iPad App