Join TSR now and get all your revision questions answeredSign up now
    Offline

    1
    ReputationRep:
    I knew something like that would come up from the first time when I saw stimulus material, because data shows slightly unusual inflation growth relationship.

    If that helps I answered the 6 marker in that way:

    -Shift AS left.
    -Global recession
    -Estonia dependent on exports.
    -Less export demand from abroad
    -Less demand for Estonian currency
    -Currency devaluates
    -Cost of imports especially raw materials goes up
    - Cost of production rise which shifts AS and causes cost push inflation and hence rise in price level and decrease in output.
    Offline

    2
    ReputationRep:
    This is my whole structure

    1) Fiscal/monetary convergence

    Fiscal convergence involves government spending.
    Government debt < 60% go GDP
    Budget debt < 3%

    Monetary convergence involves setting a single interest rates
    Involves single exchange rate

    Extent to monetary convergence depends on fiscal convergence

    2) Benefits of euro zone for Estonia

    1. Lower transaction costs means a boost in trade/investment as firms incur less costs by not having to change their currency into the euro. Firms get to keep more of their profits which will boost trade. Boost AD, boost growth.

    2. Price transparency means consumers/firms find it easier to compare prices within the Euro. More allocatively efficient. Can boost consumer expenditure and investment. May boost development.

    3) FDI question

    Benefits

    Trade and investment
    Jobs
    Increase in productivity

    Costs

    May not last long
    Dependency
    Doubts over benefits

    4) Economic growth and development

    Definitions, contrasts.

    5) diagram question

    I drew AD shifting to the left. This is so wrong. So lets assume I got 0/6

    6) trade question influencing growth

    Defined trade
    Said it can boost consumer expenditure and exports. AD shifts to the right due to trade creation
    But it depends on other factors such as the tax on profits, confidence in the economy due to recession

    7) 20 marker

    Defined sustainable development
    Explained how growth in welfare can be achieved + diagram (AS shifting to the right)
    Explained how cultural objectives can be achieved
    Explained how coherent society can't be achieved + diagram ( Lorenz curve)
    Explained how ecological balance can't be achieved + diagram (externalities)

    Said growth alone can't influence sustainable development. Depends on other things I.e. government policy.
    Offline

    0
    ReputationRep:
    (Original post by Alphaxtroop)
    As far as your essay goes, I wrote a very similar one to you I think quite alot of people did go down this route, you will get 20 so long as the evaluation was good which Im sure it was as those points are quite nice ones to actually evaluate. I cant remember the rest of my answers though, sorry about that.
    Thanks Any help is appreciated! Soo nervous as I need quite a high mark in this :s Yeah we went over this question quite a bit in class thankfully so I think I had that one covered!

    Anyone else have anything on my other questions please Also whilst we were sitting out exam, it was so loud because construction work was going on right next to us! The invigilator said she'll try and put us in for 'special consideration'. Are we likely to get it even though it was the school's fault? And if we do, does anyone know what it's likely to be?
    Offline

    0
    ReputationRep:
    (Original post by bhogs001)
    This is my whole structure

    1) Fiscal/monetary convergence

    Fiscal convergence involves government spending.
    Government debt < 60% go GDP
    Budget debt < 3%

    Monetary convergence involves setting a single interest rates
    Involves single exchange rate

    Extent to monetary convergence depends on fiscal convergence

    2) Benefits of euro zone for Estonia

    1. Lower transaction costs means a boost in trade/investment as firms incur less costs by not having to change their currency into the euro. Firms get to keep more of their profits which will boost trade. Boost AD, boost growth.

    2. Price transparency means consumers/firms find it easier to compare prices within the Euro. More allocatively efficient. Can boost consumer expenditure and investment. May boost development.

    3) FDI question

    Benefits

    Trade and investment
    Jobs
    Increase in productivity

    Costs

    May not last long
    Dependency
    Doubts over benefits

    4) Economic growth and development

    Definitions, contrasts.

    5) diagram question

    I drew AD shifting to the left. This is so wrong. So lets assume I got 0/6

    6) trade question influencing growth

    Defined trade
    Said it can boost consumer expenditure and exports. AD shifts to the right due to trade creation
    But it depends on other factors such as the tax on profits, confidence in the economy due to recession

    7) 20 marker

    Defined sustainable development
    Explained how growth in welfare can be achieved + diagram (AS shifting to the right)
    Explained how cultural objectives can be achieved
    Explained how coherent society can't be achieved + diagram ( Lorenz curve)
    Explained how ecological balance can't be achieved + diagram (externalities)

    Said growth alone can't influence sustainable development. Depends on other things I.e. government policy.
    To be honest, all of that sounds pretty reasonable and if you've explained/analyse them well then that should be fine! I answered my Q1 and Q2 pretty much the same as you I don't think AD to the left would get you 0 marks too, I've seen questions before and although they dock a few marks, if you've analysed it well, you can often get a couple of marks from it

    Can I just ask, for your Q4 how did you answer that, I don't think I defined them right or even contrasted them right :s
    Offline

    2
    ReputationRep:
    (Original post by Ath1f)
    To be honest, all of that sounds pretty reasonable and if you've explained/analyse them well then that should be fine! I answered my Q1 and Q2 pretty much the same as you I don't think AD to the left would get you 0 marks too, I've seen questions before and although they dock a few marks, if you've analysed it well, you can often get a couple of marks from it

    Can I just ask, for your Q4 how did you answer that, I don't think I defined them right or even contrasted them right :s
    Ah decent! Really? Meh. Only 6 marks. Need 70 ums for an A anyways

    Okay so for question 4,

    Economic growth is an increase in the productive potential of the economy. It can also be said to be an increase in total output or GDP over time. Economic development however is an increase in the social welfare and living standards of a population. Economic growth can have a positive influence on economic development, but not the other way round. Some countries e.g. USA, have high growth and high development but countries like China have high growth and medium/low development. So growth influencing development has many other factors.

    (Literally word for word of what I wrote lol)
    Offline

    0
    ReputationRep:
    (Original post by bhogs001)
    Ah decent! Really? Meh. Only 6 marks. Need 70 ums for an A anyways

    Okay so for question 4,

    Economic growth is an increase in the productive potential of the economy. It can also be said to be an increase in total output or GDP over time. Economic development however is an increase in the social welfare and living standards of a population. Economic growth can have a positive influence on economic development, but not the other way round. Some countries e.g. USA, have high growth and high development but countries like China have high growth and medium/low development. So growth influencing development has many other factors.

    (Literally word for word of what I wrote lol)
    oh okay, so if I wrote Growth: increase GDP over time period, development: increase in economic and social welfare.growth necessary not sufficient for development., I could even get 2 or 3 marks? And yeah, I would defo say 70% easy! IMO you could easily be looking in the 50s. Could you check my answers please (written on th page before this) and tell me what you reckon I can get please I've got a feeling I've gone catastrophically wrong on one of my 10 mark Qs but could just be post exam nerves :s
    Offline

    0
    ReputationRep:
    50s out of 60 not percent
    Offline

    2
    ReputationRep:
    (Original post by Ath1f)
    Can someone rip my answers apart please? I wanna know the worst score I could possibly get to prepare myself i think my 6 markers and 20 marker were fine, could someone tell me what they reckon i got especially for my 4 and 10 markers (provided i analysed the points well)


    1a) fiscal convergence and monetary convergence both used for similarities in macroeconomic indicators. and so policies benefit all countries. Fiscal convergence uses fiscal policy eg 3%Budget deficit of GDP, 60% National debt of GDP to reduce need for fiscal transfers and monetary convergence to control growth and ER stability.


    1b) analysed 1- ER stability 2- Lower transaction cost (cost of changing currencies)


    1c)GOOD:more FDI more investment so AD increase. More employed. More tax rev for gov to invest in supply side policies.
    BAD: may hire workers from own countries in top jobs and may be more prone to leave in a time of recession reducing I reducing AD
    COMMENT: maybe FDI not most important factor ie, Gov Investing in education and training


    2a)Growth: increase GDP over time period, development: increase in economic and social welfare.
    growth necessary not sufficient for development.


    2b) AS to left due to increased inflation abroad so higher cost of raw materials


    2c) GOOD:Benefit from imported tech for AS, firms may benefit from EofS, increased exports (X led ADgrowth)
    BAD: firms in bigger economies benefit from bigger EofS so domestic firms outcompeted.
    COMMENT: maybe infrastructure more important


    3)Good: Increase money for spending on healthcare.
    Increase tax rev for gov to spend on hospitals
    Bad: Pollution and depletion of fossil fuels
    -income unevenly distributed
    COMMENT: CDM(from kyoto protocol) better
    Ok. So in my opinion, everything here is mostly correct. However for the 10 markers, they seem good, but kinda iffy 6/10 +

    It seems to me that you have only mentioned a few benefits/costs?

    I mentioned at least 3 of each...however your evaluation is great! So you would have done fine

    One slight problem. The drawback of FDI seems quite subjective. I looked in the guid and it says things like, dependency, may not last long, and doubts over the benefits...

    So answering each question and giving a mark ( worst case scenario)

    1) 3/4
    2) 5/6
    3)7/10
    4) 3/4
    5) 6/6
    6) 8/10
    7) 14/20 plus

    Giving you an A maybe an A* (46/60)
    Offline

    0
    ReputationRep:
    (Original post by Alphaxtroop)
    Nice, lets just hope we both now get 6/6
    surely AD and As both shift left, not AS left and AD right ?
    Offline

    0
    ReputationRep:
    (Original post by Tommmmmmmmm)
    Btw guys for the graph question, im pretty sure you only had to analyse inflation and not what happened to GDP, the question only asked about it so a diagram showing cost push inflation and an explanation would have been fine.
    the question said inflation AND gdp - but the explanation could have just been cost push or time lag
    Offline

    2
    ReputationRep:
    (Original post by Student8)
    surely AD and As both shift left, not AS left and AD right ?
    I did AD going to the left...

    Recession means less AD idk
    Offline

    0
    ReputationRep:
    (Original post by bhogs001)
    I did AD going to the left...

    Recession means less AD idk
    yeah thats what i though, and with AS also shifting left you get the rise in price as well ?? so do you think this would be right?
    Offline

    0
    ReputationRep:
    (Original post by bhogs001)
    Ok. So in my opinion, everything here is mostly correct. However for the 10 markers, they seem good, but kinda iffy 6/10 +

    It seems to me that you have only mentioned a few benefits/costs?

    I mentioned at least 3 of each...however your evaluation is great! So you would have done fine

    One slight problem. The drawback of FDI seems quite subjective. I looked in the guid and it says things like, dependency, may not last long, and doubts over the benefits...

    So answering each question and giving a mark ( worst case scenario)

    1) 3/4
    2) 5/6
    3)7/10
    4) 3/4
    5) 6/6
    6) 8/10
    7) 14/20 plus

    Giving you an A maybe an A* (46/60)
    Thanks just really wanted an indication from someone else because I'm not very good at critiquing my own work! Need 82% which may be a big ask but we'll see! Yeah we've always been told 2 for 2 against 1/2 discussions haha but probably should've done another one on either side jut to be sure! The FDI question was my biggest worry, went completely mink blank for a few minutes then tried to get anything down! Thanks for the help, Much appreciated
    Offline

    0
    ReputationRep:
    For the diagram question I said that due to large amounts of fdi during the boom period all the demand-pull inflationary pressure that built up was released when the recession hit so that's the diagram I drew! It made sense at the time but now I'm doubting it. Did anyone else do this?


    Posted from TSR Mobile
    Offline

    2
    ReputationRep:
    For the Inflation / Real GDP diagram

    my mind went blank so i was playing around with AS and AD to make it increase price level and decrease real gdp

    ended up shifting both to the left and somehow made it work
    Offline

    0
    ReputationRep:
    For the 20 marker, I basically went through each heading in Sustainable Estonia 21, and spoke about the extent to which growth would impact it. Then after that I spoke about alternatives that may suit each area (of sustainable Estonia 21) better, such as a progressive tax system etc. Then I did a concluding paragraph.
    Is this an okay structure? I didn't really fit many graphs in (think I did one AD/AS somewhere) but that's about it
    Offline

    2
    ReputationRep:
    (Original post by Remeeeee)
    For the question that needed a diagram, (6 marks) i shifted my AD TO THE LEFT ?? due to lack of confidence and prices dropping, but i didn't shift my AS, would i still get some marks for noting that it was a recession?
    Exactly the same thing as I did :/
    Offline

    0
    ReputationRep:
    (Original post by bhogs001)
    Exactly the same thing as I did :/
    I imagine you'd still get marks! If you did something contradictory like increase AD or AS you wouldn't get any, but I don't see why you couldn't get at least a few marks as long you explained your reasoning well
    Offline

    2
    ReputationRep:
    I also shifted AD inwards for the diagram question and just said that inflation was high because there was a time lag, not sure if that will gain credit.
    I looked at a past paper question which asked for a diagram and looked at the mark scheme. It is from the January 2010 paper question 2b:
    Knowledge marks: 1 mark for correctly labelled axes, 1 mark for correctly drawn and labelled demand and supply curves.
    Application marks: up to 2 marks for the shifts and the new equilibrium.
    Analysis marks - up to 2 marks for explicit analysis of the causes of the shift(s)
    The only difference (apart from the context) is that we were told the axes in the question (real GDP and price level) but I don't think the mark scheme is likely to differ too much.
    Offline

    0
    ReputationRep:
    (Original post by Tommmmmmmmm)
    And also for the graph question, you can get away with shifting AD if you talk about a timelag.
    thats what i did
 
 
 
Poll
Should MenACWY vaccination be compulsory at uni?

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Quick reply
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.