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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 Robbie242)
    Ahah I got this wrong I got 48 and 45, I know thats wrong but I used the correct formula, should I expect 1 mark do you think?
    Hmm I don't think so, from mark schemes I remember its 2 if you get it correct, 1 if you do the working but don't get the right answer...

    Did you not realise that 45 dollars a year is quite hard to survive on?
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    (Original post by Waddsy)
    Did anyone else get confused by the question asking you to comment on how the change of inflation rate has an impact on the price level between 2007- 2011?

    I started putting the inflation rate fell between 07-09 which caused the price level to fall until I corrected it and said that the price level was increasing at a slower level. I then said deflation occurred from mid 08-09 which caused the price level to fall before rising again between 10-11
    I said a similar thing, for the essay I said that if firms gain less profits from exports, they can face more costs of production (as they have made a loss) and this can lead to cost-push inflation, I thought overall it was a nice paper, the essay was quite hard to answer at first, and the comment question I through my cards in and tried to say economic growth is the most important objective
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    (Original post by manchesterunited15)
    Hmm I don't think so, from mark schemes I remember its 2 if you get it correct, 1 if you do the working but don't get the right answer...

    Did you not realise that 45 dollars a year is quite hard to survive on?
    I thought it meant per day :P nice paper imo, I liked the causes of inflation one, I explained demand-pull for one of them and cost push for increasing wages. I think I got around 51/60 give or take
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    Okay guys, enough of f582 and now onto f581 for friday (thats if you are resitting this one too )

    Anyone have predictions of what is likely to come up anywhere in the exam!?

    Lucy
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    For the 18 marker I wrote that lower output and therefore lower real GDP would reduce the standard of living therefore highly skilled workers may move to different countries for the better living conditions/higher wages so AS would shift in because the productive capacity would decrease, is this right?
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    (Original post by lucybrown92)
    Okay guys, enough of f582 and now onto f581 for friday (thats if you are resitting this one too )

    Anyone have predictions of what is likely to come up anywhere in the exam!?

    Lucy
    It won't be PES as that was on the January paper which was my resit
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    (Original post by Robbie242)
    I said a similar thing, for the essay I said that if firms gain less profits from exports, they can face more costs of production (as they have made a loss) and this can lead to cost-push inflation, I thought overall it was a nice paper, the essay was quite hard to answer at first, and the comment question I through my cards in and tried to say economic growth is the most important objective
    yeah I agree although when I saw exchange rates in the final question I was thinking I was screwed but once I got going it was ok. For my evaluation I concentrated more on demand pull and the initial position in the economy and mentioned how decreases in AD have a greater multiplier effect etc. That link with cost push makes sense and I was a bit of a fool for not recognizing it

    You were probably right to put economic growth as the most important objective! I kind of went for the sitting on the fence answer saying that low employment can be beneficial to the other macroeconomic objectives apart from inflation where the objectives have conflicting views
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    (Original post by Robbie242)
    I thought it meant per day :P nice paper imo, I liked the causes of inflation one, I explained demand-pull for one of them and cost push for increasing wages. I think I got around 51/60 give or take
    read the question causes of inflation, was that the one about increased wages and increased bank lending? I'm not that confident, thought it went well until the 18 marker which went quite badly. Maybe 34/42 and then 10/18 so 44/60, if I had to guess
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    oh man i thought consumption was a injection

    well technically it is because the definition of injection - the additions of extra spending in a economy
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    (Original post by manchesterunited15)
    read the question causes of inflation, was that the one about increased wages and increased bank lending? I'm not that confident, thought it went well until the 18 marker which went quite badly. Maybe 34/42 and then 10/18 so 44/60, if I had to guess
    Yup bank lending leads to more consumption leading to demand pull inflation

    Increased wages means higher costs of production leading to cost push inflation.

    18 marker I wrote depends so much that it hurt my finger
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    (Original post by iggyDash)
    oh man i thought consumption was a injection

    well technically it is because the definition of injection - the additions of extra spending in a economy
    Technically it isn't because the circular flow is measured as Output=expenditure=income so consumption which is part of expenditure is already in the circular flow.
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    I was meant to say this yesterday but I was so stressed out... Thank you for all the replies to my questions. I appreciate it.

    The exam was really hard. I thought everyone on here would be saying that, but everyone thought it was really easy or okay. I found it incredibly tough. There wasn't one question where I thought 'I can pick up marks on this'. They were all incredibly hard. I spent ages revising yet everything I revised didn't really come up. It was more knowledge that I already knew 2 weeks ago...

    I messed up the essay question. I didn't suggest another policy. The whole wording of the exam got to me.

    Did anyone else find this paper really hard?

    I know some people have been talking about grade boundaries. Before coming onto this thread I was thinking they would be extremely low that's how hard I found it. But after coming on here it seems like everyone else found it okay.

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    Anybody got any good revision tips/material for f581?
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    (Original post by >Username<)
    I was meant to say this yesterday but I was so stressed out... Thank you for all the replies to my questions. I appreciate it.

    The exam was really hard. I thought everyone on here would be saying that, but everyone thought it was really easy or okay. I found it incredibly tough. There wasn't one question where I thought 'I can pick up marks on this'. They were all incredibly hard. I spent ages revising yet everything I revised didn't really come up. It was more knowledge that I already knew 2 weeks ago...

    I messed up the essay question. I didn't suggest another policy. The whole wording of the exam got to me.

    Did anyone else find this paper really hard?

    I know some people have been talking about grade boundaries. Before coming onto this thread I was thinking they would be extremely low that's how hard I found it. But after coming on here it seems like everyone else found it okay.

    I didn't suggest another policy either - you really do not have to! You just needed to talk about 3 ways exchange rates affected inflation, and three evaluative points of why it may not.

    Don't worry about it, you don't know the grades until August
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    (Original post by >Username<)
    I was meant to say this yesterday but I was so stressed out... Thank you for all the replies to my questions. I appreciate it.

    The exam was really hard. I thought everyone on here would be saying that, but everyone thought it was really easy or okay. I found it incredibly tough. There wasn't one question where I thought 'I can pick up marks on this'. They were all incredibly hard. I spent ages revising yet everything I revised didn't really come up. It was more knowledge that I already knew 2 weeks ago...

    I messed up the essay question. I didn't suggest another policy. The whole wording of the exam got to me.

    Did anyone else find this paper really hard?

    I know some people have been talking about grade boundaries. Before coming onto this thread I was thinking they would be extremely low that's how hard I found it. But after coming on here it seems like everyone else found it okay.

    I'm not sure if the the 18 mark question wanted another policy, wasn't it about whether rising exchange rates always reduce the inflation rate? Unless I'm reading it wrong, there's not much scope for another policy.

    But I have to agree with the wording, some questions such as 1b and 6 were difficult thanks to the wording.
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    (Original post by KanKan)
    I didn't suggest another policy either - you really do not have to! You just needed to talk about 3 ways exchange rates affected inflation, and three evaluative points of why it may not.

    Don't worry about it, you don't know the grades until August
    I talked about how exchange rates would reduce inflation, ect ect. I then said other things would effect such as demand pull and cost push inflation. Conclusion - How many marks do you think I could have got?

    I did want an A, but I think that's out the window. A B looks more promising. I'm just annoyed with the amount I revised...

    What did you think of the paper?

    (Original post by NedStark)
    I'm not sure if the the 18 mark question wanted another policy, wasn't it about whether rising exchange rates always reduce the inflation rate? Unless I'm reading it wrong, there's not much scope for another policy.

    But I have to agree with the wording, some questions such as 1b and 6 were difficult thanks to the wording.
    When I was in the exam I didn't pick up on writing another policy... My teacher said that we could have though. I think you're right tbh. I mean, some people probably did write about another policy. But I thought writing about another policy is when the question is about a specific policy...

    1b was really hard... It took me a good 10 minutes. And I can put the wrong answer. What was question 6?
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    (Original post by fletchdd02)
    It probably isn't the most effective policy to reduce inflation, supply side policies are much more useful.

    Well supply side policies can be very useful, however it depends on the initial type of inflation the economy is experiencing. Cost-push can be reduced through supply side policies and Demand-pull can be reduced by a deflationary fiscal and/or monetary policy.
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    (Original post by >Username<)
    What was question 6?
    It was a comment on unemployment being the most important macroeconomic objective. Didn't have a clue on the structure for that, I assumed the costs of unemployment were the analysis but the evaluation section was just me throwing in anything about conflicts between policies.
    Do you remember what you put?
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    (Original post by >Username<)
    I talked about how exchange rates would reduce inflation, ect ect. I then said other things would effect such as demand pull and cost push inflation. Conclusion - How many marks do you think I could have got?

    I did want an A, but I think that's out the window. A B looks more promising. I'm just annoyed with the amount I revised...

    What did you think of the paper?
    I'm in no position to answer how many marks you got, but I did around about the same thing, it seemed the best way to tackle the question.

    The paper went alright. Considering grade boundaries are normally around 80% for an A, I think (hopefully) I got an A. Well I really need one, as I honestly couldn't suck anymore at F851 :/
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    (Original post by NedStark)
    It was a comment on unemployment being the most important macroeconomic objective. Didn't have a clue on the structure for that, I assumed the costs of unemployment were the analysis but the evaluation section was just me throwing in anything about conflicts between policies.
    Do you remember what you put?
    For that one I did:
    - 2 reasons why low unemployment is good
    - 2 reasons why it is not
    - A tiny bit at the end saying 'economic growth' would be a better option

    What about you guys?
 
 
 
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