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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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    I'm gutted that I didn't write about demand pull and cost push inflation. But I wrote about absolute advantage (such as oil producing countries) and how those economies would not experience a fall in inflation because demand will still continue to exceed supply.
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    (Original post by charlottecoleman)
    Anyone for the causes of inflation get:
    1. An increase in wages means more disposable income to spend thus increasing consumer expenditure, increasing AD therefore creating demand-pull inflation.
    2. An increase in borrowing from bank (can't remember exact term used) would mean cost more to borrow and invest therefore creating cost-push inflation.

    Worrying that I got the demand-pull and cost-push the wrong way round?
    I got - as people get higher wages they have a higher real disposable income which allows them so spend more which will push up AD and cause demand-pull inflation.
    Then the banks lending money means people can again spend more which leads to further demand-pull inflation.

    I got teacher approval on this one, it was one of the ones I asked him!
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    For the value of investment, did everyone just simply divide investment level by 100 and x40? And get 2,000 something?
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    (Original post by lufc_dan)
    For the value of investment, did everyone just simply divide investment level by 100 and x40? And get 2,000 something?
    yeaaaap!
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    (Original post by christanmu)
    yeaaaap!
    Good stuff. Wish I could just find out my grade. Hate waiting about.
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    (Original post by lufc_dan)
    Good stuff. Wish I could just find out my grade. Hate waiting about.
    Have to nail micro too obviously!
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    For the question asking for two causes of inflation, would I lose marks for not stating 'demand-pull' and 'cost-push' despite mentioning the shifts in AD and AS?
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    My god , i failed that.
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    (Original post by Fas)
    My god , i failed that.
    could you start a poll so we can vote on how we found it please
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    (Original post by christanmu)
    I am incredibly less confident now than I was before...
    don't worry about it mate, nearly everyone feels that way. you'll do fine :P what grade are you aiming for?
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    Now getting slightly worried on the causes of inflation question. In the case study it said consumption increased in China- I said as demand for firms goods / services increased prices would be raised which would cause demand pull inflation. No-one else seems to have that!
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    (Original post by SherlockHolmes)
    For the question asking for two causes of inflation, would I lose marks for not stating 'demand-pull' and 'cost-push' despite mentioning the shifts in AD and AS?
    I'd suspect not, as long as your answer is clear and makes sense you should get the marks. It's not asking for types of inflation, but the causes. Didn't you have to use the case study as-well So that backs up my point :P
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    (Original post by christanmu)
    yeaaaap!
    yeah i did x 0.4
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    for the causes of inflation i got - rise in wages causes demand-pull and cost-push inflation ( i'm just that cool i put both down )

    then i put one to do with increased bank lending - incentivsing consumers to borrow more which they would spend on goods and services , increasing AD in the economy hence causing demand-pull inflation.

    In fairness , everything uptill the essay im 100% certain i got full marks on hahaha

    the essay though............
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    (Original post by Fas)
    for the causes of inflation i got - rise in wages causes demand-pull and cost-push inflation ( i'm just that cool i put both down )

    then i put one to do with increased bank lending - incentivsing consumers to borrow more which they would spend on goods and services , increasing AD in the economy hence causing demand-pull inflation.

    In fairness , everything uptill the essay im 100% certain i got full marks on hahaha

    the essay though............
    It was nearly a balance of payments question but it just about avoided it, I thought of evaluative points but not sure if some of them are entirely correct, ended up writing masses as well. Can't believe I messed up the maths question though for china/japan :P. Loved the explain/describe questions though, nice and easy to tackle
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    (Original post by christanmu)
    I am incredibly less confident now than I was before...
    Don't worry about a thing, cuz every little thing gonna be alright
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    What did anyone put for the question which said should unemployment be the main target for governments? Or something like that


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    Did anyone draw a demand and supply diagram for the 18 marker in order to show how the price of a currency is determined? I didn't but loads of my friends said that did??? all i put was an AD/AS diagram
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    (Original post by Robbie242)
    It was nearly a balance of payments question but it just about avoided it, I thought of evaluative points but not sure if some of them are entirely correct, ended up writing masses as well. Can't believe I messed up the maths question though for china/japan :P. Loved the explain/describe questions though, nice and easy to tackle
    hahahaha THANKFULLY i managed to avoid that trap ! the obvious point about that essay was the whole demand-side argument which i did write about , like how a rise in exchange rate would lead to increase in price of exports and decrease in price of imports but then i talked about a pretty complex point about supply... which wasn't entirely wrong just not the best point to make.

    reckon i'll have dropped a couple of marks on the first 42 marks ( despite my confidence lol ) + got 10-11/18 on the essay so hopefully around the 50 mark , bout 85 ums should be fine.

    haha how'd you mess up the calculations , they were the best bits of the paper i thought ! i got that Japan had an average income of 45000 as compared to China's 4800 ( Japan is higher ) and i got investment to be 2572 billion dollars or something like that lol cant remember exactly
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    (Original post by Fas)
    hahahaha THANKFULLY i managed to avoid that trap ! the obvious point about that essay was the whole demand-side argument which i did write about , like how a rise in exchange rate would lead to increase in price of exports and decrease in price of imports but then i talked about a pretty complex point about supply... which wasn't entirely wrong just not the best point to make.

    reckon i'll have dropped a couple of marks on the first 42 marks ( despite my confidence lol ) + got 10-11/18 on the essay so hopefully around the 50 mark , bout 85 ums should be fine.

    haha how'd you mess up the calculations , they were the best bits of the paper i thought ! i got that Japan had an average income of 45000 as compared to China's 4800 ( Japan is higher ) and i got investment to be 2572 billion dollars or something like that lol cant remember exactly
    Yeah same, I mentioned that if a large amount of goods have already being produced, but there are high prices for exports, and less purchases = less profits -> cost push inflation
    I also banged on about a fall in AD causing a fall in unemployment increasing the amount of govt spending devoted to unemployment benefit increasing demand pull inflation
    I had lots of evaluation and I thought it was decent but I hope I did bore the examiner

    I got the investment contribution right but the Japan one, shows that I clearly can't differentiate by a billion and a million, ended up getting $48 for china and $45 for Japan lol just messed it up completely only 2 marks though.

    Yeah same, though I suppose judging on this papers difficulty the boundary for an A will be 46 or 47 so it could be higher than 85ums (for your prediction)
 
 
 
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