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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 charliewilson)
    I did both the country's real GDP/inc in population... pretty sure that's right.. Japan was definitely more
    do u remember the GDP figures and population figure plz from the case study
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    I can't quite recall, but wasn't there a question on why consumer expenditure may be low?

    I said as my reasons:

    Low consumer confidence

    High interest rates

    Low incomes

    I think?
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    That'd get the marks I put:

    Lack of confidence
    Negative wealth effect
    High interest rates

    It didn't have to be linked to the case study
    (Original post by Robbie242)
    I can't quite recall, but wasn't there a question on why consumer expenditure may be low?

    I said as my reasons:

    Low consumer confidence

    High interest rates

    Low incomes

    I think?
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    Everybody around me was shifting LRAS right for the essay question? I was confused as surely deflationary monetary policies are designed to shift AD and could also shift SRAS left (by increasing C.O.Ps).... LRAS doesn't fit in...
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    (Original post by charliewilson)
    Everybody around me was shifting LRAS right for the essay question? I was confused as surely deflationary monetary policies are designed to shift AD and could also shift SRAS left (by increasing C.O.Ps).... LRAS doesn't fit in...
    AD shifted left and on another diagram AS could have shifted right (reduced cost of production for firms due to cheaper imports). Don't worry about it, haha.
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    what percentage is needed to get an overall of an B
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    (Original post by Pro Crastination)
    AD shifted left and on another diagram AS could have shifted right (reduced cost of production for firms due to cheaper imports). Don't worry about it, haha.
    But that would have caused Short Run to shift right... not long run?
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    (Original post by charliewilson)
    But that would have caused Short Run to shift right... not long run?
    Depends whether its Keynes of classical, I always use Keynes for simplicity
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    (Original post by charliewilson)
    But that would have caused Short Run to shift right... not long run?
    To be honest, I didn't consider whether the increase in AS was long run or short run. I just stated that a decrease in the cost of production for firms would increase AS - reducing cost-push inflation.
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    For the 18 marker some of my evaluative points were the size and duration of the rise in exchange rate and the exchange rate in the country's main trading partners. Also offered investment in education/training as an alternative. Think I'd get the marks for that?
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    (Original post by Robbie242)
    I can't quite recall, but wasn't there a question on why consumer expenditure may be low?

    I said as my reasons:

    Low consumer confidence

    High interest rates

    Low incomes

    I think?
    put same as you

    think majority put those three mainly cos they were quite easy to write about , and even a douchebag of an examiner cannot mark em wrong if explained.

    EDIT : i put lower amount of real disposable income rather than lower incomes
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    (Original post by Pro Crastination)
    AD shifted left and on another diagram AS could have shifted right (reduced cost of production for firms due to cheaper imports). Don't worry about it, haha.
    good haha i shifted LRAS to the right also placed another AD curve to the left but evaluated that as a " here the economy is at spare capacity " kind of point
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    (Original post by rber)
    do u remember the GDP figures and population figure plz from the case study
    6480 billion dollars for China and 5970 billion dollars for Japan maybe ?
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    For the 18 marker I didnt really like it but managed to waffle on about:

    - Rising exchange rate will mean imports are cheaper, more firms import goods, shift outwards in AS, more goods in the economy, firms can lower prices as goods are cheaper and therefore lower prices means lower inflation rate - use of diagram to explain

    - Said that it could depend on real wages, if they are rising higher than output then demand pull inflation would mean that demand for goods is so great that inflation would not be able to increase even if imports occurred - use of a diagram to explian

    - Said exports would reduce as its costs more for international firms to export the goods to their country due to the Exchange Rate, therefore firms may be more reliant on local markets which are more competitive than global markets, will therefore have to lower their prices to compete on a local level to attract demand, again therefore reducing inflation.

    Anyone got anything similar?
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    For the umployment question I said that low unemployment means less government spending on benefits and more tax revenue through direct taxes so this may result in a budget surplus. I also said that low unemployment means less lost output so more can produced in an economy if unemployment is low. For evaluative I said however economic growth may be a more important macroeconomic policy if there is a lot of poverty within the economy, and that economic growth can help reduce poverty without having to redistribute income. I also said that trying to achieve low unemployment may result in unsustainable economic growth, which may lead to depletion of natural resources leading to pollution.

    i think my evaluation will let me down. Hopefully will only drop 2 marks on this question.
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    An F581 question:

    Do we have to learn about minimum/maximum prices for this exam?

    My teacher has insisted we do, but the specification doesn't agree.
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    (Original post by KanKan)
    An F581 question:

    Do we have to learn about minimum/maximum prices for this exam?

    My teacher has insisted we do, but the specification doesn't agree.
    lol no way
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    (Original post by KanKan)
    An F581 question:

    Do we have to learn about minimum/maximum prices for this exam?

    My teacher has insisted we do, but the specification doesn't agree.
    I did F581 and dont remember doing that, ask your teacher to show you it in the specification or email OCR?
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    (Original post by elzginger)
    for the 18 marker i didnt really like it but managed to waffle on about:

    - rising exchange rate will mean imports are cheaper, more firms import goods, shift outwards in as, more goods in the economy, firms can lower prices as goods are cheaper and therefore lower prices means lower inflation rate - use of diagram to explain

    - said that it could depend on real wages, if they are rising higher than output then demand pull inflation would mean that demand for goods is so great that inflation would not be able to increase even if imports occurred - use of a diagram to explian

    - said exports would reduce as its costs more for international firms to export the goods to their country due to the exchange rate, therefore firms may be more reliant on local markets which are more competitive than global markets, will therefore have to lower their prices to compete on a local level to attract demand, again therefore reducing inflation.

    Anyone got anything similar?
    yes yes yes yes you beauty
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    (Original post by Fas)
    yes yes yes yes you beauty
    Hahah, take it you wrote something similar then
 
 
 
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