F581/ F582 Economics June 2013

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F582 really isn't that difficult , a lot of it is just getting used to exam technique - once you have that nailed you'll find that D turns into an A :smile:

I guess so, but its more specific than f581 thats for sure, I will blast out all the papers in the run up to the exam and I think I'll be good to go

Reply 61

isatukamara

Original post by lisa96

http://www.tutor2u.net/blog/index.php/economics/comments/ocr-as-micro-and-macro-exam-tips#extended this is really useful for f581 and f582 :smile:

This is excellent, thanks !

Reply 62

mandem2k11

Anyone know where to find F581 past papers!? Theres none on the OCR site? :s-smilie:

Reply 63

wolalala

does anyone know the answers to these questions please? 1) what is the current income tax? .. 2) why an increase in imports may increase a country’s current account deficit 3)why a increase in imports may not increase the country’s current account deficit.. Thank you, I would really appreciate it if anyone would respond :smile:

Reply 64

Robbie242

Original post by wolalala

1) don't know 2) Since a current account deficit is when imports exceed exports, therefore a rise in imports will result in a higher current account deficit. 3) quantity of imports may rise but expenditure on imports may fall, imports from other countries may fall, imports of raw materials/capital goods may lead to higher exports

Reply 65

>Username<

I think this unit is a lot harder than the second one, everything links together and as I'm reading through this I'm realising how much I don't know. I'm dreading this exam. :frown:

I feel like one question could potentially be the difference between a C and an A. In unit 1 I understood most of the work, on this unit I feel I understand it but then the question is worded differently and asks a particular point and I just get so confused.

So people think the essay will be on Fiscal/Monetary policy?

Also, please could someone explain the current account to me? I really don't understand what it does and what factors affect it.

Reply 66

wolalala

Original post by Robbie242

Oh I see, I understand that much better now, Thank you for replying :smile:

Reply 67

heirloom

Does anyone think that they might ask about the balance of payments for the 18 marker? As in the significance of a deficit and what policies could improve the position

Reply 68

Robbie242

Original post by heirloom

Does anyone think that they might ask about the balance of payments for the 18 marker? As in the significance of a deficit and what policies could improve the position

Possibly, then it would just be a matter of fiscal/monetary policy wouldn't it?

Reply 69

heirloom

Original post by Robbie242

Possibly, then it would just be a matter of fiscal/monetary policy wouldn't it?

The textbook says that in the short run fiscal/monetary but in the long run supply side would be needed

Reply 70

Robbie242

Original post by heirloom

The textbook says that in the short run fiscal/monetary but in the long run supply side would be needed

Ah yeah true, Supply Side can help as well especially in the long run model

Reply 71

M.I.A

F581-01Jan13.pdf <----- That is the F581 Jan 2013 paper for anyone that needs it. I will be posting the F582 Jan 2013 paper aswell later.

Reply 72

kris3332

there is only one thing that im unsure of in f582, in the textbook where theres a circular flow of income, theres output, expenditure and income, it can be calculated by totalling up output income or expenditure, does that mean that both output and income or output with expenditure have to be added together to get economic growth, or am i just stupid and not understanding it? thanks

Reply 73

miasp

Anyone got a guess of what the f582 18 marker question will be on?

Reply 74

brightbulb

Original post by M.I.A

F581-01Jan13.pdf <----- That is the F581 Jan 2013 paper for anyone that needs it. I will be posting the F582 Jan 2013 paper aswell later.

Thanks - do you have the mark scheme?

Reply 75

KanKan

Does anyone have any tips on how to tackle the 18 markers? I get like 90% of all the marks before the last question, then loose loads at the end. :/

Reply 76

Rheannan

Original post by KanKan

Does anyone have any tips on how to tackle the 18 markers? I get like 90% of all the marks before the last question, then loose loads at the end. :/

for f581, it is most likely to be about market failure. so if it says, discuss the effectiveness of a subsidy to correct this, draw the diagram, advantages disadvantages of subsidies. then, say another would be good also, e.g. state provision (dont draw a diagram, not enough time), say advantages, disadvantages, then say that A MIX OF POLICIES IS BEST and the effectiveness off subisidy/state provison depend on, and boom, 16/18 at least. i did that on jan and got 16/18, but overall got a c, as i wan't sharp enough in my answers in the rest of the paper. so i have to resit! gutted!

Reply 77

username963570

Original post by KanKan

Does anyone have any tips on how to tackle the 18 markers? I get like 90% of all the marks before the last question, then loose loads at the end. :/

well as a general outline - for F582 ones :

Example - Discuss the effectiveness of Fiscal Policy in promoting Economic Growth.

A general essay plan ( which can be adapted to other essays ) goes like this :

Introduction : start of by simply defining what Economic Growth and Fiscal Policy are - in this case you can also mention the components of Fiscal Policy and maybe mention how economic growth is measured

Section 1 : here you will write a paragraph arguing why Fiscal Policy WOULD be effective at promoting economic growth ( expansionary fiscal policy measures such as cutting taxation will allow consumers to retain more disposable income , hence spending it on goods and services , promoting Aggregate Demand , increasing Real National Output + firms would expand capacity to meet AD in order to maximise profits hence improving LRAS )

Section 1 addition : then if you wish ,you could draw a AD/AS Diagram to support that by showing the increase in AD and an increase in LRAS ( if you wanted ) However a Diagram is NOT necessary to achieve 18/18

Section 2 : Here you begin to evaluate why Fiscal Policy may NOT work in promoting Economic Growth ( depends on position of the economy at the time , time lags etc ) OR you could mention an alternative policy ( such as supply-side policies ) - however in that case you would have to constantly be comparing the two policies together , so for me i think just evaluating it is easier :tongue:

Conclusion : Here try to avoid just repeating stuff you wrote in the essay , for this particular essay you could mention whether fiscal policy works in the short run / long run and then maybe 1-2 reasons why - but try to avoid repetition .

Hope this helps ! and remember you can apply that ^^ to any other F582 essay aswell :smile:

Reply 78

SixteenSaltines

Does anyone else think that the mark schemes look as though they were written to adhere to people with downs? Two-mark answers like 'goes up more slowly'?!

These comment questions 6/7/8 mark questions are really stressing me out so if anyone has any helpful advice I would kindly appreciate it!

(edited 10 years ago)

Reply 79

iggyDash

Getting nervous even though i already have a B in AS economics. Just want to get 100% from these AS retakes.

Anyone have the jan 2013 f582 past paper and preferably the mark scheme as well ?