Aqa economics unit 2 (Econ 2) exam on 17th of may

Original post by helpmeplease101

If the European Union was to come up, what would we write about?

Original post by Taffie

What can you write about the EU isn't that for A2

Posted from TSR Mobile

I'm sure it's A2 but if not, the UK having no trade barriers with countries in the EU and the benefits and drawback. Joining the Eurozone? and something about exchange rates will definitely appear if the EU do :lol:

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Reply 25

I don't think anything could come up about the Euro zone in such a way that we would need to know anything A2-esque.

I'm resitting Econ 2 on Friday. Then there is a huge break between Eco 2 and Econ 4 - 25 days!
I have pretty much left Econ 4 for after this exam since I need to do well/improve my grade in Econ 2, and there's no point revising it thoroughly before Econ 2!

Does anybody who took this exam in January know what came up? Or somebody who has the Jan 2013 paper? And do you any idea of what will actually come up on Friday?
Also does anybody know the most popular 25 markers and 12 markers asked?

Thanks!

Reply 26

stirkee

19

Original post by Keyan333

I don't think anything could come up about the Euro zone in such a way that we would need to know anything A2-esque.

I'm resitting Econ 2 on Friday. Then there is a huge break between Eco 2 and Econ 4 - 25 days!
I have pretty much left Econ 4 for after this exam since I need to do well/improve my grade in Econ 2, and there's no point revising it thoroughly before Econ 2!

Does anybody who took this exam in January know what came up? Or somebody who has the Jan 2013 paper? And do you any idea of what will actually come up on Friday?
Also does anybody know the most popular 25 markers and 12 markers asked?

Thanks!

The 25 markers are always pretty much the same. Its always on the use of demand side/supply side policies to achieve objectives, i.e reduce unemployment, get out of a recession. Its so predictable really :P

Reply 27

I spent my day reading a revision book for this unit and my multiple choice has increased by 7 :biggrin:

I improved from 17-24/25. The future is looking sort of bright... I just need to somehow do bloody amazing in the 25 marker and I'll be set since I have never been bad on the 5,8 and 12 markers.

Any tips for the 25 markers? They're a bit hit and miss for me.

Reply 28

Original post by JordanS94

I spent my day reading a revision book for this unit and my multiple choice has increased by 7 :biggrin:

I improved from 17-24/25. The future is looking sort of bright... I just need to somehow do bloody amazing in the 25 marker and I'll be set since I have never been bad on the 5,8 and 12 markers.

Any tips for the 25 markers? They're a bit hit and miss for me.

Which revision book did you use? I've found I have to keep on going over the multiple choice, then circling the ones I get wrong. It's working, but it takes hours!

Reply 29

CallumTheKing

2

Original post by Taffie

I don't understand about the current accounts what is that all about

Posted from TSR Mobile

The current account is basically just the part of the balance of payments measuring income currency flows, e.g. Payments for imports and exports.

It also includes investment income and transfers.

Thats about all you need to know really.

Reply 30

Original post by Keyan333

Which revision book did you use? I've found I have to keep on going over the multiple choice, then circling the ones I get wrong. It's working, but it takes hours!

http://www.amazon.co.uk/AQA-Economics-Student-Unit-Guide/dp/1444148273/ref=sr_1_2?ie=UTF8&qid=1368722124&sr=8-2&keywords=aqa+as+economics this one. took me about 2-3 hours to read it with regular breaks :biggrin:

Reply 31

h_steer95

is it likely something to do with the EU is going to come up? i have no idea what i would write for that, would it be current account stuff and imports exports ect?...

and what do you suggest to do for last minute revision techniques?

Reply 32

Original post by JordanS94

http://www.amazon.co.uk/AQA-Economics-Student-Unit-Guide/dp/1444148273/ref=sr_1_2?ie=UTF8&qid=1368722124&sr=8-2&keywords=aqa+as+economics this one. took me about 2-3 hours to read it with regular breaks :biggrin:

Ha, I had that one for Econ 1 + 3. But I didn't think it helped that much. I guess you easily learn from simply reading. But the multiple choice examples at the back were fairly good. Essay examples were meh!

Reply 33

Original post by h_steer95

is it likely something to do with the EU is going to come up? i have no idea what i would write for that, would it be current account stuff and imports exports ect?...

and what do you suggest to do for last minute revision techniques?

I don't think that much about the EU could come up. But if something comes up about the EU + the balance of trade deficit on the current account...
You basically have to say we don't really export that much, but the EU does make up for 50% of our Exports.

So if somewhere like America was in a recession and stopped buying imports, it wouldn't really affect us because only about 10% of our exports go to them.

This may have other effects though, like a reduction in consumer confidence worldwide, so there will be a reduction in AD (consumption spending, which makes up 65% of AD).

Monetary policy might not be able to help much, even the interest rate is low, if consumer confidence is low then people won't spend.

If the rest of the EU was in a recession then it would have an effect on our Exports, it would increase our balance of trade deficit on the current account because we would be exporting less.

The way to reduce a balance of payments deficit on our current account would therefore be to reduce the value of the pound. This will make imports more expensive, exports cheaper, and it will increase AD. There will be less incentive to cut costs too by domestic producers. This all however depends on the elasticity of demand for exports + imports.

The government can also reduce AD by using Fiscal Policy, they will reduce government spending, increase taxes. Reducing AD however increases unemployment and lowers economic growth. It will however mean people will have less to spend on imports, so they will be more likely to buy goods produced in the UK.

Supply side policies can improve the productivity of labour, and shift AS to the right. This will make our goods more competitive, thus reducing the deficit.

Oh and also use these figures wherever they seem appropriate - you get marks for general economic knowledge.
Interest rate - 2.8%
Growth rate - 2.5%
Unemployment rate - 7.8%

Remember to include the long term and short term effects in your evaluation, and decide if it's best to use just one of the policies to fix whatever, or a mix of them.

Reply 34

ineedtorevise127

20

guys I only write like two points which are analysis
then one paragraph like 7 or 8 lines evaluation
then conclusion I make one more evaluation and say which is the best policy

Can I still get the high marks?

Reply 35

helpmeplease101

can someone please explain to me the classical / Keynesian arguments..
and the disadvantages of monetary / fiscal policy!
also does RPI include house prices, or CPI?

Reply 36

JerzyDudek

13

Original post by helpmeplease101

can someone please explain to me the classical / Keynesian arguments..
and the disadvantages of monetary / fiscal policy!
also does RPI include house prices, or CPI?

Classical: assuming the economy is always fully efficient, all factors are fully employed and no spare capacity.
Keynesian: when the economy is not at its full capacity, increase in AD (thus increase in GDP) is non-inflationary but when it's fully employed, any rise in AD is inflationary.

Disadvantages of fiscal policies is in the first place worsening budget deficit.
Monetary policies depend on context really.

Not sure about the last question, but I would guess it's RPI.

Reply 37