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    Hi

    Anyone do this exam?
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    Yeah I did, I thought it was okay! Bit of a strange last question though!
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    Question 7 (the one with four graphs) was really weird, I think that was the only question that caught most people out, other questions were just text book answers and memory based. But question seven you had to talk about balance of payments and recognize that there were three bad aspects of the plan (rise in CPI/inflation, rising unemployment, trade deficit/current account deficit) and only one semi decent good aspect, rising gdp. The plan was mostly bad.

    The question on describing why the AS curve and AD curve is shaped in that particular way was also weird, I could only comment on unemployment during the elastic curve and full employment in the inelastic part of the curve.
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    when it asked you for a reduced VAT shift was it a skewed shift of the supply curve to the right?
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    (Original post by imispaceman)
    when it asked you for a reduced VAT shift was it a skewed shift of the supply curve to the right?
    Yeah. You also had to shift the demand curve to the right as well, because of the policies that made the helmets compulsory. This meant that the price level didn't change according to graph (price equilibrium stayed the same due to increase in demand and increase in supply).

    Then you had to go onto to state the evaluative points such as it depends on the size of the cut in tax for the helmets, if it was small, the supply curve would shift would be smaller than the demand curve shift, therefore the price would increase. On the other hand, it depended on whether or not the helmets were elastic or inelastic, if it was elastic, the demand curve shift would be smaller than the supply curve shift and therefore the price of helmets would fall. (Supply surplus = lower prices)
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    (Original post by Tinglay)
    Yeah. You also had to shift the demand curve to the right as well, because of the policies that made the helmets compulsory. This meant that the price level didn't change according to graph (price equilibrium stayed the same due to increase in demand and increase in supply).

    Then you had to go onto to state the evaluative points such as it depends on the size of the cut in tax for the helmets, if it was small, the supply curve would shift would be smaller than the demand curve shift, therefore the price would increase. On the other hand, it depended on whether or not the helmets were elastic or inelastic, if it was elastic, the demand curve shift would be smaller than the supply curve shift and therefore the price of helmets would fall. (Supply surplus = lower prices)
    ahhhh ok thank you i got the shifts right but i think that the evaluation bit wasnt so good for me. thanks

    i thought the diagram showed that the helmets were price inelastic?

    i cant really remember
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    Elastic*
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    The question when you had to describe the shape of the as ad diagram completely threw me.
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    (Original post by AyGe)
    The question when you had to describe the shape of the as ad diagram completely threw me.
    As the general price level rises, aggregate demand falls therefore it is downwards sloping
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    I know that the grade boundaries for other exam boards have been released. Has anyone seen the WJEC economics ones? I cant seem to find them...
 
 
 
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