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    Hi multiple choice was really tough! I picked context 2 and it was pretty straight forward! How did everyone else do?
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    I thought the mulriple choice was harder than previous ones but I have been getting 20-24marks so i'm not too bothered about that. But i did context 2 and had no idea what to write for the essay and the 12marker so I just wrote everything i thought was relevant. How did you find it? I got 90 in unit01
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    Thought the multiple wasnt too hard, finished it after 15 mins.

    I did context 2 and im pretty sure i got full marks on the first 2 question but wasnt too sure what to write on the 12 and 25 marker.
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    (Original post by LufcLiam)
    Thought the multiple wasnt too hard, finished it after 15 mins.

    I did context 2 and im pretty sure i got full marks on the first 2 question but wasnt too sure what to write on the 12 and 25 marker.
    I would agree completely! What did you get in unit01?
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    I found the multiple choice was one of the toughest yet hopefully I scored over 18 marks! I chose context 2 and the 5 and 8 markers were pretty much standard! 12 marker I spoke about more productivity and business investment in capital to shift supply and make us more internationally competitive! 25 marker was pretty decent! Spoke about e ports increasing AD and imports reducing it! Brought in the effect it would have on inflation and unemployment etc.!
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    Multiple choice wasn't too bad really

    Did context 2:

    First question just said when goods, services, investment income & transfers of exports < Imports

    2nd just compared

    12 marker just said if we have deflation our goods will be more internationally competitive & drew SRAS shifting. Then said more R&D gives more innovation & better goods

    25 just said what impact it will have on Employment, Inflation, Econ Growth, BoP. Drew shifting AD Curve & Philips Curve


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    (Original post by MrDobney)
    I would agree completely! What did you get in unit01?
    I did terrible in my Unit 1, got an E. It was my first Alevel exam and i panicked. Feel a lot more confident this time.
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    (Original post by LufcLiam)
    I did terrible in my Unit 1, got an E. It was my first Alevel exam and i panicked. Feel a lot more confident this time.
    Ahh fair enough! What about other jan exams? what else do you take?
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    I preferred the jan 2013 past paper.. Didn't like this paper much.
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    (Original post by MrDobney)
    Ahh fair enough! What about other jan exams? what else do you take?
    Just had a business exam in January, have a B in that. Hope i get a C in this exam. What exams did you take in January?
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    (Original post by LufcLiam)
    Just had a business exam in January, have a B in that. Hope i get a C in this exam. What exams did you take in January?
    Nice, i've got business too but luckily its my only exam after the half term ansd the boundaries are low! I had law01, buss01, maths C1 and econ01 and I resat C1 monday which went well thankfully! What else did you take? Yeah i hope i get a B cos that'll level it out for an A for me but i'm not sure!
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    I thought context 1 was much easier, just spoke about the methods that governments could use to boost growth, expansionary fiscal policy and supply side policy. I also did monetary policy even though its not actually government controlled, but 'making borrowing cheaper' was mentioned in the case study so pretty sure its fine.

    Then just gave the negative impact that each of those could have, mainly on the macroeconomic objectives. Struggled for time though, my conclusion was poor.
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    Hey guys!
    I did Context 2.
    1 - defined imports, exports, then said that deficit is when the total value of imports exceeds total value of exports in the country.
    2 - pointed highest and lowest deficits for current account balance and balance of payments in goods and services. Another point, described how these two change during the time given (BoP goes up, but Current account goes down etc.)
    3 - Said fiscal policy i.e. Taxation to increase, and Government spending to decrease.
    This will cause AD to shift to the left and therefore cause lower dispensable incomes as businesses do not receive as much profit due to lower consumption, so therefore businesses will lower their costs (wages) --> prices go down.
    Therefore consumers will most likely spend money on cheap domestic goods rather than expensive imported goods meaning that the amount of imports will decrease.
    Same for Govt Spending.
    4 - Defined imports and exports....
    - Spoke mainly about the economic cycle and drew a graph.
    Then explained what happens to exports and imports during both negative and positive output gaps.
    I did not say a word about exchange rates...
    In conclusion said that Supply-side policies will achieve a higher effect in the long run if used with demand side policies.


    What do you guys reckon I am going to get roughly?
    So nervous =(
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    (Original post by benloves26)
    I thought context 1 was much easier, just spoke about the methods that governments could use to boost growth, expansionary fiscal policy and supply side policy. I also did monetary policy even though its not actually government controlled, but 'making borrowing cheaper' was mentioned in the case study so pretty sure its fine.

    Then just gave the negative impact that each of those could have, mainly on the macroeconomic objectives. Struggled for time though, my conclusion was poor.
    I did the same as you. Wrote practically the same as well and thought that it was a decent essay to write about but only briefly mentioned the monetary policy. I basically said that the difficulties are trade offs between macroeconomic objectives
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    I did context 1, in part c) I talked a paragraph about fiscal, monetary and supply side policy being used for economic growth each then under each policy's paragraph I talked about the difficulties of doing so. Do you think that's right?

    btw, I thought that the multiple choice wasn't too bad
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    Done context one as well. Pretty simple, messed up the 5 marker though, but for part D- spoke about expansionary fiscal/monetary policy and how it boosts AD leading to econ growth however leads to demand pull inflation. Evaluated further but talking about Keynesian and classical views, drew both diagrams and mentioned classical economists believe demand management is solely inflationary and believe in supply side policies.
    Went on to talk about supply side policies. Then lastly exchange rate policies on depreciating the pound to stimulate export led growth and creating an incentive for imports to be more expensive therefore buy domestic goods, improving econ growth and reducing unemployment at the cost of inflation.
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    (Original post by Yaokin)
    Hey guys!
    I did Context 2.
    1 - defined imports, exports, then said that deficit is when the total value of imports exceeds total value of exports in the country.
    2 - pointed highest and lowest deficits for current account balance and balance of payments in goods and services. Another point, described how these two change during the time given (BoP goes up, but Current account goes down etc.)
    3 - Said fiscal policy i.e. Taxation to increase, and Government spending to decrease.
    This will cause AD to shift to the left and therefore cause lower dispensable incomes as businesses do not receive as much profit due to lower consumption, so therefore businesses will lower their costs (wages) --> prices go down.
    Therefore consumers will most likely spend money on cheap domestic goods rather than expensive imported goods meaning that the amount of imports will decrease.
    Same for Govt Spending.
    4 - Defined imports and exports....
    - Spoke mainly about the economic cycle and drew a graph.
    Then explained what happens to exports and imports during both negative and positive output gaps.
    I did not say a word about exchange rates...
    In conclusion said that Supply-side policies will achieve a higher effect in the long run if used with demand side policies.


    What do you guys reckon I am going to get roughly?
    So nervous =(

    The 25 marker asked about how an increase in exports and a decrease in imports would affect the policy objectives. Which are: low inflation, growth, surplus BOP and low U/E. you had to go through each of those and evaluate the affect it would have on them, so not sure how that compares to what you did.
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    (Original post by KA12AN_X)
    Done context one as well. Pretty simple, messed up the 5 marker though, but for part D- spoke about expansionary fiscal/monetary policy and how it boosts AD leading to econ growth however leads to demand pull inflation. Evaluated further but talking about Keynesian and classical views, drew both diagrams and mentioned classical economists believe demand management is solely inflationary and believe in supply side policies.
    Went on to talk about supply side policies. Then lastly exchange rate policies on depreciating the pound to stimulate export led growth and creating an incentive for imports to be more expensive therefore buy domestic goods, improving econ growth and reducing unemployment at the cost of inflation.

    Classical economists believe that the market mechanism will solve itself, not supply side policies
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    (Original post by Wors)
    The 25 marker asked about how an increase in exports and a decrease in imports would affect the policy objectives. Which are: low inflation, growth, surplus BOP and low U/E. you had to go through each of those and evaluate the affect it would have on them, so not sure how that compares to what you did.
    Do you mean high inflation? Increase in AD means more demand pull, and if the increase in AD resulted from a depreciation of the pound, imports are more expensive leading to cost push.


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    For Context 1 and the 25 marker, did anyone also include the benefits that will be received from these policies? So talk about how supply-side policies will help because of giving labour more mobility but then give the difficulties that the government face?
 
 
 
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