Edexcel Economics AS Unit 2 'Managing the Economy' 6EC02 Wednesday 21st May 2014

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Evelyn.AT
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#1
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#1
Hello everyone

Feel free to write any tips, predictions or just general revision stuff for this module!

I actually really wanted to know if anyone had any predictions for this upcoming exam!

Good luck.
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Chloe Chow
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I am getting confuse with those 30 marks questions, how to evaluate those KAA point briefly?
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Evelyn.AT
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(Original post by Chloe Chow)
I am getting confuse with those 30 marks questions, how to evaluate those KAA point briefly?
Oh my god, me too!

The one I use the most in short run and long run effects. It mainly depends on the question.

For supply-side policies,
it doesn't work in a recession, with lots of spare capacity within the economy and also there are time lags.

It's also expensive to fund!

I hate Balance of Paymentts
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Wannabedentist1
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Hey guys
I was wondering if someone could write out a quick follow guide on how to get the full 30 marks please?

Thanks
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Chloe Chow
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Any body could tell me what can we write as evaluation point?

Evaluate the reason why government budget deficit will lead less proportional change in AD. It seems link to multiplier effect but how can I evaluate this kind of question?


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JCalexander
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(Original post by Chloe Chow)
Any body could tell me what can we write as evaluation point?

Evaluate the reason why government budget deficit will lead less proportional change in AD. It seems link to multiplier effect but how can I evaluate this kind of question?


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A good evaluation for multiplier effect questions is the amount leakages in the economy I.e tax and savings


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JCalexander
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(Original post by Wannabedentist1)
Hey guys
I was wondering if someone could write out a quick follow guide on how to get the full 30 marks please?

Thanks
Introduction - 6 marks

Definition, diagram and briefly explain what the question is asking you I.e If it asks you how can government use policies to increase economic growth you'd say what policies they can use so fiscal, monetary and supply side.

Point 1 - 4 marks
Evaluate - 4 marks
Point - 4 marks
Evaluate - 4 marks
Point - 4 marks
Evaluate - 4 marks

Good generic evaluations:

Time lag
Opportunity cost
Depends on elasticity A/S
Depends on current interest rate
How do we know the firms will spend the subsidy on things to improve output

Things like that

Stick to that and you'll get 30 arks every time (depending on your content)


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MelonKuma
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What is nominal and real GDP? I get mixed up with the 2.
Is real GDP the value adjusted for inflation and nominal the value that has not been adjusted for inflation?
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Undisclosed 15
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Does elasticity vary along a supply curve like it does for a demand curve?

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JCalexander
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(Original post by Undisclosed 15)
Does elasticity vary along a supply curve like it does for a demand curve?

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If you mean the aggregate supply curve then yes.

The vertical bit of the A/S curve is inelastic and the horizontal part is elastic.


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zabi1
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Hey guys im taking this exam too, does anyone have good notes for this unit they are using to revise?
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Undisclosed 15
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(Original post by joecoulburn)
If you mean the aggregate supply curve then yes.

The vertical bit of the A/S curve is inelastic and the horizontal part is elastic.


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I mean just a regular supply curve: a microeconomic supply curve.

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perfectioniskey
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how would u answer this question? can someone give me some bullet points of things to write?

Seven out of the world's ten most polluting cities are in China. Assess the benefits and costs of growth for a country such as China, using information provided.... (30 marks)
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JCalexander
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(Original post by perfectioniskey)
how would u answer this question? can someone give me some bullet points of things to write?

Seven out of the world's ten most polluting cities are in China. Assess the benefits and costs of growth for a country such as China, using information provided.... (30 marks)
I would define economic growth and draw a diagram of A/S shifting right. I'm not sure about the rest of the introduction tbh

Then I would write the following:

Point one: high employment
Evaluation: lots of pollution implies lots of manufacturing industry which means a bad income distribution.

Point two: higher living standards
Evaluation: more pollution may mean this isn't true

Point three: bigger government tax revenue
Evaluation: economic growth can lead to inflation which means the bigger revenue won't have as much of an impact.


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Evelyn.AT
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Anyone know all the graphs we have to do?

All I can think of is aggregate supply, aggregate demand. Is that it?
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MelonKuma
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(Original post by Evelyn.AT)
Anyone know all the graphs we have to do?

All I can think of is aggregate supply, aggregate demand. Is that it?
I think that's all. Other than PPF to show economic growth, they might give extra credit on the phillips curve like in the June 2013 paper.
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frankktm
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(Original post by MelonKuma)
I think that's all. Other than PPF to show economic growth, they might give extra credit on the phillips curve like in the June 2013 paper.
Long run agregate supply diagram(lras)
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Evelyn.AT
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#18
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This is the link to the official revision page

Hope it helps!


http://www.thestudentroom.co.uk/show....php?t=2644089
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IrishBoyInLondon
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I've gone through Past Papers: June 2013 June 2012 June 2011, as well as, January 2013 January 2012 January 2011. I wish to go on to 2010 and 2009 papers but they look so weird and alienated in comparison to 11/12/13

Would I regret it heavily by not going over the 2010 and 2009 papers? I know I sound lazy but I really don't want to do something that isn't worth doing.
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Maxeth
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(Original post by IrishBoyInLondon)
I've gone through Past Papers: June 2013 June 2012 June 2011, as well as, January 2013 January 2012 January 2011. I wish to go on to 2010 and 2009 papers but they look so weird and alienated in comparison to 11/12/13

Would I regret it heavily by not going over the 2010 and 2009 papers? I know I sound lazy but I really don't want to do something that isn't worth doing.
6 is plenty. If you PM me in time I can send you the January 2014 international paper unless you already have access to it. Same goes for anyone else on here! Relatively easy but maybe not as straight forward as the usual papers.
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