DomTownrow
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Can't see a group for this so thought I would make one. How did your EC1 exams go? I didn't think it was too bad
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ecomicat
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I just want to share my answers, just to see if anyone agrees. 1)the definition and then that Chesire bank has a higher interest rate 2)demand up hence price up possibly due to wealth or income effect and linked it to diagram 3) negative=inferior positive=normal said which was was luxury and which one was normal 4) that the price rises to to mgp, and though demand falls at this higher price, the government buy off the rest. And for part b I put that the rice rotted and there was an opportunity cost 5) tax was cause price up hence demand down and that tax revenue would help solve the problem and prevent future aggravation. However, sugar is addictive, vat is regressive and there are other types of junk food. 6)I think this was the LRAS and AD diagram (here is where my failure begins): I drew a messy diagram with 3 ad lines(2013,2015,2017) and the LRAS shifting up. I wrote: at 2013 there is inflation, but due to gbp up by 2015 it rises, then by 2017 it rises a further .5%. However, the price of oil increasing would have increased inflation in 2013 higher than predicted, but in 2017 the inflation will surpass this. 7) productivity low means high prices hence less competitive exports and the U.S. and EU imported will be cheaper to our customers hence high consumption of imports less exports. However, the total value of the productivity depends on the value of final product and ped of UK demands may be inelastic. Lastly) since there is a resource boom and rates haven't really effected the strength, it may not possibly fall however if the resources slump or investors find stronger currencies elsewhere the strength will fall.
ive done so badly; I prepared lots but this paper really got me! I wrote very little for the essays due to timing. Ughh
ec2 should be better.
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Isaaaaa8
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Can anyone post the EC1 paper on here please and hope you guys done well.. If not just focus on doing well on EC2 as that equates for 60% of your AS grade.
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JamieLad98
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Timing was an absolute nightmare on that paper
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Matthewdang
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Total agree there with the timing. Too many 8 and 6 markers


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ScarletXxXRose
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#6
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I stayed up all night to revise for this paper
and yet only 10% of what I knew came up and there were so many stupid long questions,
Are they even allowed to put that many 6/8 markers in
I swear there's supposed to be some 2 marks

I hate WJEC with a passion
but I hate my school even more for making us do it
I just completely ran out of time and missed the last question
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john_jomcy98
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#7
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(Original post by ecomicat)
I just want to share my answers, just to see if anyone agrees. 1)the definition and then that Chesire bank has a higher interest rate 2)demand up hence price up possibly due to wealth or income effect and linked it to diagram 3) negative=inferior positive=normal said which was was luxury and which one was normal 4) that the price rises to to mgp, and though demand falls at this higher price, the government buy off the rest. And for part b I put that the rice rotted and there was an opportunity cost 5) tax was cause price up hence demand down and that tax revenue would help solve the problem and prevent future aggravation. However, sugar is addictive, vat is regressive and there are other types of junk food. 6)I think this was the LRAS and AD diagram (here is where my failure begins): I drew a messy diagram with 3 ad lines(2013,2015,2017) and the LRAS shifting up. I wrote: at 2013 there is inflation, but due to gbp up by 2015 it rises, then by 2017 it rises a further .5%. However, the price of oil increasing would have increased inflation in 2013 higher than predicted, but in 2017 the inflation will surpass this. 7) productivity low means high prices hence less competitive exports and the U.S. and EU imported will be cheaper to our customers hence high consumption of imports less exports. However, the total value of the productivity depends on the value of final product and ped of UK demands may be inelastic. Lastly) since there is a resource boom and rates haven't really effected the strength, it may not possibly fall however if the resources slump or investors find stronger currencies elsewhere the strength will fall.
ive done so badly; I prepared lots but this paper really got me! I wrote very little for the essays due to timing. Ughh
ec2 should be better.
I must say, you should be given a medal for remembering all those question! I forgot everything, as soon as I left the exam hall :eek:
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john_jomcy98
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(Original post by ScarletXxXRose)
I stayed up all night to revise for this paper
and yet only 10% of what I knew came up and there were so many stupid long questions,
Are they even allowed to put that many 6/8 markers in
I swear there's supposed to be some 2 marks

I hate WJEC with a passion
but I hate my school even more for making us do it
I just completely ran out of time and missed the last question
Everyone I talked too (and myself) also found timing extremely difficult!! Dont worry! Lets just hope EC2 is straight forward
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ScarletXxXRose
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(Original post by john_jomcy98)
Everyone I talked too (and myself) also found timing extremely difficult!! Dont worry! Lets just hope EC2 is straight forward
Hah, no way
Knowing WJEC, they're probably going to make it even harder.

But at least in EC2, we know how many 8/10/12 markers there are
so we'll be better prepared
and since I know all the content know, I'm just going to be doing exam practice from now on, like literally from 2002-2014
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darkni35
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Way too many 6/8 markers. Didnt manage to get to the last two questions which i think were 8 marks each so thats 16 marks down the drain. Other than that the questions i did do didnt seem to be difficult.
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DomTownrow
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Totally agree with timing comments. I thought I had ages left, but then had to rush the last question and question 2 I missed, but that was "only" 4 marks
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ronjenkins
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#12
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that was the worst exam my mind just went blank and only when i got out did i realise how much easy marks i'd missed. About the only thing I did right was time management and wrote quite a lot for every question, just missed out stupidly easy things. I don't know why but I was really nervous for some reason and I guess that threw me off, anyways just hoping for ec2 to be better or i'll have to retake I guess
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alexbeveridge
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#13
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Yeah, was pretty easy tbh.
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sky98.7
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Any predictions for EC2????
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ronjenkins
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nope praying
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Matthewdang
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#16
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How did everyone find ec2? I personally found it ok until section c, I didn't know which essay to do. The titles weren't very good


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ScarletXxXRose
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(Original post by Matthewdang)
How did everyone find ec2? I personally found it ok until section c, I didn't know which essay to do. The titles weren't very good


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It was so good compared to ec1.
Ec1 was a nightmare
EC2 was calm, but a lot of people found it easy, so grade boundaries will probs be high
Do you know if your supposed to evaluate/give an other point of view for 8-mark 'explain' questions?


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Matthewdang
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#18
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I think the 8 marker was to discuss. Which essays did u do? I think I mucked up on one of them which was "what's more important low inflation or low unemployment"


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username1776853
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Section C was pretty awkward, I answered the low inflation vs low unemployment one also, what kind of things did you say?
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Matthewdang
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I did that essay too. I wrote about price competitiveness for inflation, standard of living and about the 4 macro aims. About unemployment I talked about loss in tax revenue falling living standard. I couldn't think about what to write. What did u write?


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