Edexcel AS Economics Unit 2 (19th May 2015) - Managing the Economy Exam Thread

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ISandles
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Alright guys, we've got 6 days left before the Unit 2 Exam. I hope everyone is starting to prepare themselves and that your Micro papers went well


Attached I've included several useful resources to help you revise for the Unit 2 paper:

-Edexcel Revision Sheets for Unit 2 (starts from Page 38)
http://qualifications.pearson.com/co...om_Issue_4.pdf

-Study Notes by Geoff Riley (from Tutor2u)
http://beta.tutor2u.net/economics/re...-topic-listing

-Playlist of topic-related videos by 'pajholden' on Youtube
https://www.youtube.com/watch?v=CNvK...BA877E3D53D77A


It may also be useful to remind you that Geoff Riley is also active on Twitter (@tutor2u_econ) and will answer questions as well as present live webinars covering specific units of the course leading up to exam day.
https://twitter.com/tutor2u_econ

With that I wish everyone the best of luck for the next couple of days, be sure to get lots of exam practice (especially for the 30-marker)!
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falloutboyyy
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(Original post by ISandles)
Alright guys, we've got 6 days left before the Unit 2 Exam. I hope everyone is starting to prepare themselves and that your Micro papers went well


Attached I've included several useful resources to help you revise for the Unit 2 paper:

-Edexcel Revision Sheets for Unit 2 (starts from Page 38)
http://qualifications.pearson.com/co...om_Issue_4.pdf

-Study Notes by Geoff Riley (from Tutor2u)
http://beta.tutor2u.net/economics/re...-topic-listing

-Playlist of topic-related videos by 'pajholden' on Youtube
https://www.youtube.com/watch?v=CNvK...BA877E3D53D77A


It may also be useful to remind you that Geoff Riley is also active on Twitter (@tutor2u_econ) and will answer questions as well as present live webinars covering specific units of the course leading up to exam day.
https://twitter.com/tutor2u_econ

With that I wish everyone the best of luck for the next couple of days, be sure to get lots of exam practice (especially for the 30-marker)!
any thoughts on the 30 markers? like what hasn't come up for a while etc? x
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ISandles
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(Original post by falloutboyyy)
any thoughts on the 30 markers? like what hasn't come up for a while etc? x
Hmmm...I'm not going to make assumptions in case I am wrong, however I have compiled all of the previous 30-mark questions into one document so that you can look and cross-reference them! (Attached below)

http://www.mediafire.com/view/xwcg8y...om_Unit_2.docx

My suggestion is to learn ALL the policies (since that's usually what they ask) so that you wont be caught off guard when they do ask the 30-mark question.

Hope that helps
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member1753327
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If anyone has questions regarding kAA or evaluation points feel free to post ill give you a quick answer.
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Smithh98
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Can someone draw and upload an example of an AS/AD curve please. I have been taught to make AS curved and AD a straight line, i have seen in textbooks mentions of SRAS and LRAS but have not been taught this...
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YourTelevision
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(Original post by member1753327)
If anyone has questions regarding kAA or evaluation points feel free to post ill give you a quick answer.
I have literally no idea as to how I should answer any of the questions for Unit 2. Struggled with the 14 markers in Unit 1 and I'm fearing the same will happen again :confused::confused:
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Hen12
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What are the predictions for 30 mark question?
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member1753327
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(Original post by YourTelevision)
I have literally no idea as to how I should answer any of the questions for Unit 2. Struggled with the 14 markers in Unit 1 and I'm fearing the same will happen again :confused::confused:
14 Markers

8 KAA
6 Evaluation

Explain + Evaluate, if you are having problems accessing the last 6 marks I suggest use generic point magnitude, elasticity of AS curve, short run/ long run

If you struggle to wow the examiner, you can use simple techniques and you will get an A accordingly to the markscheme.
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ISandles
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Most 14 markers will instantly give you 4 marks if you correctly label a diagram given the current situation present in the case study

1 mark if correctly drawn (AD and AS)
1 mark for correct shift
1 mark for correctly labelled axis
1 mark for both equilibrium points

It also helps if you show the examiner you know what you're doing if you're able to plug data from the case study into your graph (ie- value of real GDP output increases can be put on the x-axis)
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Jim Riley
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Geoff is running three exam revision webinars on Saturday evening to help students preparing for the Edexcel AS Unit 2 paper on Tuesday afternoon. Geoff teaches the Edexcel board, so these webinars and videos will be particularly relevant.

You can register free for these sessions using these links:

Living Standards and Human Development:
https://attendee.gotowebinar.com/reg...81584582306818

Supply-Side Policies in the UK
https://attendee.gotowebinar.com/reg...69190436815362

Aggregate Demand & Supply
https://attendee.gotowebinar.com/reg...68150504756738

A recording of Geoff's recent webinar on the UK Economy (highly recommended) can be viewed here:
http://beta.tutor2u.net/economics/re...vision-webinar

There are also some other revision videos for AS Macro here:
http://beta.tutor2u.net/economics/re...el=2999&board=

Jim
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member1753327
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Anyone ask away before the exam, I will answer your questions regarding exam technique, easy evaluation to access marks for specific economic concepts and KAA

Peace
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joshharris96
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(Original post by member1753327)
Anyone ask away before the exam, I will answer your questions regarding exam technique, easy evaluation to access marks for specific economic concepts and KAA

Peace
Are the go to evaluations from unit 1 still applicable in unit 2? i.e.
Different groups affected in different ways
Opportunity cost
Government spending
Magnitude of effects
Elasticities
Time lags

Thanks
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member1753327
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(Original post by joshharris96)
Are the go to evaluations from unit 1 still applicable in unit 2? i.e.
Different groups affected in different ways
Opportunity cost
Government spending
Magnitude of effects
Elasticities
Time lags

Thanks
Magnitude is applicable, so are time lags, for example when pursuing a supply side policy there will be time lags as it expansionary fiscal policy, thus the policy can only take place every fiscal year or education will take a number of years before the individual can use his/her skills in the job market.

Opportunity cost yes, especially when deciding what the government should spend funds on, education or an improvement in health services to boost AS.

Elasticities are used rarely, but mostly when talking about the BoP deficit and exports being elastic or inelastic, would not recommend talking as you can get quite confused.

Different groups did not come across, but possibly can come up when talking about inequality e.g the how the rich and poor may be affected.

Emphasise evaluating all macro economic policies both Monetary and Fiscal, also for easy evaluation marks suggest using the Keynesian curve that shows spare capacity, so you can evaluate what effect AD will have depending on the state of the economy, I can easily explain this who does not understand to have one extra evaluation weapon when sitting the exam.
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joshharris96
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(Original post by member1753327)
Magnitude is applicable, so are time lags, for example when pursuing a supply side policy there will be time lags as it expansionary fiscal policy, thus the policy can only take place every fiscal year or education will take a number of years before the individual can use his/her skills in the job market.

Opportunity cost yes, especially when deciding what the government should spend funds on, education or an improvement in health services to boost AS.

Elasticities are used rarely, but mostly when talking about the BoP deficit and exports being elastic or inelastic, would not recommend talking as you can get quite confused.

Different groups did not come across, but possibly can come up when talking about inequality e.g the how the rich and poor may be affected.

Emphasise evaluating all macro economic policies both Monetary and Fiscal, also for easy evaluation marks suggest using the Keynesian curve that shows spare capacity, so you can evaluate what effect AD will have depending on the state of the economy, I can easily explain this who does not understand to have one extra evaluation weapon when sitting the exam.
thank you

another thing, in unit 1 i found it fairly easy to know when using a diagram may be applicable, could you suggest any prompts which would suggest drawing and explaining a diagram as i am finding it more difficult to know when to include one
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member1753327
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(Original post by joshharris96)
thank you

another thing, in unit 1 i found it fairly easy to know when using a diagram may be applicable, could you suggest any prompts which would suggest drawing and explaining a diagram as i am finding it more difficult to know when to include one
Draw a diagram when it states to do so, or when it talks about an increase or decrease in one of the components of aggregate demand or other factors that may affect AD or AS.
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ISandles
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(Original post by Smithh98)
Can someone draw and upload an example of an AS/AD curve please. I have been taught to make AS curved and AD a straight line, i have seen in textbooks mentions of SRAS and LRAS but have not been taught this...
Image


Ive drawn a basic AD/AS above to show you what it generally looks like and what you should do in the exam. Some useful tips:
-Be sure to put 'Price Level' on the y-axis and 'real GDP' on the x-axis
-The equilibrium point on the x-axis must be labelled as 'Y1' and not 'Q1' like its done in a Micro Demand and Supply graph
-AS is an upward curved slope and AD is straight downward line
-(And obviously) You shift AD or AS respectively to the question and draw the new equilibrium point, stating the shifts in the Price Level and Real GDP

In terms of your LRAS and SRAS concern, its not an issue that needs to be addressed in a graph. Yes you can talk about it in your context when you are evaluating the effects of a policy in the long run, however as far as I am aware, stick to writing 'AS' all the time as you'll never get marked down for it (from what my Economics teacher said).

Hope thats help solve any issues
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Smithh98
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(Original post by ISandles)
Image


Ive drawn a basic AD/AS above to show you what it generally looks like and what you should do in the exam. Some useful tips:
-Be sure to put 'Price Level' on the y-axis and 'real GDP' on the x-axis
-The equilibrium point on the x-axis must be labelled as 'Y1' and not 'Q1' like its done in a Micro Demand and Supply graph
-AS is an upward curved slope and AD is straight downward line
-(And obviously) You shift AD or AS respectively to the question and draw the new equilibrium point, stating the shifts in the Price Level and Real GDP

In terms of your LRAS and SRAS concern, its not an issue that needs to be addressed in a graph. Yes you can talk about it in your context when you are evaluating the effects of a policy in the long run, however as far as I am aware, stick to writing 'AS' all the time as you'll never get marked down for it (from what my Economics teacher said).

Hope thats help solve any issues
Thanks for replying, looks similar to what I've been taught so is very reassuring.

And thank god about not having to learn LRAS/SRAS, I thought I was going to have to teach it to myself over the weekend!
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IDK Tuition
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(Original post by joshharris96)
Are the go to evaluations from unit 1 still applicable in unit 2? i.e.
Different groups affected in different ways
Opportunity cost
Government spending
Magnitude of effects
Elasticities
Time lags

Thanks
Hi joshharris96,

Yes and no. Some are similar, but if you want a tidy list they're covered in my unit 2 evaluation video, which also covers the 30 mark evaluation question.

https://youtu.be/1W3buwcvCBc

Hope this helps, good luck!

Tom (IDK-tuition.com, free online economics videos and resources)
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ISandles
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(Original post by Smithh98)
Thanks for replying, looks similar to what I've been taught so is very reassuring.

And thank god about not having to learn LRAS/SRAS, I thought I was going to have to teach it to myself over the weekend!
No problem
If you have anymore queries then ill see if I can help.

Posted from TSR Mobile
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joshharris96
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(Original post by IDK Tuition)
Hi joshharris96,

Yes and no. Some are similar, but if you want a tidy list they're covered in my unit 2 evaluation video, which also covers the 30 mark evaluation question.

https://youtu.be/1W3buwcvCBc

Hope this helps, good luck!

Tom (IDK-tuition.com, free online economics videos and resources)
I've been waiting for this video since I saw the kaa one! your videos are incredibly helpful! Do you have a rough idea when you will be uploading unit 3/A2 macro, thanks so much
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