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AQA A-level Economics new 7136 - 06, 13 & 19 Jun 2017 [Exam Discussion] Watch

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    On the 25 marker on monetary policy in UK and Japan I only briefly spoke about a supply side alternative and didn't mention fiscal policy, how much will i get penalised?
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    Did Context 2 and Essay 1. Questions were ok but not sure how I did.

    Context 2:
    Calculation not a drama.
    4 marker on why Japan's economic growth failed to satisfy the macroeconomic objective of 'stable economic growth' when compared to the UK. I talked about how Japan's growth was not always positive and how the range of growth was greater than the UK's range and therefore less stable.
    9 marker on how an increase in productivity causes deflation. Went well, defined deflation and did a diagram of LRAS shifting to the right and therefore PL going down.
    25 marker on if monetary policy is best for tackling deflation. Talked about reducing interest rates and QE. Diagram of AD shifting to the right and therefore inflation occurring. Then contrasted with Fiscal policy with the example of increasing benefits payments. Talked about how this could also shift AS to the left due to people preferring to be unemployed than work and therefore also counter deflation though there are obvious drawbacks to this.

    15 marker on how Gov can reduce natural unemployment. Went fine, talked about how natural unemployment is structural and frictional and talked about direct gov hiring people (military), supply side policies to reeducate structurally unemployed people, cutting taxes on businesses/ having a 'robot tax' to combat automation and improving mobility of labour.

    25 marker on tradeoffs between reducing unemployment and other macro objectives. Talked about how cutting corporation tax could cause unemployment to go down but tradeoff with budget deficit (laffer curve to demonstrate point and evaluation). Then talked about tradeoff with inflation (as+as curve) and then finally a tradeoff with positive balance of payments. Bit annoyed I didn't talk about economic growth, equality or the obvious example of using a Phillips curve to demonstrate the relationship of inflation and unemployment. Hopefully three points will be enough.

    How did I do?
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    guys what did you say or the 15 marker on pattters of trade can you say inflation rate and exchange rate changes??
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    i think context 2, 9 marker was how an increase in productivity leads to deflation...SRAS shifting to the right
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    Goodbye my firm uni choice...
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    (Original post by Massos)
    Did Context 2 and Essay 1. Questions were ok but not sure how I did.

    Context 2:
    Calculation not a drama.
    4 marker on why Japan's economic growth failed to satisfy the macroeconomic objective of 'stable economic growth' when compared to the UK. I talked about how Japan's growth was not always positive and how the range of growth was greater than the UK's range and therefore less stable.
    9 marker on how an increase in productivity causes inflation. Went well, defined inflation and did a diagram of LRAS shifting to the right and therefore PL going up.
    25 marker on if monetary policy is best for tackling deflation. Talked about reducing interest rates and QE. Diagram of AD shifting to the right and therefore inflation occurring. Then contrasted with Fiscal policy with the example of increasing benefits payments. Talked about how this could also shift AS to the left due to people preferring to be unemployed than work and therefore also counter deflation though there are obvious drawbacks to this.

    15 marker on how Gov can reduce natural unemployment. Went fine, talked about how natural unemployment is structural and frictional and talked about direct gov hiring people (military), supply side policies to reeducate structurally unemployed people, cutting taxes on businesses/ having a 'robot tax' to combat automation and improving mobility of labour.

    25 marker on tradeoffs between reducing unemployment and other macro objectives. Talked about how cutting corporation tax could cause unemployment to go down but tradeoff with budget deficit (laffer curve to demonstrate point and evaluation). Then talked about tradeoff with inflation (as+as curve) and then finally a tradeoff with positive balance of payments. Bit annoyed I didn't talk about economic growth, equality or the obvious example of using a Phillips curve to demonstrate the relationship of inflation and unemployment. Hopefully three points will be enough.

    How did I do?
    I thought the nine marker was something like "how does and increase in productivy cause deflation", not inflation? But other than that looks good
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    LRAS not SRAS

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    Hey,
    Can someone help me? So in both 25 markers I developed my first reason/policy really well and did great evaluation. Like 2/3 pages for the first point/policy. For the second reason I had good analysis but limited evaluation. How many marks would I receive or will it be limited to level 3 because I didn't talk about other policies.
    Any help would be appreciated?
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    Question is - how are you guys revising for paper 3?? There are only two specimins on what we can base our revision?? We literally have no clue what could come up - Could be from evaluation of the EU to the objectives of a firm???
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    (Original post by callumjmoores)
    On the 25 marker on monetary policy in UK and Japan I only briefly spoke about a supply side alternative and didn't mention fiscal policy, how much will i get penalised?
    Do you get credited for supply side policies?
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    (Original post by Welsby)
    I thought the nine marker was something like "how does and increase in productivy cause deflation", not inflation? But other than that looks good
    Yeah you're right. I did that don't worry lol
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    (Original post by Varun127)
    LRAS not SRAS

    Posted from TSR Mobile
    SRAS not LRAS
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    I did context 1 and that 25 marker on development was ****ing hard.

    Essay 2-

    Pattern of trade-
    Comparative advantage from free trade
    Quality of UK goods
    Tariifs on UK exports from other countries

    Current account deficit-
    expenditure switching- devaluation
    expenditure reducing- deflating the economy
    Conclusion- other policies
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    Context 2 Calculation Question answer was 0.48% I believe
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    Just someone give me comfort that micro finance Is a market based policies because I based my entire essay on that also talked about privatisation and then protecionism as argueing for intervention by governments
    So much crap
    I didn't even used a tariff diagram because my essay was getting way too long
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    (Original post by NotKidding)
    Context 2 Calculation Question answer was 0.48% I believe
    yeah that's what I got! looking at exemplars i think your essays are limited to 16 marks if you don't talk about 3 or more policies. Can someone confirm this?
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    What answers did you include ??


    (Original post by junky27)
    I did context 1 and that 25 marker on development was ****ing hard.

    Essay 2-

    Pattern of trade-
    Comparative advantage from free trade
    Quality of UK goods
    Tariifs on UK exports from other countries

    Current account deficit-
    expenditure switching- devaluation
    expenditure reducing- deflating the economy
    Conclusion- other policies
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    (Original post by Massos)
    Yeah you're right. I did that don't worry lol
    Oh good 😂
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    Anyone do essay 3? I think I screwed up the 25m
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    (Original post by junky27)
    I did context 1 and that 25 marker on development was ****ing hard.

    Essay 2-

    Pattern of trade-
    Comparative advantage from free trade
    Quality of UK goods
    Tariifs on UK exports from other countries

    Current account deficit-
    expenditure switching- devaluation
    expenditure reducing- deflating the economy
    Conclusion- other policies
    I would have picked context 2 had I revised deflation and monetary policy

    I just talked rubbish man even on the 9 marker think I'm getting confused between economic growth and development, hardly referred to the extract so it felt like a disaster to me

    I talked about competitive advantages, uk as net importers? Lololl and trading blocks like the EU lol must have gone wrong hardly wrote much
 
 
 
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