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    (Original post by will.h)
    What did you write for the 15m question?
    Erm, UK has a comparative advantage in services as it can prove them cheaply and efficiently, hence demand increases for it so firms need to employ workers to keep up with a demand, which has a multipler effect as people get income = economic growth

    Then cos UK struggles to compete in the manufacturing industry as wage costs are cheaper elsewhere, less demand for UK goods so unemployment falls, but UK people employed/unemployed can buy other goods from other countries really cheap which leaves people with more income to spend on other goods, income elasticity is high for services so UK benefits again, multipler effect blah blah
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    (Original post by patricianature)
    I wrote how they should intervene 💔 Do you think ill be havily penalised for it?
    That was what you were supposed to do haha
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    (Original post by Ssssssssaas)
    That was what you were supposed to do haha

    oh no it was not brother lool
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    (Original post by PFD)
    Erm, UK has a comparative advantage in services as it can prove them cheaply and efficiently, hence demand increases for it so firms need to employ workers to keep up with a demand, which has a multipler effect as people get income = economic growth

    Then cos UK struggles to compete in the manufacturing industry as wage costs are cheaper elsewhere, less demand for UK goods so unemployment falls, but UK people employed/unemployed can buy other goods from other countries really cheap which leaves people with more income to spend on other goods, income elasticity is high for services so UK benefits again, multipler effect blah blah
    How many pages did you write for the 15 marker?
    And what were your points for the 10 marker on data comparison?
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    Anybody note down what they answered for the multiple choice?
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    (Original post by Dryads)
    someone tell me if I'm wrong but in my second argument on the 25 marker I said that gov need to intervene by subsidising steel market because it's a positive production externality in the sense it creates millions jobs in the manufacturing industry increases exports making AD go up in both ways and makes the uk more competitive and used diagrams to show how it works I did 4 diagrams for that argument one showing Positive production externality, and the deadweight loss to society if steel industry is not producing to the optimal level, the increase in production of government subsidies it, I also showed employment and demand for manufacturing workers increasing and creating jobs and an AD diagram
    That's definitely right, I took the other approach and talked about how production of steel creates pollution and how that's a negative externality in production
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    anyone remember the answer to the MCQ about what about the firm should produce at? A B C D?
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    (Original post by luciferhf)
    oh no it was not brother lool
    Sorry? The question was whether or not they should intervene, so you talk about how they could intervene and whether or not it's good for the economy and the industry
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    Anyone say consumer surplus reduced for the last one?

    What was the taxable rate
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    (Original post by Ssssssssaas)
    Sorry? The question was whether or not they should intervene, so you talk about how they could intervene and whether or not it's good for the economy and the industry
    question is why brother.. can make talk about how but primarily you want talk why!
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    For the 25 marker my three paragraphs were:

    For intervention (through the use of goverment subsidies as an example )
    Against intervention (lack of comparative advantage, fall in demand in China, externalities etc.)
    Alternative point (e.g. switching priority from steel industry to British car industry as it may be more profitable, use ppf)

    Does that sound alright for the question?Not sure whether I did well here
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    (Original post by SANTR)
    How many pages did you write for the 15 marker?
    And what were your points for the 10 marker on data comparison?
    Like side and a half

    I wrote that only figure 4 really demonstrated the UK manufacturing declining, figure 1 and 2 demonstrated the pattern of employment but it was quite stable apart from the financial crisis that affected every industry, figure 3 showed UK deficit increasing but no mention of how this was due to manufacturing

    I'm probably miles out but that's what I put
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    (Original post by Dryads)
    someone tell me if I'm wrong but in my second argument on the 25 marker I said that gov need to intervene by subsidising steel market because it's a positive production externality in the sense it creates millions jobs in the manufacturing industry increases exports making AD go up in both ways and makes the uk more competitive and used diagrams to show how it works I did 4 diagrams for that argument one showing Positive production externality, and the deadweight loss to society if steel industry is not producing to the optimal level, the increase in production of government subsidies it, I also showed employment and demand for manufacturing workers increasing and creating jobs and an AD diagram
    Didn't really know what to write but do you think I can hit 15 marks if I talked about making the UK steel industry more competitive through deregulation and argued for them not intervening too
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    (Original post by luciferhf)
    question is why brother.. can make talk about how but primarily you want talk why!
    Sorry mate it didn't say why but you're not wrong because you will have just argued for it which is fine because it was a discuss question
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    Absolute trainwreck, farewell A*
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    (Original post by Temuchin)
    For the 25 marker my three paragraphs were:

    For intervention (through the use of goverment subsidies as an example )
    Against intervention (lack of comparative advantage, fall in demand in China, externalities etc.)
    Alternative point (e.g. switching priority from steel industry to British car industry as it may be more profitable, use ppf)

    Does that sound alright for the question?Not sure whether I did well here
    Same here, I put about maybe trying to encourage FDI from steel firms into the UK, which would increase jobs and UK gov. revenue to spend on helping improve the steel industry, instead of taxing people higher which could make things worse
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    (Original post by Ssssssssaas)
    Sorry mate it didn't say why but you're not wrong because you will have just argued for it which is fine because it was a discuss question
    The question was do you recommend the government should intervene to support the steel industry in the uk
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    (Original post by DJMason99)
    What did people get for the multiple choice wage question with real wage unemployment and natural unemployment? And why?
    I said real wage difference
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    (Original post by Sam10711)
    The question was do you recommend the government should intervene to support the steel industry in the uk
    Yeah so you talk about how they could intervene and whether it's good or bad
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    Anyone remember any multiple choices
 
 
 
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