It would help if we knew what had come up in the jan ones. TBH a lot fo the questions are repeated and just reworded a little, so i doubt that there will be any real surprises. Just to add to the Q, what do people recon will come up on he mod 4?
mike, allocative efficiency is when resources are allocated in a way which produces net social benefit (so the positive externalities are more than the negative ones). so an example of market failure in this respect would be cheap alcohol as it is a demerit good so the social optimum would be to have alcohol priced higher so demand falls but when left to market forces the price of alcohol can be very low so this is an example of the misallocation of resources, market failure has occurred and there is hereby a strong case for government intervention (ie a minimum price or a tax). i hope that helps.
Hey did anyone do the jan 2008 paper for National Economy? I done it as a mock and got 27/40. (11/15 MCQ & 16/25 DRQ-UK trade question i think it was). Anyone who had done this, did they find it hard?
And also what were the questions for Markets and Market Failure in Jan 08, I mean the DRQ, what topics did they cover? buffer stock scheme etc...
is a misallocation of resources basically allocative inefficiency?
does anyone have advice on how to get an A on Unit 2- National Economy. I absolutely hate the diagrams in Mulitiple choice, is there ways in which it is easier to interpret them?
yeah misallocation of resources and allocative inefficiency are the same thing. as for the data response in january the first was on buffer stocks and the second (which i did) was on the arguments for and against govt intervention in the aviation industry for environmental reasons. there's quite a lot of environmental questions i've noticed in the past papers.
Bit late, but i've been entered for a unit 2 resit. Though I did initially achieve 88/105, my teacher has advised me to retake it and get 100%, which is not *that* difficult once you've covered the A2 syllabus.
How do i analyse on the DRQs? is it drawing graphs etc...
Any tips for Units 4, 5 and 6 would be really appreciated.
Has anyone got the Jan 08 papers?