Unofficial Markscheme AS Level Economics A Paper 2 16th May Watch

notgoodwithname5
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Section A:
Define Injection in context
Injection is the imput of money into the investment component of aggregate demand.

1b cant remember

A Few graph question
Shift the LRAS to the right and another i cannot remember

Can never remember my Section A

Section B:

6(a) 4 marker talked about how an a decrease in the value of the currency would make imports expensive and exports cheaper, so food prices were increasing due to some food being imported. something along these lines

6(b) 6 marker two economic objectives, spoke about low unemployment, but then also spoke about a decrease in value of currency which would increase exports, this could help to fix the current account deficit, (not sure about the last one )

6(c) 5 marker change the basket of goods because lifestyle is always changing

6(d) 10 marker something to do with exports and drew an as ad graph explaining the effect

6(e) 15 marker couldnt remember but i think i spoke about informal aactivity and double counting

6(f) 20 marker spoke about increasing interest rates drew kensyan and neoclassical diagrams explained both, talked about argentina and their high inflation rate and spoke about japan and their low inflation rate and deflationary spiral, decreasing interest rates also spoke about kensyan and neoclassical.

PLEASE SAY WHAT YOU WROTE SO WE CAN COMPARE!!!!
Last edited by notgoodwithname5; 9 months ago
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Stcats
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Section A

1) injection definition related to context (1) - investment
b) multipler calculation : sth like 4.7
c) which option would decrease multiplier - D: increase MPS/M/T (can't remember)

2) (a) draw Keynesian diagram (2)
(b) explain what spare capacity means (2) - unused resources in the economy
(c) which one causes movement along AS curve - (D) change in AD (1)

3) define price level (1)
(b) annotate diagram of impact of gov policy to encourage competition (2) - shift LRAS to the right
(c) Which one is gov interventionist to reduce unemployment - decrease in cooperation tax (1)

5. Define index number (1)
b) calculation (2)


Section B
6(a) how fall in exchange rate causes changes in inflation (4m).
fall in ex rate means imports more expensive - increase cost of production - cost-push inflation
most food imported - food prices increases

(b) explain 2 likely economic impacts of high inflation with reference to extract. (6m)
- the extract says "low fixed income ppl are mostly affected, wage rise is slow" inflation reduces their purchasing power and thus less "leaving them to spend less on relatively expensive goods”
- the other reason is from the extract says “rise in personal debt relative to income" - reduce saving I'm not sure...

(c) Explain one reason why CPI basket regularly revised (5m)
- changes in tastes and preferences - more ppl more healthier lifestyle -
- extract: in - non-dairy milk, out- cider, cigarettes

(d) Discuss the limitations of using GDP to compare living standards in the UK and other developing countries (10)
- Application - UK 2% Developing 4.5% in 2017; Shadow economy in developing countries 5 times that of UK economy
- GDP does not include Shadow economy , negative externalities, income distribution, but takes into account crime, prostitution
-For eval, I said other indicators could be used e.g. Green GDP, GNH

(e) evaluate the likely impact of changes in exports on economic growth. Use AD-AS diagram (15) I don’t feel like I have much content in writing this, like linking to Econ growth…
- Increase AD - high employment, higher income, higher standard living, multiplier effect (as X is a injection)
- eval - depends on magnitude, if imports no change - may not increase AD

(g) evaluate conflict of economic growth with 2 other macro objectives (20)

- one conflicting objective is with protection of the environment Eval: gov may subsidise firms to develop carbon free tech, investment in tech to allow firms to improve production method e.g. use renewable energy.

- 2nd conflicting objective is balance in current account; eval - supply side polices such as education to make workforce more productive and more innovation so exports may become more competitive in the long run, so may improve current account balance...
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Yr_11_MATHS
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For last question I used Inflation instead of
(Original post by Stcats)
Section A

1) injection definition related to context (1) - investment
b) multipler calculation : sth like 4.7
c) which option would decrease multiplier - D: increase MPS/M/T (can't remember)

2) (a) draw Keynesian diagram (2)
(b) explain what spare capacity means (2) - unused resources in the economy
(c) which one causes movement along AS curve - (D) change in AD (1)

3) define price level (1)
(b) annotate diagram of impact of gov policy to encourage competition (2) - shift LRAS to the right
(c) Which one is gov interventionist to reduce unemployment - decrease in cooperation tax (1)

5. Define index number (1)
b) calculation (2)


Section B
6(a) how fall in exchange rate causes changes in inflation (4m).
fall in ex rate means imports more expensive - increase cost of production - cost-push inflation
most food imported - food prices increases

(b) explain 2 likely economic impacts of high inflation with reference to extract. (6m)
- the extract says "low fixed income ppl are mostly affected, wage rise is slow" inflation reduces their purchasing power and thus less "leaving them to spend less on relatively expensive goods”
- the other reason is from the extract says “rise in personal debt relative to income" - reduce saving I'm not sure...

(c) Explain one reason why CPI basket regularly revised (5m)
- changes in tastes and preferences - more ppl more healthier lifestyle -
- extract: in - non-dairy milk, out- cider, cigarettes

(d) Discuss the limitations of using GDP to compare living standards in the UK and other developing countries (10)
- Application - UK 2% Developing 4.5% in 2017; Shadow economy in developing countries 5 times that of UK economy
- GDP does not include Shadow economy , negative externalities, income distribution, but takes into account crime, prostitution
-For eval, I said other indicators could be used e.g. Green GDP, GNH

(e) evaluate the likely impact of changes in exports on economic growth. Use AD-AS diagram (15) I don’t feel like I have much content in writing this, like linking to Econ growth…
- Increase AD - high employment, higher income, higher standard living, multiplier effect (as X is a injection)
- eval - depends on magnitude, if imports no change - may not increase AD

(g) evaluate conflict of economic growth with 2 other macro objectives (20)

- one conflicting objective is with protection of the environment Eval: gov may subsidise firms to develop carbon free tech, investment in tech to allow firms to improve production method e.g. use renewable energy.

- 2nd conflicting objective is balance in current account; eval - supply side polices such as education to make workforce more productive and more innovation so exports may become more competitive in the long run, so may improve current account balance...
For G i used inflation instead of your current account but the rest I have the same answers as yours. Regarding impacts of high inflation as long as you reference the extract at least once then you'll be fine so I used price wage spiral as my second point. Keynesian diagram was only one mark I think? I drew it and indicated full employment. E) I mentioned the UK's f*ck value of pound and so depreciating pound will make exports cheaper so leading to economic growth ad shift eval 1: inflation rate is low due to brexit (application) so exports are limited as imports look more expensive.. eval: UK is mass importer of raw materials (application) so can limit economic growth.


for the gdp question I mentioned pablo escobar so underground econ, income distribution eval: gdp is a better measure than nominal gdp, growing gdp of developing countries despite welfare indicates economic growth but doesn't consider welfare
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Yr_11_MATHS
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(Original post by Stcats)
Section A

1) injection definition related to context (1) - investment
b) multipler calculation : sth like 4.7
c) which option would decrease multiplier - D: increase MPS/M/T (can't remember)

2) (a) draw Keynesian diagram (2)
(b) explain what spare capacity means (2) - unused resources in the economy
(c) which one causes movement along AS curve - (D) change in AD (1)

3) define price level (1)
(b) annotate diagram of impact of gov policy to encourage competition (2) - shift LRAS to the right
(c) Which one is gov interventionist to reduce unemployment - decrease in cooperation tax (1)

5. Define index number (1)
b) calculation (2)


Section B
6(a) how fall in exchange rate causes changes in inflation (4m).
fall in ex rate means imports more expensive - increase cost of production - cost-push inflation
most food imported - food prices increases

(b) explain 2 likely economic impacts of high inflation with reference to extract. (6m)
- the extract says "low fixed income ppl are mostly affected, wage rise is slow" inflation reduces their purchasing power and thus less "leaving them to spend less on relatively expensive goods”
- the other reason is from the extract says “rise in personal debt relative to income" - reduce saving I'm not sure...

(c) Explain one reason why CPI basket regularly revised (5m)
- changes in tastes and preferences - more ppl more healthier lifestyle -
- extract: in - non-dairy milk, out- cider, cigarettes

(d) Discuss the limitations of using GDP to compare living standards in the UK and other developing countries (10)
- Application - UK 2% Developing 4.5% in 2017; Shadow economy in developing countries 5 times that of UK economy
- GDP does not include Shadow economy , negative externalities, income distribution, but takes into account crime, prostitution
-For eval, I said other indicators could be used e.g. Green GDP, GNH

(e) evaluate the likely impact of changes in exports on economic growth. Use AD-AS diagram (15) I don’t feel like I have much content in writing this, like linking to Econ growth…
- Increase AD - high employment, higher income, higher standard living, multiplier effect (as X is a injection)
- eval - depends on magnitude, if imports no change - may not increase AD

(g) evaluate conflict of economic growth with 2 other macro objectives (20)

- one conflicting objective is with protection of the environment Eval: gov may subsidise firms to develop carbon free tech, investment in tech to allow firms to improve production method e.g. use renewable energy.

- 2nd conflicting objective is balance in current account; eval - supply side polices such as education to make workforce more productive and more innovation so exports may become more competitive in the long run, so may improve current account balance...
g) Eval for environment damage, gov use tax, shift sras in, invest decrease as higher tax, lras would shift in, protects environment but would limit economic growth. Conclusion economic growth outweigh, but gov should protect environment and allow firm to expand
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Leo huseyin
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What do people think the grade boundaries will be, in 2017 it was 112 for an A, in 2018 it was 116. These exams seemed harder than last years exam though. I think 114 - 120 marks for an A.
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Yr_11_MATHS
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(Original post by Leo huseyin)
What do people think the grade boundaries will be, in 2017 it was 112 for an A, in 2018 it was 116. These exams seemed harder than last years exam though. I think 114 - 120 marks for an A.
I'm inclined to say about 114 which seems about right considering that the questions were slightly harder
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Leo huseyin
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(Original post by Yr_11_MATHS)
I'm inclined to say about 114 which seems about right considering that the questions were slightly harder
114 would be really good.
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