Economics P12 june 2012 ANSWERS...!!!

[Agassi Cazaubon]

It isn't about forgetting, some innovation may be dropped if it isn't considered safe, renewable or sustainable. An example would nuclear power, countries are moving away from it even though it has the greatest output of power relative to other resources given the same mass of raw materials (1kg of coal vs 1kg of uranium), isn't safe in the eyes of the policy makers. This is a step back in innovation and we would require more scarce resources to meet the same power output, hence an inward shift in the PPC.

Why are you people using the word innovation like that, it does not apply to existing technology, it means NEW technology/methods.. so it is not innovation being lost, its technology; its a step back in technology not innovation. If countries were moving from nuclear power to another which wasn't as efficient then that would be a step back in the country's technological state. If for example apple begins adding features that aren't as useful as additions such as siri or the retina display were to their iphones then you have a decrease in innovation.. that is to say the iphone is getting but by an amount smaller than it was before

 

[Sonish Raj Pant]

yea... raring to go haha... and abt the question regarding trade restrictions, importers do gain in case of quotas cuz the ones who actually get to import will be having "windfall" gains since they'll be selling goods at a higher price than what they would have otherwise sold at....

 

[mhalvi]

how was paper 2 guys??

 

[Sonish Raj Pant]

i found the paper pretty easy... data question was piece o cake... screwed up one question regarding the effect of recession on int'l trade... i wrote the general effects of recession on an economy, guess they'll give at least 2 for that... other than that i think it went pretty well... cudnt write as much as i would have wanted to for the 12 mark question 3 (b), but it' ok.. more than enough to score in excess of GT i guess... and yea i thought the paper pretty long...

 

[mhalvi]

i found the paper pretty easy... data question was piece o cake... screwed up one question regarding the effect of recession on int'l trade... i wrote the general effects of recession on an economy, guess they'll give at least 2 for that... other than that i think it went pretty well... cudnt write as much as i would have wanted to for the 12 mark question 3 (b), but it' ok.. more than enough to score in excess of GT i guess... and yea i thought the paper pretty long...

exactly word to word my opinion

 

[Sonish Raj Pant]

in tht question regarding the effects of recession, i wrote that companies will lose confidence in any economy and so they'll decrease their investment leading to a decrease in production/unemployment... and since the supply of goods decreases there'll be cost push inflation... do you think they'll give me at least a couple of marks for this answer? cuz the answer's not completely incorrect, its just incomplete... what do you think?

 

[Sonish Raj Pant]

so*

 

[Mattman]

I wrote that the fall of demand in a recession will improve or worsen countries BoT, dpeending on who exports or imports.
And the contraction in output will make it so that there will be less intl trade.

I didnt manage to write as much on 4b as i wanted....i forgot to include PED as a factor to the effects. How much marks will i lose?

What you people wrote for 1g? the last part. I explained how fiscal/monetary reduces demand but the disadvantages is that demand for domestic goods may fall as well.
If YED of imports is low not much effect
And govt failure

 

[JuggyD]

A

Why are you people using the word innovation like that, it does not apply to existing technology, it means NEW technology/methods.. so it is not innovation being lost, its technology; its a step back in technology not innovation. If countries were moving from nuclear power to another which wasn't as efficient then that would be a step back in the country's technological state. If for example apple begins adding features that aren't as useful as additions such as siri or the retina display were to their iphones then you have a decrease in innovation.. that is to say the iphone is getting but by an amount smaller than it was before

Actually, what you said is consistent with the definition of innovation. My example ignored that. From Wikipedia:
"Innovation is the creation of better or more effective products, processes, services, technologies, or ideas that are accepted by markets,governments, and society. Innovation differs from invention in that innovation refers to the use of a new idea or method, whereas invention refers more directly to the creation of the idea or method itself."I think Cambridge needs to stop asking questions which are imprecise or ambiguous. Decreased innovation would then be related to a less substantial shift of the PPC if its innovation is an ongoing process. Zero innovation would not change the PPC at all right (ceteris paribus)?

 

[ibadsiddiqi]

P2 was awesomee!..Loved it.hoping to get altleast 38 In Sha Allah!..

 

[aamir9010]

Some guys are still worried about paper 1 the ppc. HAHA its just one mark guys.

 

[Mattman]

My teacher talked about it. She disagrees if the awnser is A instead of C... but theres nothing to feel bad if wrong tbh. Its an honest mistake

The wrong one here is CIE's vague questions

 

[Agassi Cazaubon]

Just one mark can be the difference between an A and a B, a pass or a fail.. it is significant.

 

[ibadsiddiqi]

Just one mark can be the difference between an A and a B, a pass or a fail.. it is significant.

Im sure that would not be the case!..GT for p2 is always very low!..

 

[mhalvi]

can we start discussion of P2 now?

Does Anyone remembers all the parts of qs.1 ??
55 off 70 is certainly good enough for an A, May Allah give all of us A grades