Economics paper 12 9708 discussion

[a level]

reduction in price of minm wage means that for eg previous wage was $20 then now it will be $10 benefiting employer

 

[panpan101]

what? really? didnt the question said that there was only a reduction in price, whereas there is a NEW maximumprice for rents, and NEW minimum wage? i dont know... the english!! raghh

 

[kaka g]

IT WAS PROBABLY AN INCREASE IN MIN. WAGE, I answered workers,tenants,consumers.

And there was a question, the population of a country is 500 Mil, unemployment rate is 6%... 15k people are unemployed...
I answered C - 470Mil... though was confused b/w C and D(485Mil)!!

 

[panpan101]

I answered 250!!! unemployment rate is 6% so employed is 94% I used cross multiplication to get the value of 100% (Labour Force = Unemployed + Employed)

 

[kaka g]

And the one with Demand Pull and Cost Push inflation.... I forgot the definitions of both the types.... couldn't decided between Price of oil/Tarries. Answered Price of oil.

And the Price Mechanism question... I COULDN'T understand it!!!! :/ I don't even remember the answer choices... I think I chose the one with limited prices of goods???!

 

[kaka g]

Ughhhhh I never thought that way

I answered 250!!! unemployment rate is 6% so employed is 94% I used cross multiplication to get the value of 100% (Labour Force = Unemployed + Employed)

 

[panpan101]

Ahahaha me too!! All i know is that price of oil will definitely cause cost push... Because probably transport costs are now higher, which means that price of imported raw materials will increase... (based on my understanding though!)

Oh... the price mechanism... i seriously spend a good 5-10 minutes on that question TRYING to understand it

 

[panpan101]

MUB, that theory is kind of thinking too far right? Idk. I just think there was a misconception by him in interpreting the question... I think the question actually meant that a new price floor was set... so producers are unable to set below the equilibrium wage rate, (which is lower), benefitting the workers

 

[kaka g]

Hope I manage to get a B in Economics with the TINY amount of study I did

 

[panpan101]

You did your best in the exam. I can tell. Most of the people who didnt really study didnt make an effort to try and understand the question. Hopefully an A or lowest at B for you milady! Good Luck and keep believing

 

[kaka g]

Bhai jaan lady nahi Hahahaha thanks Okay I'm probably going to catch some Z's now Hope more questions have been discussed till morning (so I remember and chip in my answers )

 

[panpan101]

Dont dream too much on econs :*

 

[Junaid Malik]

I went with trade union, from free member, since they didnt ask for anything other then no restrictions and common tariff

 

[Junaid Malik]

It was legal tender because I checked that out on google when I came back home. Paper money , also known as 'fiat' money has no intrinsic value but it used as a legal tender. Soo I'm guessing that's the right answer. As far as the 3:2 question goes, I just worked it out, and yeah you're right. I donno why I opted for that option first but then changed my answer later on.

Legal tender is banks and coins, so thats not the right answer.And its noy intrinsic value either, as thats's the value of the shit the money is made out of, so most likely their cheaper?

 

[panpan101]

hopefully!! because shit nayahaahaha
what did you answer for the sugar question?

 

[Junaid Malik]

The unemployment one was meant to trick us, 15 million is 6 percent unemployment, i divided 15 by 6, so 1 percent is 2.5, multiply that by 100, you get 250.

 

[Junaid Malik]

hopefully!! because shit nayahaahaha
what did you answer for the sugar question?

hopefully!! because shit nayahaahaha
what did you answer for the sugar question?

I think its consumef surplus, since the drop in price resulted in an increase of consumer surplus for the people who were able to get their hands on it.

 

[panpan101]

Really? But the consumer surplus said that it will increase by the whole area including the triangle inside it. If you check O/N 10/Variant 1 question 11. The effect on a maximum price will only include the rectangle area not the triangle... so im not really sure I wrote a decrease in expenditure. Because since price has decreased, expenditure = price x demand. Demand stays constant because they said, given those who bought the sugar (if im not mistaken). So a decrease in price = a decrease in expenditure... Just my reasoning

 

[Junaid Malik]

I read it as 'the cosumer surplus increases and it was like the rectangle that it increases it by, but i could be wrong, moreover, i guess the decrease in expendicture depends if demand increased or not, indont remember the question completly though, yet demand should increase if price decreases, lastly, they didnt give us numbers on the price and quantity demanded, so how can you say that expnditure decreased fersure?

 

[Adriaannaa29]

heyy, it would be very helpful to me if anyone of you could tell me what were the mcq in this paper.