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how was eco p1 guys...???
- Thread starter mohsinsrk
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Dude 4-5 questions came repeated...and the funny thing is that many students got stuck up on those questions(atleast from what i heard)...like the J-Curve question...
Fortunately I also did good in the paper with a few wrongs here and there...overall the i think it was pretty easy...
Question 29 was a hard one...what do you think is the answer??? (i did A)
Fortunately I also did good in the paper with a few wrongs here and there...overall the i think it was pretty easy...
Question 29 was a hard one...what do you think is the answer??? (i did A)
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The answer for 29 was C.. As demand will decrease and supply will increase
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The Paper was really easy, albeit a lil tricky on some questions. 29 was C.
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What about q1??
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Moiz said:
the answer to q1 was that 'capital is made from existing factors of production' . I dont remember the option letter. I think it was B.
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I think it'll be easier if we compile all the questions into one post? He's what I wrote on the ones i remember:
These aren't the question numbers they're just so its easy to see how many questions have been answered out of the 30.
1. Capital is made from the other factors of production
2. A command economy is more likely to be stable
3. A reduction in tariffs will shift the demand curve for domestically produced cars to the left
4. Conditions 1 and 4 will make supply relatively inelastic
5. Increased interest rates in USA and decreased in UK will increase supply and decrease demand for the pound so the new value was at point C.
6. To reflect the true value of a merit good to society demand needs to increase as opposed to supply increase so that price increase as the merit good is worth a higher value.
7. A change in the quantity demanded"? Not sure if it meant shift in demand curve or change in quantity traded.
8. The J-curve was being illustrated.
9. The terms of trade was 150 so value of imports changed by -20%
10. The answer was C ie. the opportunity costs were 1 and 2 since the value of 1.5 is between this.
11. Japanese car manufacturer moving into UK: will improve trade in goods but current account balance uncertain in the long run.
12. When PED is unitary expenditure doesn't change with increasing price.
13. When bus fares increase by 1% demand for rail travel increases by 0.16%
14. On average, employed UK workers had an increase in real income as wage rates increased more than inflation.
That's 14 can anyone remember any more?
These aren't the question numbers they're just so its easy to see how many questions have been answered out of the 30.
1. Capital is made from the other factors of production
2. A command economy is more likely to be stable
3. A reduction in tariffs will shift the demand curve for domestically produced cars to the left
4. Conditions 1 and 4 will make supply relatively inelastic
5. Increased interest rates in USA and decreased in UK will increase supply and decrease demand for the pound so the new value was at point C.
6. To reflect the true value of a merit good to society demand needs to increase as opposed to supply increase so that price increase as the merit good is worth a higher value.
7. A change in the quantity demanded"? Not sure if it meant shift in demand curve or change in quantity traded.
8. The J-curve was being illustrated.
9. The terms of trade was 150 so value of imports changed by -20%
10. The answer was C ie. the opportunity costs were 1 and 2 since the value of 1.5 is between this.
11. Japanese car manufacturer moving into UK: will improve trade in goods but current account balance uncertain in the long run.
12. When PED is unitary expenditure doesn't change with increasing price.
13. When bus fares increase by 1% demand for rail travel increases by 0.16%
14. On average, employed UK workers had an increase in real income as wage rates increased more than inflation.
That's 14 can anyone remember any more?
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good luck then!wwechampion said:
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I was surprised to see the J-curve effect question, and got a bit confused. But then thank God, the answer was still evident!!
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Damn paper sucked...i got a lot wrong...this sucks...
I hope i won't get lower than a B...
I hope i won't get lower than a B...
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hey wwechampion, hope you'll be champion in A-levels as well.. All the best and don't be sad..
Advise: concentrate maximum on your rest of the papers (if any) so that you don't screw up your whole result!
Good luck
Advise: concentrate maximum on your rest of the papers (if any) so that you don't screw up your whole result!
Good luck
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May I lend my doubts so as to increase the chances of their proabable clarification at the earliest? After much contemplation, I chose Option 'D' as the answer for Question no 1. Now, I read about the income derived by factors of production as Land- Rent, Labour- Wages, Capital- Interest, and Enterprise- Profits, earlier during my course of study for the AS level papers. On the basis of this concept, shouldn't the answer be D?
hey Hammad, seriously there is all the doubt even I had though i was stuck in option "return to owner is not fixed" and (one more).
I canceled out "should be owned and not hired or rented" and "is made from other FoP"
should not be owned or rented was canceled because i guess when one takes a loan it is somewhat rented or higher as it has to be returned and it is not owned.
is made from other FoP = it itself is a factor of production..
confused in "return.... owner" because he/she gets interest. ! :s
Above all i can't remember what i answered.
I canceled out "should be owned and not hired or rented" and "is made from other FoP"
should not be owned or rented was canceled because i guess when one takes a loan it is somewhat rented or higher as it has to be returned and it is not owned.
is made from other FoP = it itself is a factor of production..
confused in "return.... owner" because he/she gets interest. ! :s
Above all i can't remember what i answered.