Econ Paper 1 doubts!

[aquarian93]

i dont understand sum questions in
may 2007 paper 1

questions   6, 14, 32, 33, 35, 36.
the answers are respectively,      D, A, B, B, A, D      according to the mark scheme.

cn anyone explain them to me?
thank youuu

[beanii]

paper1 meaning multiple choice(core) or do you mean paper1 as in multiple choice(extended)??

[aquarian93]

i mean the core.

[beanii]

sorryyy!!!
all of my answers for those questions are diff fm the ones in the marking scheme!
wish i could've helped though

[ni]

I heard there is no Core Economics paper this year though...
is that not true?

[hmh]

i dont understand sum questions in
may 2007 paper 1

questions   6, 14, 32, 33, 35, 36.
the answers are respectively,      D, A, B, B, A, D      according to the mark scheme.

cn anyone explain them to me?
thank youuu

Question 6... its D because.. if theres recession means incomes wud be less.. so surely trade unions cant demand for higher wages. then.. more competition in market means more avaliablity of supply.. so tht wouldnt help them to influence their demands.. then few demand for products mean less sales revenue.. so cant pay high wages? so only left is D.

Question 14.. as the price rise for private.. the demand falls as a result so shift to left first of all. now chances are A or D... ok as a result of fall in demand.. they supply will decrease too.. to bring bak to equib. so its A.

Question 33 its B because if u look at others.. u will find tht their life expentancy is quite high.. which is a country tht is developed... then B also has high birth rates.. this tells us tht its standards of living are not so high and its developing country.

Question 35 .. its simply A.. because EU and G8 countries are developed and they lent money to African countries.. and now they decide to cancle the take-back of money.. so they are in other words transfering.

Question 36 .. reduction of quota means now less can be imported.. high quota = 35,000 goods... low quota = 10,000 goods.. so less imports mean less deficit.. cant be A.., ok the gud cant be cheaper as its not tariff thts being removed.. cant be B.. ok the goverment revenue wont decline as if less imported.. means more locally purchased so more VAT so more tax revenue for gov. yes gov revenue will decline but of the country tht the good/service is imported from.

 

[hmh]

I heard there is no Core Economics paper this year though...
is that not true?

Yes they removed core/extended now.. its ok paper 1 now both for core/extended.. Time : 45 mins, questions : 30.

[sweet777]

i have a doubt....what exactly is the difference between private company, public company, public corporation, and joint stock company??

[hmh]

i have a doubt....what exactly is the difference between private company, public company, public corporation, and joint stock company??

Private company = Private sector (plc)
Public company = Private sector (plc) only in economics. not in business studies.
Public corporation= public sector A corporation created to perform a governmental function or to operate under government control, such as a municipal water company or hospital.
Joint stock company= private sector A joint stock company (JSC) is a type of business entity: it is a type of corporation or partnership

[sweet777]

thx so much ....i wz rili confused! thx thx thx!!

[ni]

I heard there is no Core Economics paper this year though...
is that not true?

Yes they removed core/extended now.. its ok paper 1 now both for core/extended.. Time : 45 mins, questions : 30.

Lol I was going to do extended anyways but I wonder if there is a possibility that the paper would be easier then. Or maybe it was just that there weren't enough people giving core in past years.

[aquarian93]

i dont understand sum questions in
may 2007 paper 1

questions   6, 14, 32, 33, 35, 36.
the answers are respectively,      D, A, B, B, A, D      according to the mark scheme.

cn anyone explain them to me?
thank youuu

Question 6... its D because.. if theres recession means incomes wud be less.. so surely trade unions cant demand for higher wages. then.. more competition in market means more avaliablity of supply.. so tht wouldnt help them to influence their demands.. then few demand for products mean less sales revenue.. so cant pay high wages? so only left is D.

Question 14.. as the price rise for private.. the demand falls as a result so shift to left first of all. now chances are A or D... ok as a result of fall in demand.. they supply will decrease too.. to bring bak to equib. so its A.

Question 33 its B because if u look at others.. u will find tht their life expentancy is quite high.. which is a country tht is developed... then B also has high birth rates.. this tells us tht its standards of living are not so high and its developing country.

Question 35 .. its simply A.. because EU and G8 countries are developed and they lent money to African countries.. and now they decide to cancle the take-back of money.. so they are in other words transfering.

Question 36 .. reduction of quota means now less can be imported.. high quota = 35,000 goods... low quota = 10,000 goods.. so less imports mean less deficit.. cant be A.., ok the gud cant be cheaper as its not tariff thts being removed.. cant be B.. ok the goverment revenue wont decline as if less imported.. means more locally purchased so more VAT so more tax revenue for gov. yes gov revenue will decline but of the country tht the good/service is imported from.

 

omg hmh, thank you so much
it just struck me dat coincidentally u always me out, thanks
+rep
(wish i could do a 100, bt sadly, the karma thing)

[xxemoxx]

The price of a good is temporarily above the market equilibrium price.
What must happen for the market to be brought back to equilibrium?


quantity demanded   quantity supplied
A rises                         rises
B rises                          falls
C falls                          rises
D falls                          falls


It came in M/J 2006 Q#9
 can anybody explain me ?

[hmh]

The price of a good is temporarily above the market equilibrium price.
What must happen for the market to be brought back to equilibrium?


quantity demanded   quantity supplied
A rises                         rises
B rises                          falls
C falls                          rises
D falls                          falls


It came in M/J 2006 Q#9
 can anybody explain me ?

I explained the same question early.. lemme find the thread.

[hmh]

The price of a good is temporarily above the market equilibrium price.
What must happen for the market to be brought back to equilibrium?


quantity demanded   quantity supplied
A rises                         rises
B rises                          falls
C falls                          rises
D falls                          falls


It came in M/J 2006 Q#9
 can anybody explain me ?

I explained the same question early.. lemme find the thread.

it was my own thread lol.. anyways, to decrease the price.. we must increase the demand...so does we decrease the quantity supplied.. so the answer is B.