Who is in the same situation as me. Doing a one night cram for economics. (2 Viewers)

[Kieran95]

Re: For question 28 I didnt talk about microeconomic policies? comments

anyone else shed some light?

were we meant to talk about "labourmarket policies" "environmental policies" ???

Yeah...probably, but i really dont know how they expect us to write everything in an hour

 

[p3rf3ction]

Re: For question 28 I didnt talk about microeconomic policies? comments

i did the same thing, when it says economic policies, it doesnt mean EVERY policy, so i cant possible see how u could get marked down. Its over anyways, chill

 

[cookeemonstah]

Re: For question 28 I didnt talk about microeconomic policies? comments

fark didnt talk bout external stability

 

[sghguos]

Re: For question 28 I didnt talk about microeconomic policies? comments

fark didnt talk bout external stability

Haha lol bad luck man

 

[sghguos]

Re: For question 28 I didnt talk about microeconomic policies? comments

i did the same thing, when it says economic policies, it doesnt mean EVERY policy, so i cant possible see how u could get marked down. Its over anyways, chill

Dude I hope so! because there was so much to talk about. I totally missed microeconomics dang!! but for some weird reason I talked about environment instead lols.

 

[will_]

Re: For question 28 I didnt talk about microeconomic policies? comments

fark i didnt talk much about how the policies are conflicting and each of their limitations. fml

 

[bigSKEAMO1]

Re: For question 28 I didnt talk about microeconomic policies? comments

u r fucked

 

[sghguos]

Re: For question 28 I didnt talk about microeconomic policies? comments

u r fucked

Hey are you refering to me or the post above you?

 

[asadass]

Re: For question 28 I didnt talk about microeconomic policies? comments

both

 

[osak23]

Re: For question 28 I didnt talk about microeconomic policies? comments

yesh

labour market reform and environ policy apart of micro
but if u explain others well, should be fine.....

im pissed my explanation of micro policies were pretty shite....
my hand was fkced after paper 2 english and B.O.P essay

 

[sghguos]

What was the last question for short answers again?

What was the last question for short answers again?

 

[NesTea]

Re: What was the last question for short answers again?

how the increase of a minimum wage which is above the equilibrium price will affect the labour market I believe

 

[freeeeee]

Re: What was the last question for short answers again?

was it the increase of an already set minimum wage or the implemention of a minimum wage above the equlibruim price?

 

[osak23]

Re: What was the last question for short answers again?

yeah..

how did you guys answer this question

 

[NesTea]

Re: What was the last question for short answers again?

increase in the minimum wage (or any price floor) will result in an expansion of supply (as more people are willing to work due to the higher return) and a contraction of demand (labour is now more expensive and as such due to the law of demand the quantity demanded decreases) as these both represent movements ALONG their respective curves, this creates a gap between quantity supplied and quantity demanded. this excess supply/shortage of demand represents unemployment and hence the increasing of a minimum wage will lead to increased unemployment

 

[freeeeee]

Re: What was the last question for short answers again?

increase in the minimum wage (or any price floor) will result in an expansion of supply (as more people are willing to work due to the higher return) and a contraction of demand (labour is now more expensive and as such due to the law of demand the quantity demanded decreases) as these both represent movements ALONG their respective curves, this creates a gap between quantity supplied and quantity demanded. this excess supply/shortage of demand represents unemployment and hence the increasing of a minimum wage will lead to increased unemployment

I wrote same thing as you and drew a diagram. I just cant remember now the exact Q, can you answer my question above?

 

[NesTea]

Re: What was the last question for short answers again?

was it the increase of an already set minimum wage or the implemention of a minimum wage above the equlibruim price?

I think that it was the increase of an already set minimum wage, however the effects of both are pretty much the same and you'd lose one mark max if that for saying the other one

 

[freeeeee]

Re: What was the last question for short answers again?

haha then i probably read the question wrong, i thought establishment of a minimum wage higher than equlibrium

 

[bigSKEAMO1]

Re: For question 28 I didnt talk about microeconomic policies? comments

Hey are you refering to me or the post above you?

no.

u

 

[Riaa]

Re: For question 28 I didnt talk about microeconomic policies? comments

i talked about the limitations, conflcting objectives and short/term trade offs (macro and micro such as how macro brings economic growth forward and micro creates 'new' sustained growth in the long term).

i barely spoked about external stability and scratched the surface of distribution of income.
the question was way too broad. i wish they did specify more..