Question spotting for F585 Economics The Global Economy OCR A level June 2011
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Original post by ExplosiveHamster
for the ireland growth question did anybody else just find themselves focusing on inflation for the majority of the answer?
and i derp'd trying to find 4 marks worth of answer to explain the economic cycle and short/long term growth
and for the last question what is the difference between economic growth and development? i mostly just mentioned growth
and i derp'd trying to find 4 marks worth of answer to explain the economic cycle and short/long term growth
and for the last question what is the difference between economic growth and development? i mostly just mentioned growth
For the Ireland question you would just focus mainly on inflation. You would talk about how their high rate of demand led growth led to high inflation, and rising output and labour costs. You would then mention how Ireland were not able to use monetary policy to control this inflation, so it continued to rise. They were also unable to devalue the Euro to restore competitiveness. As a result Ireland became very uncompetitive both within and outside the Euro area. Ireland were also left with a very weak economy, because their growth had been demand led, and had ignored supply side performance, which is vital to long term growth.
For the 4 mark questions. The ecomomics cycle you would just say how it refers to the different stages an economy naturally goes through. Boom -> Slowdown -> Slump -> Recovery. You could then say that the length and severity of each stage can differ between economies
For short run/long run growth question: You would say short run growth is demand led growth which can be shown by an outwards shift in aggregate demand. It tends to be unsustainable in the long run, and can be inflationary if there is not much spare capacity in the economy. Short run growth is caused by factors such as increased consumer and business confidence, and expansionary fiscal policy. Long run growth is supply led growth, which can be shown by an outwards shift in LRAS. It tends to be sustainable in the long run, and is not inflationary. Its cause by factors such as investment in capital and technology, and improved education and training.
As for the trade question, economic performance is stuff like gdp, income per head, whilst human development could be stuff like quality of life, education, access to new services, consumer choice. You basically just talk about trade and how it can improve economies in general, and how it can improve the lives of the people in those countries.
Precisely what I predicted for the last question.
Problem was I had so much to write I could barely finish
Problem was I had so much to write I could barely finish
Ive just realised even though i wrote tons of amazing stuff for the last question, I made a big mistake.
The question said, comment on whether increasing openness to trade is KEY to promoting economic and human development.
I talked tons about the benefits and drawbacks of increased openness to trade, in terms of human development and economic development, and did lots of evaluation.
But.. I didnt mention any other ways of promoting economic development and human development.
Looking back on it I think this may be what the question was looking for.
The question said, comment on whether increasing openness to trade is KEY to promoting economic and human development.
I talked tons about the benefits and drawbacks of increased openness to trade, in terms of human development and economic development, and did lots of evaluation.
But.. I didnt mention any other ways of promoting economic development and human development.
Looking back on it I think this may be what the question was looking for.
the only other thing except international trade that i mentioned was support from the WTO/IMF in terms of conditional loans and assistance to promote economic growth and human development, is there much else which could've been mentioned? o.O
Original post by carbondummy
Totally messed up the last question... wrote about economies of scale, prebisch singey hypothesis, done the usual definitions of human development and reduction of trade barriers. Also comparative advantage, more specialization, so more employment. But all assumes that labour is compeletely mobile in those countries, where as it could actually lead to more unemployment and more poverty.
Total lack of evaluation and linking trade to human development though, didn't even get time to write a proper conclusion. Grrr, there goes my A.
Total lack of evaluation and linking trade to human development though, didn't even get time to write a proper conclusion. Grrr, there goes my A.
Ok ****. I did the same as you.
Hate it when you come out an exam feeling really confident, then slowly start to realised you ****ed up.
happens a lot to me!, i really wish i never check these threads cause i always get disappointed. but i always come back lol
I thought the exam paper was pretty nice overall 
Seemed to me that that 10 marker on Ireland was just AS stuff! I just focused on unemployment and inflation.
We had done pretty much the last question in class before ^^ my answer was a bit messy but I got a lot in there.
Seemed to me that that 10 marker on Ireland was just AS stuff! I just focused on unemployment and inflation.
We had done pretty much the last question in class before ^^ my answer was a bit messy but I got a lot in there.
Original post by boliver228
Ive just realised even though i wrote tons of amazing stuff for the last question, I made a big mistake.
The question said, comment on whether increasing openness to trade is KEY to promoting economic and human development.
I talked tons about the benefits and drawbacks of increased openness to trade, in terms of human development and economic development, and did lots of evaluation.
But.. I didnt mention any other ways of promoting economic development and human development.
Looking back on it I think this may be what the question was looking for.
The question said, comment on whether increasing openness to trade is KEY to promoting economic and human development.
I talked tons about the benefits and drawbacks of increased openness to trade, in terms of human development and economic development, and did lots of evaluation.
But.. I didnt mention any other ways of promoting economic development and human development.
Looking back on it I think this may be what the question was looking for.
Yeah, I mention targeted foreign aid as another policy government, in the west, could use to help developing economies as i thought these are key to unlocking global economic and human development. I wouldn't worry if you didn't mention another policy though, normally in the markscheme they will only look for one other judgement so we're not talking about losing mega amounts of marks, 2 at the most.
Original post by HK11
Yeah, I mention targeted foreign aid as another policy government, in the west, could use to help developing economies as i thought these are key to unlocking global economic and human development. I wouldn't worry if you didn't mention another policy though, normally in the markscheme they will only look for one other judgement so we're not talking about losing mega amounts of marks, 2 at the most.
D'oh! It makes sense now. Dependency on aid and all that...
It was a bit of a weird paper in that I have no idea how I've done.
First question was describe economic cycle, I just said made up of slowdown, recession, recovery, boom and then described what happens in each e.g. strong demand in boom. I also talked a bit about automatic stabilisers governing the economic cycle.
Second question was why cycles need to be converged in a monetary union. If not, the interest rates have different effects on different economies. e.g. a high interest rate set will be good for a country in boom but constrict demand in a country in recession.
Third question was implications for spain from uncompetitiveness. I mentioned Inflation, low exports so more unemployment, Balance of Payments problems.
Fourth question was distinguishing between short run and long run growth. SR has at least one factor of production fixed, growth occurs here if use resources more efficiently or use up spare capacity, also known as actual growth. Long run is potential growth and occurs as number of resources increases, e.g. migration into country. Could have used a PPF in this question.
Fifth question was commenting of irelands growth effects. Basically I talked about the 3 the effect on balance of payments, inflation and employment - giving 2 sides for what might happen with each factor.
Sixth question was comment on one competition policy spain could use. I said they could liberalise their trade, then went into positives and negatives of how this might make them more/less competitive.
Essay question, cba to talk about everything I wrote. Think I did OK. Split the question into 5 parts
1. Good for economic development
2. Good for human development
3. Bad for economic development
4. Bad for human development
5. Conclusion, evaluation and other policy that can also be used.
Overall it was a bit of a vague paper in certain parts, didn't really test a whole lot of economic knowledge. There was very little warning from the case study that development would come up, so wasn't really expecting that. But in the exam I didn't look at the case study once, it may as well have not been there.
First question was describe economic cycle, I just said made up of slowdown, recession, recovery, boom and then described what happens in each e.g. strong demand in boom. I also talked a bit about automatic stabilisers governing the economic cycle.
Second question was why cycles need to be converged in a monetary union. If not, the interest rates have different effects on different economies. e.g. a high interest rate set will be good for a country in boom but constrict demand in a country in recession.
Third question was implications for spain from uncompetitiveness. I mentioned Inflation, low exports so more unemployment, Balance of Payments problems.
Fourth question was distinguishing between short run and long run growth. SR has at least one factor of production fixed, growth occurs here if use resources more efficiently or use up spare capacity, also known as actual growth. Long run is potential growth and occurs as number of resources increases, e.g. migration into country. Could have used a PPF in this question.
Fifth question was commenting of irelands growth effects. Basically I talked about the 3 the effect on balance of payments, inflation and employment - giving 2 sides for what might happen with each factor.
Sixth question was comment on one competition policy spain could use. I said they could liberalise their trade, then went into positives and negatives of how this might make them more/less competitive.
Essay question, cba to talk about everything I wrote. Think I did OK. Split the question into 5 parts
1. Good for economic development
2. Good for human development
3. Bad for economic development
4. Bad for human development
5. Conclusion, evaluation and other policy that can also be used.
Overall it was a bit of a vague paper in certain parts, didn't really test a whole lot of economic knowledge. There was very little warning from the case study that development would come up, so wasn't really expecting that. But in the exam I didn't look at the case study once, it may as well have not been there.
i think the last question was quite good it was the pros and cons of opening up trade but you gotta link each point to development like infant industry's wont be able to grow and thus economy's cant develop or enter new markets as there small industry's would just collapse this could be true for developing countries as they will keep relying on agriculture cos there other sectors and small and cant compete and thus there wont be any education or literacy rates as people can only export agriculture not finance or anything like the UK . this question was answered a lot in the previous posts it was trade liberlisation essential but how it can help economies to develop and whether it can help human development. i think
(edited 12 years ago)
Original post by HK11
It was a bit of a weird paper in that I have no idea how I've done.
First question was describe economic cycle, I just said made up of slowdown, recession, recovery, boom and then described what happens in each e.g. strong demand in boom. I also talked a bit about automatic stabilisers governing the economic cycle.
Second question was why cycles need to be converged in a monetary union. If not, the interest rates have different effects on different economies. e.g. a high interest rate set will be good for a country in boom but constrict demand in a country in recession.
Third question was implications for spain from uncompetitiveness. I mentioned Inflation, low exports so more unemployment, Balance of Payments problems.
Fourth question was distinguishing between short run and long run growth. SR has at least one factor of production fixed, growth occurs here if use resources more efficiently or use up spare capacity, also known as actual growth. Long run is potential growth and occurs as number of resources increases, e.g. migration into country. Could have used a PPF in this question.
Fifth question was commenting of irelands growth effects. Basically I talked about the 3 the effect on balance of payments, inflation and employment - giving 2 sides for what might happen with each factor.
Sixth question was comment on one competition policy spain could use. I said they could liberalise their trade, then went into positives and negatives of how this might make them more/less competitive.
Essay question, cba to talk about everything I wrote. Think I did OK. Split the question into 5 parts
1. Good for economic development
2. Good for human development
3. Bad for economic development
4. Bad for human development
5. Conclusion, evaluation and other policy that can also be used.
Overall it was a bit of a vague paper in certain parts, didn't really test a whole lot of economic knowledge. There was very little warning from the case study that development would come up, so wasn't really expecting that. But in the exam I didn't look at the case study once, it may as well have not been there.
First question was describe economic cycle, I just said made up of slowdown, recession, recovery, boom and then described what happens in each e.g. strong demand in boom. I also talked a bit about automatic stabilisers governing the economic cycle.
Second question was why cycles need to be converged in a monetary union. If not, the interest rates have different effects on different economies. e.g. a high interest rate set will be good for a country in boom but constrict demand in a country in recession.
Third question was implications for spain from uncompetitiveness. I mentioned Inflation, low exports so more unemployment, Balance of Payments problems.
Fourth question was distinguishing between short run and long run growth. SR has at least one factor of production fixed, growth occurs here if use resources more efficiently or use up spare capacity, also known as actual growth. Long run is potential growth and occurs as number of resources increases, e.g. migration into country. Could have used a PPF in this question.
Fifth question was commenting of irelands growth effects. Basically I talked about the 3 the effect on balance of payments, inflation and employment - giving 2 sides for what might happen with each factor.
Sixth question was comment on one competition policy spain could use. I said they could liberalise their trade, then went into positives and negatives of how this might make them more/less competitive.
Essay question, cba to talk about everything I wrote. Think I did OK. Split the question into 5 parts
1. Good for economic development
2. Good for human development
3. Bad for economic development
4. Bad for human development
5. Conclusion, evaluation and other policy that can also be used.
Overall it was a bit of a vague paper in certain parts, didn't really test a whole lot of economic knowledge. There was very little warning from the case study that development would come up, so wasn't really expecting that. But in the exam I didn't look at the case study once, it may as well have not been there.
yh i agree
Original post by boliver228
Ive just realised even though i wrote tons of amazing stuff for the last question, I made a big mistake.
The question said, comment on whether increasing openness to trade is KEY to promoting economic and human development.
I talked tons about the benefits and drawbacks of increased openness to trade, in terms of human development and economic development, and did lots of evaluation.
But.. I didnt mention any other ways of promoting economic development and human development.
Looking back on it I think this may be what the question was looking for.
The question said, comment on whether increasing openness to trade is KEY to promoting economic and human development.
I talked tons about the benefits and drawbacks of increased openness to trade, in terms of human development and economic development, and did lots of evaluation.
But.. I didnt mention any other ways of promoting economic development and human development.
Looking back on it I think this may be what the question was looking for.
well as long as you said reasons why its not key and evaluated both sides you should get good marks even if you didn't mention other ways
How do people think ive done, this is what i wrote:
1) economic cycle- boom, slowdown, bust, recovery with little diagram
2) convergance needed for interest rates,said about ok for germany,too lose for piigs
3) Irelan consequences increased emplyment etc at first but long run inflationary and bust.
4)short run is actual, long run is potential, ppf diagram showing differences
5) consequences of uncompetitiveness- unemployment, budget defecit etc
6) spain could use supply side policies, diagram, no inflation, but long term and expensive
7) opening to trade, comp advantage , new market oppotunities better than aid, more employment is more incomes, more tax reciepts for govt to spend on welfair and increase standards of liveing BUT prebisgh-singer hyp, rich get richer, terms of trade may not benefit both, overall trade could help growth and HDI but only ig the govt cpmly to the harold doner model and invest into their factors of production.
I need 76 for an A. anyone reckon ive messed up my chance? I think i may have just done it
1) economic cycle- boom, slowdown, bust, recovery with little diagram
2) convergance needed for interest rates,said about ok for germany,too lose for piigs
3) Irelan consequences increased emplyment etc at first but long run inflationary and bust.
4)short run is actual, long run is potential, ppf diagram showing differences
5) consequences of uncompetitiveness- unemployment, budget defecit etc
6) spain could use supply side policies, diagram, no inflation, but long term and expensive
7) opening to trade, comp advantage , new market oppotunities better than aid, more employment is more incomes, more tax reciepts for govt to spend on welfair and increase standards of liveing BUT prebisgh-singer hyp, rich get richer, terms of trade may not benefit both, overall trade could help growth and HDI but only ig the govt cpmly to the harold doner model and invest into their factors of production.
I need 76 for an A. anyone reckon ive messed up my chance? I think i may have just done it
for the last question i talked about prebish singer hypothesis, but economic growth is not a sufficient ingredient for economic development. Talked about MNC creating employment, pollution and a depletion of natural resources, however provide training and education through tax revenue. FDI is short term. Talked about cash cropping and export-led growth
the exam was okay, last question threw me off slightly
for Spain's improving international competitiveness, i said they can use SSP's-Increase in human capital reduction in unit labour costs and mentioned fiscal policy no use due to being short term can cause demand-pull inflation
for implications of anticompetitive
said that it would create unemployment, cant really remember what i said
is anything right?
the exam was okay, last question threw me off slightly
for Spain's improving international competitiveness, i said they can use SSP's-Increase in human capital reduction in unit labour costs and mentioned fiscal policy no use due to being short term can cause demand-pull inflation
for implications of anticompetitive
said that it would create unemployment, cant really remember what i said
is anything right?
(edited 12 years ago)
Original post by 4011seb
How do people think ive done, this is what i wrote:
1) economic cycle- boom, slowdown, bust, recovery with little diagram
2) convergance needed for interest rates,said about ok for germany,too lose for piigs
3) Irelan consequences increased emplyment etc at first but long run inflationary and bust.
4)short run is actual, long run is potential, ppf diagram showing differences
5) consequences of uncompetitiveness- unemployment, budget defecit etc
6) spain could use supply side policies, diagram, no inflation, but long term and expensive
7) opening to trade, comp advantage , new market oppotunities better than aid, more employment is more incomes, more tax reciepts for govt to spend on welfair and increase standards of liveing BUT prebisgh-singer hyp, rich get richer, terms of trade may not benefit both, overall trade could help growth and HDI but only ig the govt cpmly to the harold doner model and invest into their factors of production.
I need 76 for an A. anyone reckon ive messed up my chance? I think i may have just done it
1) economic cycle- boom, slowdown, bust, recovery with little diagram
2) convergance needed for interest rates,said about ok for germany,too lose for piigs
3) Irelan consequences increased emplyment etc at first but long run inflationary and bust.
4)short run is actual, long run is potential, ppf diagram showing differences
5) consequences of uncompetitiveness- unemployment, budget defecit etc
6) spain could use supply side policies, diagram, no inflation, but long term and expensive
7) opening to trade, comp advantage , new market oppotunities better than aid, more employment is more incomes, more tax reciepts for govt to spend on welfair and increase standards of liveing BUT prebisgh-singer hyp, rich get richer, terms of trade may not benefit both, overall trade could help growth and HDI but only ig the govt cpmly to the harold doner model and invest into their factors of production.
I need 76 for an A. anyone reckon ive messed up my chance? I think i may have just done it
-my evaluation was unequal wealth distribution
-GDP is not accurate in measuring development its better to look at HDI as free trade will cause more economic growth doesn't mean human development will go up
- small industries will collapse they cant compete so this will cause less economic development as country's cant enter new industry's
-if trade opens up against a small group of countries like the EU then there could common external tariffs so economies cant develop as firms in developed countries wont trade with them only with them selves
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