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Economics Unit 2 prediction for 17th may 2013 :)

hey all!! so happy to be a part of student room... i didnt do my unit 1 paper that much well.. so i need to do the unit 2 well . . can u ppl help me!! :smile:

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Reply 1

Jack_Smith

Original post by cham_E

hey all!! so happy to be a part of student room... i didnt do my unit 1 paper that much well.. so i need to do the unit 2 well . . can u ppl help me!! :smile:

Well we all need to do well in this paper. We shall all help each other out! I have been waiting for a thread for this exam for weeks :smile:

Reply 2

cham_E

Original post by Jack_Smith

Well we all need to do well in this paper. We shall all help each other out! I have been waiting for a thread for this exam for weeks :smile:

thank u jack for the respond!! so lets do our estimation :smile:

Reply 3

Jack_Smith

Original post by cham_E

thank u jack for the respond!! so lets do our estimation :smile:

what do you think? :smile:

Reply 4

Olive123

Are you guys doing edexcel ?

Reply 5

Ambitions

I reckon it'll be a questions based on the Olympics... but exactly what about it is beyond me!

(and im assuming this is edexcel?.. AQA economics threads are already clogging up TSR :P)

Reply 6

Ambitions

How you guys revising for Economics anyway? The actual content to memorize/know is not much, and the past paper markschemes are too vague for it to be of any help and guidance! So I'm just sitting here aimlessly... watching this thread as my 'revision'.

Reply 7

MobQ

The 30 marker is where it all lies... I raelly hope it is a nice question because it makes up almost 1/3 of the marks... mess up on that and its bad news I guess :frown:

Government policies?

http://econsguide.blogspot.co.uk/2011/12/list-of-definitions-for-unit-2-managing.html?m=1

Reply 10

Dilzo999

I have a feeling it might be on unemployment, possibly government policies as well. I had a hunch that unit 1 was going to be on buffer stock/minimum pricing but of course that could just be a coincidence.

Reply 11

Paddyspower

Original post by Dilzo999

Wasn't jan/jun 2012 (can't remember which one) on unemployment though?

Reply 12

dan94adibi

I'm really baffled by the GDP at constant price question in Jan 2011. I can't find this on the SPEC and nor in the book.

Reply 13

ljh950912

Original post by dan94adibi

I'm really baffled by the GDP at constant price question in Jan 2011. I can't find this on the SPEC and nor in the book.

Yeah same, i guess it just means real GDP.

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Reply 14

dan94adibi

Original post by ljh950912

Yeah same, i guess it just means real GDP.

Posted from TSR Mobile

The thing is I know what it is but I just don't understand why they would ask such a question if its not on the SPEC.
GDP at constant price is when you measure the value added in production in the price of a particular year.

and a very quick question:
Problems of comparison between developed and developing countries using economic growth as an indicator.

(edited 10 years ago)

Reply 15

Shar-Sharaff

Nice thread shamy....can any one guess the 30 marks question...i guess Economic growth might come

Reply 16

mattj94

Hi everyone, I have created revision notes for this module which can be found on my website http://www.mattsrevision.com/managing-the-economy/

I hope they help and good luck in the exam!

Matt

Reply 17

tigerz

Original post by dan94adibi

Limitations of using GDP statistics for international comparisons include:

Differences in the distribution of income
Although two countries may have similar GDP per capita figures, the distribution of income in each country may be very different.

Differences in hours worked
As when comparing a country over time, the number of hours worked to generate a given level of income may be quite different. e,g workers in the UK tend to work longer hours than those in France, and this would falsely inflate the GDP figures in the UK relative to France.

International price differences
International prices will also vary. This is significant because an individual's purchasing power is based on price in relation to income. To solve this problem, GDP statistics can be re-calculated in terms of purchasing power. The purchasing power of a currency refers to the quantity of the currency needed to purchase a given unit of a good, or common basket of goods and services. Purchasing power is clearly determined by the relative cost of living and inflation rates in different countries. Achieving purchasing power parity means equalising the purchasing power of two currencies by taking into account cost of living and inflation differences.
For example, if we simply convert GDP in Japan to US dollars using market exchange rates, relative purchasing power is not taken into account, and the validity of the comparison is weakened. By adjusting rates to take into account local purchasing power differences, known as PPP adjusted exchange rates, international comparisons are more valid.

Difficulty of assessing true values
The true value of public goods and merit goods, such as defence, education and transport infrastructure is largely unknown. This means that it is difficult to compare two countries with very different levels of spending on these goods and assets.
The unofficial economy

Similarly, the existence of a large unofficial economy may make comparisons based on official GDP very misleading. For example, comparing the official GDP of the UK and Russia may be misleading because of the size of Russia's unofficial economy. While all countries have unofficial economies, their size and significance can vary considerably.

Currency conversion
GDP figures for different countries must be converted to a common currency, such as the US dollar, and this may give misleading figures. For some countries, exchange rates against the US dollar may be unrepresentative of the true value of the currency, especially where international trade is relatively small. In such cases, converting to US dollars may significantly under-value national output. This explains why conversion to purchasing power parity is often preferred to conversion to US dollars.

Reply 18

Soufflegirl

Original post by mattj94

Hi everyone, I have created revision notes for this module which can be found on my website http://www.mattsrevision.com/managing-the-economy/

I hope they help and good luck in the exam!

Matt

These are really good, thanks!

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