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AQA Economics Unit 4 11th June 2013

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Reply 500

Exotica

what is the time scale for a fiscal and monetry policy?

Reply 501

ecobassi

inflation rate 2.4%
economic growth 0.3%
interest rate 0.5%
deficit >100billion in 2011 for goods
surplus >75billion in 2011 for services
unemployment 7.8%
joined eu in 1973

Reply 502

Exotica

It goes down initially since the plan cannot be apply straight away due to the firms having contracts etc. Once these contracts finish and new ones are started, that is when the J curve begins to go up.

Reply 503

AndyBoughton

Current Eurozone unemployment at highest ever level of 12.2%, up from 12.1% previously. Greece unemployment level at 28%, Spain 26.2%, one in 2 under 25s in Spain unemployed

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Reply 504

kelbel1

Original post by Vividness

Can someone explain reasons behind the J curve please, why does it go down then up?

The J-curve shows that the initial devaluation of a currency firstly leading to a worsening of the balance of payments (the down bit) and then it gets better (the up bit) :smile:

It goes down first of all because the devaluation of the currency means that all the goods ordered before the devaluation still have to be paid for, and then it rebalances itself, there's more domestic demand and less imports (weak pound, imports dear, exports cheaper) :smile:

Reply 505

Axion

I can inagine it now.....

Evaluate the view that Mark Carney is a superior governor to the bank of England than Mervyn King ever has been (25 marks)

Reply 506

ecobassi

Original post by Vividness

Can someone explain reasons behind the J curve please, why does it go down then up?

the marshall lerner principle.
time lag for depreciation/devaluation so people will still pay more for imports in short run as they are more inelastic, however in long run if they are elastic then imports should decrease as it becomes more expensive thus the uk is more internationally competitive and so can lower the deficit run a surplus

Reply 507

Axion

When is everyone staying up till tonight??

Reply 508

Ahad009

Original post by kelbel1

Does no-one else learn endogenous and exogenous shocks?! :wink:

haha! Just me then! And exogenous shock (outside the economy) would be like Hurricane Katrina, something that destroys each demand or supply conditions but we couldn't control her! Endogenous would be inside the economy, so stock-building by firms, political influences on the economic cycle by the Government, speculative bubbles bursting etc x

Extending on this can be that if e.g A hurricane affected agricultural land then this could create a shortage in a certain raw material which could cause a sudden increase in price for raw materials. That links on with cost push inflation. Also political parties tend to generate booms during an election in order to favour more votes and when the economy operates close to it's productive potential, they sort of use a deflationary fiscal stance to decrease AD by a moderate amount.

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Reply 509

JJjackson

Original post by qr95

Please AQA hope you have put a interesting extract in this time nothing about water!

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In the tutor2u A2 Micro booklet from January, the June resit (obviously with the water extract) was explained in massive detail in the booklet! Best thing I ever got from my school!

Reply 510

JJjackson

Also if anyone is struggling for info or any revision help check out tutor2u! Saved my exams last year! :smile:

Reply 511

dannywhite

Original post by munazic483

Care to share some bond yields statistics? :smile:

Personally I know stuff like MNC share of world trade, growth, UK and Eurozone interest rates, laws about the single currency.

Currently the UK 10-year gilts yield 2.14% which is sustainable - anything around the 6-7% mark would be deemed unsustainable and anything above that is 'junk' as far as i'm aware

Reply 512

aliyah1223

what are like the main topics that you 100% need to know? yes i know you need to know the whole course but i dont have time :frown:

bio and econ clash !

Reply 513

EyesWideShut

Anyone know the current stats for BOP deficit/surplus?

Reply 514

dannywhite

Original post by Axion

When is everyone staying up till tonight??

Probably about 1am, wanna be compus mentis for the exam!

Reply 515

EyesWideShut

Can someone explain outsourcing to me please?

Reply 516

Lay-Z

http://www.bbc.co.uk/news/business-22810726

Reply 517

Oliver1234

Just watching 8 out of 10 cats and it said what to talk about on a first date . The guy said macroeconomics and quantitavive easing . God cant escape this exam !

Reply 518

ihatepeople37

I can't sleep..... This is not good ..... The more I stay awake the more I panic about not sleeping ahhahaha I am screwed

Reply 519

dannywhite

Original post by Exotica

what is the time scale for a fiscal and monetry policy?

Fiscal depends on whether a time limit has been imposed (ie. raised/lowered taxes for 6 months or such a policy)

Monetary has no definite date but the BoE tries to estimate 2 years down the line, as this is approx the time it takes to have effect

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AQA Economics Unit 4 11th June 2013

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