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    Stuck on EU, can anyone suggest an essay structure - pros/cons & possible evaluation to the question:

    "Assess the impact on the UK macroeconomic performance if it were to leave the European Union"
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    In all the mark schemes it says 'criteria for measuring economic consequences'.
    What is the criteria?!
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    (Original post by maxbillson)
    In all the mark schemes it says 'criteria for measuring economic consequences'.
    What is the criteria?!
    Is it the effect on the main economic indicators? GDP, Unemployment, Inflation and Balance of Payments.
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    Just curious here, does anybody else expect a question on whether the UK should leave the EU and join NAFTA (North American Free Trade Agreement)? And if so, what would be some good points in answering this question? My Econ teacher said that she can see it quite possibly coming up (she took a guess on the Unit 2 questions this Summer and was right on the dot) any ideas? Thanks!
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    (Original post by Keyan333)
    Globalisation came up in Jan though in for the context.

    An Eu question hasn't come up for a while.
    ALL Economic Unit 4 exams have either a:

    A) EU Context
    B) Global Context
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    (Original post by Adam Rowe)
    Just curious here, does anybody else expect a question on whether the UK should leave the EU and join NAFTA (North American Free Trade Agreement)? And if so, what would be some good points in answering this question? My Econ teacher said that she can see it quite possibly coming up (she took a guess on the Unit 2 questions this Summer and was right on the dot) any ideas? Thanks!
    Maybe something about UK leaving the EU, but not the part about 'joining the NAFTA' as that seems beyond-specification detail.

    Maybe there may be a question saying 'leave EU, and renegotiate a free trade agreement' or something like that.
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    (Original post by HGBlackman)
    Stuck on EU, can anyone suggest an essay structure - pros/cons & possible evaluation to the question:

    "Assess the impact on the UK macroeconomic performance if it were to leave the European Union"
    Pros are basically the pros of protectionism
    Will be able to nurture infant industries by setting their own tariffs instead of free trade between EU states which in the long run could lead to an improvement in the balance of payments since there will be more firms to export as well as lower unemployment. Evaluation could be that they are simply propping up inefficient firms/stifling competition so prices will be higher

    Could lead to macroeconomic stability - focusing on domestic production rather than importing from the EU can help economic growth/employment

    Will no longer have a common external tariff with non EU members so trade may prosper with those countries thus boosting exports and therefore AD and employment (depends on quality of our exports/do these countries really want to buy them?)

    Cons
    Could in fact lead to a worsening of the balance of payments since around 40% of our exports to the EU. If we leave the EU then the tariffs in place against us may make our exports too expensive and so the EU will source from elsewhere. Evaluation could be that it won't matter too much if we are able to capitalise on the BRIC economies and export to them instead

    Leaving the EU could result in a smaller market for our exporters therefore leading to fewer economies of scale which will push up production costs. Workers may be laid off as a result so unemployment will rise


    The consequences of leaving the EU are quite theoretical, nobody really knows what will happen
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    (Original post by Kieran?)
    Pros are basically the pros of protectionism
    Will be able to nurture infant industries by setting their own tariffs instead of free trade between EU states which in the long run could lead to an improvement in the balance of payments since there will be more firms to export as well as lower unemployment. Evaluation could be that they are simply propping up inefficient firms/stifling competition so prices will be higher

    Could lead to macroeconomic stability - focusing on domestic production rather than importing from the EU can help economic growth/employment

    Will no longer have a common external tariff with non EU members so trade may prosper with those countries thus boosting exports and therefore AD and employment (depends on quality of our exports/do these countries really want to buy them?)

    Cons
    Could in fact lead to a worsening of the balance of payments since around 40% of our exports to the EU. If we leave the EU then the tariffs in place against us may make our exports too expensive and so the EU will source from elsewhere. Evaluation could be that it won't matter too much if we are able to capitalise on the BRIC economies and export to them instead

    Leaving the EU could result in a smaller market for our exporters therefore leading to fewer economies of scale which will push up production costs. Workers may be laid off as a result so unemployment will rise


    The consequences of leaving the EU are quite theoretical, nobody really knows what will happen
    Thanks, Helpful stuff
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    Anyone have any good relevant data/quotes to use? E.g. Obama said recentley we would lose out on $10bn of FDI if we were to leave the EU, anything else like this would be great (for any topic).

    Here are some basic figures for those who would like to include them (UK)

    Growth: 0.3%
    Inflation: 2.4%
    Unemployment: 7.8%
    Debt to GDP: 90%

    Also some growth figures for other countries

    China: 7.8%
    USA: 2.2%
    Greece: -6.4%
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    Anyone know what the balassa samuelson effect is?!
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    (Original post by Adam Rowe)
    Just curious here, does anybody else expect a question on whether the UK should leave the EU and join NAFTA (North American Free Trade Agreement)? And if so, what would be some good points in answering this question? My Econ teacher said that she can see it quite possibly coming up (she took a guess on the Unit 2 questions this Summer and was right on the dot) any ideas? Thanks!
    So she guessed all the questions? What a fluke? What are her other prediction

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    For any statistics, this website is great and is updated:

    http://tradingeconomics.com/
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    (Original post by qr95)
    So she guessed all the questions? What a fluke? What are her other prediction

    Posted from TSR Mobile
    Yeah, we kinda just asked her what she thought it could be on and she was right, a fluke, but lucky nonetheless :P

    She mentioned today the possibility of sustainability of economic growth and whether different measurements of economic welfare are good indications of standard of living such as GDP/capita or HDI, etc.

    Another speculation, but I'm pretty much just revising everything at this point haha!


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    Explain the possible causes of economic growth (15 marks)
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    (Original post by Axion)
    Explain the possible causes of economic growth (15 marks)
    I'd split it into talking about short run growth and long run growth.

    Short run growth (rise in AD), you can explain an increase in any of the components of AD, e.g. exports becoming more competitive reduces the current account deficit.That's the basic overview but theres loads you can write about, you can pratically talk about every policy and how interest rates, exchange rates, inflation etc affect AD.

    Long run growth (shift in LRAS) due to supply side factors. Increase in labour productivity, investment in technology, improvements in education etc. Just talk about any supply side policies here.
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    (Original post by Axion)
    Explain the possible causes of economic growth (15 marks)
    Outline how fiscal and monetary policy can be used to cause actual economic growth. Throw in how the multiplier/accelerator help this
    Then say how supply side causes trend economic growth


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    how many times should you refer to the extract and how many diagrams would be appropriate for the top marks?
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    What are the advantages and disadvantages of globalisation? Need help please.


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    (Original post by Adam Rowe)
    Yeah, we kinda just asked her what she thought it could be on and she was right, a fluke, but lucky nonetheless :P

    She mentioned today the possibility of sustainability of economic growth and whether different measurements of economic welfare are good indications of standard of living such as GDP/capita or HDI, etc.

    Another speculation, but I'm pretty much just revising everything at this point haha!


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    Im revising every thing as well but might prioritise a few topics which are likely

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    (Original post by bestfriends33)
    But then how is this a protectionist policy? It encourages trade? If domestic producers would pay more for a product then wont this encourage importing? Thanks
    Also remember export subsidies from the EU to the member of the EU such as the UK, such as through CAP (common agricultural policy).
 
 
 
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