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F581/ F582 Economics June 2013 Watch

  • View Poll Results: How hard did we find this exam ?
    so hard i felt like crying through the exam
    13
    12.50%
    very difficult , but one or two were alright
    13
    12.50%
    fairly standard
    33
    31.73%
    quite easy , with one or two hard ones
    35
    33.65%
    so easy i felt like dancing throughout the exam
    10
    9.62%

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    'A deficit could mean that the country is consuming more than its producing, this could put it into debt, lower unemployment and lower economic growth'

    Why would a deficit increase debt? And why does it lower UE? I thought that a deficit increases Unemployment.. confused.
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    12 hours left...lol
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    (Original post by iggyDash)
    12 hours left...lol
    haha thanks for the reminder! :eek:
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    (Original post by cheese94)
    'A deficit could mean that the country is consuming more than its producing, this could put it into debt, lower unemployment and lower economic growth'

    Why would a deficit increase debt? And why does it lower UE? I thought that a deficit increases Unemployment.. confused.
    is this the Current Account Deficit or the Budget Deficit?
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    (Original post by CTArsenal)
    is this the Current Account Deficit or the Budget Deficit?
    Current account deficit
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    (Original post by wolalala)
    what wold economic instability definition be?
    Volatility in economic growth rates/inflation/employment or unemployment/exchange rates.
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    OK anyone who want to be challenged

    what are the advantages of international trade?
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    Whats the definition for income redistribution?
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    (Original post by iggyDash)
    OK anyone who want to be challenged

    what are the advantages of international trade?
    Increased choice, quality and lower prices for consumers
    Allows a country to specialise
    Domestic firms have a wider market to sell products
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    (Original post by cheese94)
    Current account deficit
    okay, so a Current Account Deficit would mean that imports are outweighing exports, so yeah the country could be consuming more goods from other countries than it's exporting out internationally - and I agree that it would cause unemployment to increase assuming ceteris paribus, since it's a component of AD and AD would be falling, so it definitely would not reduce unemployment if you're talking about all other factors remaining unchanged.

    It would lower short-run economic growth since real GDP would be falling as a result of AD falling, but I'm not too sure about the debt part, where did you see this?
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    (Original post by iggyDash)
    OK anyone who want to be challenged

    what are the advantages of international trade?
    -Larger market
    -Economies of scale
    -Cheaper raw materials
    -Specialisation
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    Does anyone think a horrible question like - explain how inflation/unemployment is measured?
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    (Original post by iggyDash)
    OK anyone who want to be challenged

    what are the advantages of international trade?
    Increase consumer choice - better quality and cheap goods, which increase standard of living
    businesses gain access to more markets - increase profit, which encourages investment
    Specialisation
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    (Original post by M.I.A)
    -Larger market
    -Economies of scale
    -Cheaper raw materials
    -Specialisation
    Correct , came up in my exam last year got 0 marks as i said it would increase exports (pressure got to me) I lost a easy 4 marks which hopefully wont be happening tomorrow.
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    (Original post by heirloom)
    Increased choice, quality and lower prices for consumers
    Allows a country to specialise
    Domestic firms have a wider market to sell products
    and firms can take advantage of the economies of scale. They'll be exposed to a bigger market and may be able to lower the average costs per unit.
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    (Original post by riima786)
    Increase consumer choice - better quality and cheap goods, which increase standard of living
    businesses gain access to more markets - increase profit, which encourages investment
    Specialisation
    Correct well done ! if . lets hope it comes up ay?
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    (Original post by CTArsenal)
    okay, so a Current Account Deficit would mean that imports are outweighing exports, so yeah the country could be consuming more goods from other countries than it's exporting out internationally - and I agree that it would cause unemployment to increase assuming ceteris paribus, since it's a component of AD and AD would be falling, so it definitely would not reduce unemployment if you're talking about all other factors remaining unchanged.

    It would lower short-run economic growth since real GDP would be falling as a result of AD falling, but I'm not too sure about the debt part, where did you see this?
    thankss.. The 'lower UE' was written in the notes my teacher gave:rolleyes: i had a feeling it wasnt right. ermm the debt part i think someone mentioned it earlier.
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    Lets throw potential questions at each other with marks
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    (Original post by iggyDash)
    Does anyone think a horrible question like - explain how inflation/unemployment is measured?
    "Describe how inflation is measured in the United Kingdom." came up in the January paper. Better go over unemployment then!!
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    can someone give a 5mark explanation on how unemployment is measured please ? :P
 
 
 
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