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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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    (Original post by cheese94)
    Oh my.. yes that is a lot close to full marks! haha probably impossible for me!
    I managed 96 in micro, it's definitely possible!
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    21
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    (Original post by iggyDash)
    OK anyone who want to be challenged

    what are the advantages of international trade?
    Allows country's to specialise
    Better quality of goods for consumers
    More price competitive goods for consumers
    Allows firms to have a larger market to buy raw materials from
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    (Original post by wolalala)
    can someone give a 5mark explanation on how unemployment is measured please ? :P
    2 options, Labour force survey or claimant count
    Labour force survey is a large scale survey of 60000 households
    Claimant count just looks at number of people claiming unemployment related benefits

    LFS takes time and money but is more accurate
    CC is quick and cheap but less accurate

    Just off the top of my head and probably not 5 marks but there you go
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    (Original post by manchesterunited15)
    2 options, Labour force survey or claimant count
    Labour force survey is a large scale survey of 60000 households
    Claimant count just looks at number of people claiming unemployment related benefits

    LFS takes time and money but is more accurate
    CC is quick and cheap but less accurate

    Just off the top of my head and probably not 5 marks but there you go
    Cheers for this, these are the exact one setence/word answers I'd expect to see in the markscheme
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    (Original post by wolalala)
    can someone give a 5mark explanation on how unemployment is measured please ? :P
    I can try, no guarantees it's right though...

    Unemployment is measured in two ways, the Claimant Count (CC) and the Labour Force Survey (LFS). The CC measures unemployment through the number of people who are claiming unemployment benefits. The LFS measures unemployment through a survey of over 6000 households every 3 months. The CC often gives a lower measure of unemployment than the LFS, and underestimates unemployment as not everyone who is unemployed is able to claim benefits, for instance if they have a high amount of savings. The LFS allows international comparison between countries level of unemployment.
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    (Original post by wolalala)
    can someone give a 5mark explanation on how unemployment is measured please ? :P
    there are two main measure of unemployment:

    1) Labour force survey (ILO) This is a survey done 4 times a year. and takes into account of people who are receiving Unemployment related benefit and the once they are not.

    Advantage = accurate and good further analysis.
    disadvantage = takes long to collect and is expensive.

    2) claimant count this is a measure of unemployed through government record of people who are receiving unemployed related benefit or have declared to the government that they are unemployed

    Advantage= takes less time and is cheap
    Sisadvantage= dosn't count the people who haven't told the government they are unemployed
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    Whats everyones structure for 18 markers?
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    (Original post by iggyDash)
    Lets throw potential questions at each other with marks
    State and explain 2 ways of reducing protectionism? (6)
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    (Original post by manchesterunited15)
    Whats everyones structure for 18 markers?
    Intro, define the words in the question

    Analysis paragraph, explain why you agree with the question, and how it would work- include a diagram if possible

    Evaluation paragraph

    Evaluation paragraph

    Conclusion and judgement
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    (Original post by manchesterunited15)
    Whats everyones structure for 18 markers?
    define key words
    analyse with diagram
    evaluate
    analyse
    evaluate
    final judgement
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    (Original post by Tweak6)
    Intro, define the words in the question

    Analysis paragraph, explain why you agree with the question, and how it would work- include a diagram if possible

    Evaluation paragraph

    Evaluation paragraph

    Conclusion and judgement

    (Original post by nnekaoke)
    define key words
    analyse with diagram
    evaluate
    analyse
    evaluate
    final judgement
    Thanks
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    Hi guys! When they talk about the economic growth rate increase, is it the same as increase real GDP?


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    (Original post by manchesterunited15)
    State and explain 2 ways of reducing protectionism? (6)
    i don't think i would get full makrs, but here goes:

    abolish embargos = no ban on imported goods = foreign competition won't be protected = demand for imports still high = ad falls.

    eliminate tarrifs = no tax on imports = foreign competition won't be protected = demand for imports high because no extra money for tax to pay = increases consumer confidence and average propensity to consume = domestic AD falls.
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    (Original post by namaanulhaq)
    "Describe how inflation is measured in the United Kingdom." came up in the January paper. Better go over unemployment then!!
    ahahaha this is a good thing as unemployment is easy to answer as compared to inflation measuring ! Although i secretly think theyre gonna ask how inflation targeting helps to reduce inflation
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    (Original post by Fas)
    ahahaha this is a good thing as unemployment is easy to answer as compared to inflation measuring ! Although i secretly think theyre gonna ask how inflation targeting helps to reduce inflation
    What is inflation targeting
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    (Original post by manchesterunited15)
    What is inflation targeting
    bank sets inflation target to reach ( in the UK's case it's 2% give or take 1% )

    this helps to reduce inflation by the following :

    - makes banks monetary policy more transparent
    - makes bank more accountable
    - makes consumers believe the bank can realistically achieve the target
    - hence consumers will act in a deflationary way

    3/3 marks. sorted.
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    (Original post by Fas)
    ahahaha this is a good thing as unemployment is easy to answer as compared to inflation measuring ! Although i secretly think theyre gonna ask how inflation targeting helps to reduce inflation
    That came up before for the Brazil paper I believe, better go revise it just incase, isn't it something about the government taking it more seriously, and consumers notice this incentive to reduce and will also follow suite as they do not want to fail the target and making the banks/government more accountable, idk
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    (Original post by Robbie242)
    That came up before for the Brazil paper I believe, better go revise it just incase, isn't it something about the government taking it more seriously, and consumers notice this incentive to reduce and will also follow suite as they do not want to fail the target and making the banks/government more accountable, idk
    see my post above
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    (Original post by Fas)
    see my post above
    Ah cheers make, even though I've being consistently revising still slightly bricking it for this exam I want 96 cause I got 84 in micro
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    Any ideas on what the 18 market might be ?


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