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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 fletchdd02)
    I managed 96 in micro, it's definitely possible!
    Wow thats awesome! Care you give me the 96 UMS? aha
    Do you have any tips you could share?
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    remember guys dont get mixed up between the definition of real gdp and gdp

    Real gdp - the countrys total output measured in constant prices and so adjusted to inflation
    GDP - the total output of goods and services produced in a country
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    (Original post by iggyDash)
    remember guys dont get mixed up between the definition of real gdp and gdp

    Real gdp - the countrys total output measured in constant prices and so adjusted to inflation
    GDP - the total output of goods and services produced in a country
    For real GDP (I somehow find this easier to remember) Real GDP - the countries total output in an economy in a given time period adjusted for the effects of inflation>? would that get me the marks
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    (Original post by iggyDash)
    remember guys dont get mixed up between the definition of real gdp and gdp

    Real gdp - the countrys total output measured in constant prices and so adjusted to inflation
    GDP - the total output of goods and services produced in a country
    ECONOMY ECONOMY ECONOMY

    GDP - the total output of goods and services produced in an ECONOMY within a given time period

    can't be having wrong definitions !
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    (Original post by iggyDash)
    remember guys dont get mixed up between the definition of real gdp and gdp

    Real gdp - the countrys total output measured in constant prices and so adjusted to inflation
    GDP - the total output of goods and services produced in a country
    How do you calculate real gdp and gdp?
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    (Original post by cheese94)
    How do you calculate real gdp and gdp?
    You won't be required to calculate GDP, but if they give you figures to calculate real GDP, it's (GDP x Base year price index)/Current year price index
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    (Original post by Fas)
    ECONOMY ECONOMY ECONOMY

    GDP - the total output of goods and services produced in an ECONOMY within a given time period

    can't be having wrong definitions !
    It says COUNTRY in the official textbook (just checked lol)

    But thanks anyway dude
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    (Original post by CTArsenal)
    You won't be required to calculate GDP, but if they give you figures to calculate real GDP, it's (GDP x Base year price index)/Current year price index
    Thanks! Any other necessary calculations to learn?
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    (Original post by iggyDash)
    It says COUNTRY in the official textbook (just checked lol)

    But thanks anyway dude
    oh does it ?

    my mistake then , its just when i answered a question on it the markscheme was quite specific on ' economy ' that said i don't think it matters , i think the two important bits will be " total amount of goods and services produced " and " within a given time period "
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    (Original post by Robbie242)
    For real GDP (I somehow find this easier to remember) Real GDP - the countries total output in an economy in a given time period adjusted for the effects of inflation>? would that get me the marks
    Yes as you mentioned total output and adjusted with inflation . Those are the 2 trigger words which should get you 2 marks
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    (Original post by Fas)
    oh does it ?

    my mistake then , its just when i answered a question on it the markscheme was quite specific on ' economy ' that said i don't think it matters , i think the two important bits will be " total amount of goods and services produced " and " within a given time period "
    I'll just put a country/economy just in case
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    What time everyone waking up

    Im going to wake up 5am for last minute lookover
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    (Original post by Robbie242)
    For real GDP (I somehow find this easier to remember) Real GDP - the countries total output in an economy in a given time period adjusted for the effects of inflation>? would that get me the marks
    If you can remember GDP, just add "adjusted for inflation"
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    (Original post by iggyDash)
    What time everyone waking up

    Im going to wake up 5am for last minute lookover
    6AM , as per usual.
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    can someone explain automatic stabilisers?
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    Difficulties in measuring GDP???
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    I've revised like hell, but I'm so scared about keeping to time.

    The worst thing after finishing an exam is knowing that you're definitely losing X amount of marks because you didn't do the question(s).
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    (Original post by mrdan)
    can someone explain automatic stabilisers?
    Basically automatic stablisers are forms of government spending that change automatically to offset fluctuations in economic activity.

    SO let me give you an example

    government spending on job seeker allowance falls when unemployment decreases and economic activity rises
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    (Original post by manchesterunited15)
    Difficulties in measuring GDP???
    The existence of an informal economy means that GDP may be higher than figures suggest

    Also double counting, which is when raw materials are added to GDP so are the final products, means that the actual figure may be lower
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    (Original post by CTArsenal)
    I've revised like hell, but I'm so scared about keeping to time.

    The worst thing after finishing an exam is knowing that you're definitely losing X amount of marks because you didn't do the question(s).
    Don't worry, it seems like you know everything inside out! I'm sure you'll be fine! Good luck!
 
 
 
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