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    Has anyone got an evaluation points, say if you were writing an essay on adopting the Euro? or leaving the EU? thanks
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    (Original post by jordanrimmer)
    has anyone got like a document or is there a website which covers all the topics in one big thing?
    like revision notes under each topic which can come up; exchange rates, international trade, etc.
    Getrevising has some

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    When would you use the phillips curve in an essay? x
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    (Original post by LS95)
    When would you use the phillips curve in an essay? x
    You'd use it if the questions asks you to outline any trade offs between macroeconomic objectives or when evaluating high levels of employment/ low levels of inflation
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    Anyone have any ideas what might come up tomorrow?
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    (Original post by nadster)
    You'd use it if the questions asks you to outline any trade offs between macroeconomic objectives or when evaluating high levels of employment/ low levels of inflation
    thanks!
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    (Original post by nadster)
    I'm hoping for one of those generic questions on the EU about the potential economic consequences to the UK if certain countries joined/ left the EU. The other section A question can be on unemployment or something like that. The section B questions can be on inflation, supply side policies and exchange rates. It'd be the best paper ever if it questioned these topics and not crap like globalisation (which I still don't know how to define after asking my teacher like 10 times) and the balance of payments..
    I dont think i would be too keen on a question like that- what would you write for the potential economic consequences to the UK if certain countries joined/left the EU? thanks
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    (Original post by ftw7)
    Your could include to what extent the multiplier or accelerator effect will occur (I use these two concepts in every essay as you can use them whenever there is an increase in AD). For example, if UK consumer have a high income elasticity to import, when their disposable incomes go up, instead of buying UK goods and creating more jobs through the multiplier effect, they will import, resulting in a withdrawal from the circular flow of income.
    With the accelerator effect, you could argue that even if there is a rise in AD and it looks like it will be sustained, firm may still not invest in capital if their confidence is low.

    Hope this helps, you can use these two examples in pretty much every essay so they are worth learning!
    This sounds really useful? could you expand on this please as i don't completely understand? thanks very much
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    (Original post by LS95)
    I dont think i would be too keen on a question like that- what would you write for the potential economic consequences to the UK if certain countries joined/left the EU? thanks
    One of these came up in June 12. It asks about the economic consequences to the UK if turkey were to join the EU. I'd talk about how this opens up export opportunities, allowing the UK to benefit from an export led multiplier and the impact this has on the balance of payments, domestic employment, economic growth etc. I'd also talk about turkey's location...Europe, Asia. This should open up trade links for the UK. As a third key point I'd mention how the joining of turkey may take away objective one EU spending from some regions of the UK
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    (Original post by LS95)
    This sounds really useful? could you expand on this please as i don't completely understand? thanks very much
    Are you familiar with the Multiplier effect? It is basically when AD increases, more workers are needed so that they can produce the extra output so that demand meets supply. Thus these newly employed worker have a higher disposable income, which they may spend, increasing AD further, and the cycle begins again. However, employment only rises if consumers spend their money on UK goods. UK consumers tend to import a lot, so the multiplier effect may only be slight as we spend our disposable income on imports. Spending on imports is considered a withdrawal from the circular flow of income i.e. money goes OUT of the UK. The likelihood of a consumer to import rather than spend on domestic products can either be called 'propensity to import' or 'Income elasticity of demand for imports' - i.e when incomes rise, importing rises even more.

    Is this more clear?
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    I feel like I need someone to go over the whole syllabus in one go. I understand each individual topic when questioned on it, I just can't seem to bring it all together!
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    (Original post by ftw7)
    Are you familiar with the Multiplier effect? It is basically when AD increases, more workers are needed so that they can produce the extra output so that demand meets supply. Thus these newly employed worker have a higher disposable income, which they may spend, increasing AD further, and the cycle begins again. However, employment only rises if consumers spend their money on UK goods. UK consumers tend to import a lot, so the multiplier effect may only be slight as we spend our disposable income on imports. Spending on imports is considered a withdrawal from the circular flow of income i.e. money goes OUT of the UK. The likelihood of a consumer to import rather than spend on domestic products can either be called 'propensity to import' or 'Income elasticity of demand for imports' - i.e when incomes rise, importing rises even more.

    Is this more clear?
    yes thanks, was just unsure how to use it as an evaluation point! thanks
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    what are the pros and cons of UK leaving EU
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    (Original post by ineedtorevise127)
    what are the pros and cons of UK leaving EU
    I'm sorry to say that if you don't already know the basic pros and cons, and haven't checked the thread to see that someone posted a document outlining them, then starting your revision now is hardly going to be of any benefit.

    Pros -
    Improvement to labour Flexibility
    Removes common external tariff making goods cheaper (less imported inflation)
    More incentive to become competitive and still trade with EU
    More control over fiscal policy/ability to employ protectionist polices to some extent (Still illegal under WTO rule)
    More attractive to TNCs = more FDI because it's cheaper, especially firms like TATA in India
    Better trade links with rest of world

    Cons -
    Balance of Payments may suffer because CET keeps out cheap imports from asian economies so without it we may not do as well, but we could implement our own policies of protection, but this could breed retaliation (the banana wars is a good example)
    May lead to exploitation by TNCs
    Loss of some firms from EU countries based in the UK as it becomes too expensive for them to produce here
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    (Original post by oliverclayson)
    I'm sorry to say that if you don't already know the basic pros and cons, and haven't checked the thread to see that someone posted a document outlining them, then starting your revision now is hardly going to be of any benefit.

    Pros -
    Improvement to labour Flexibility
    Removes common external tariff making goods cheaper (less imported inflation)
    More incentive to become competitive and still trade with EU
    More control over fiscal policy/ability to employ protectionist polices to some extent (Still illegal under WTO rule)
    More attractive to TNCs = more FDI because it's cheaper, especially firms like TATA in India
    Better trade links with rest of world

    Cons -
    Balance of Payments may suffer because CET keeps out cheap imports from asian economies so without it we may not do as well, but we could implement our own policies of protection, but this could breed retaliation (the banana wars is a good example)
    May lead to exploitation by TNCs
    Loss of some firms from EU countries based in the UK as it becomes too expensive for them to produce here
    Could have also mentioned:

    Pros:
    Common Agricultural Policy - helps keeps British farmers able to compete, without this UK govt would have to intervene and save market/large costs incurred on govt to do this/with opp cost of not doing this is the agricultural sector would largely suffer against foreign comp

    Cons:
    The EU is the UK's largest trading partner, withdrawing will large cost-push inflation as M's become more expensive due to tariffs etc
    This will cause large increases in inflation - leading to reduction in standard of living as ppl lose purchasing powers, also domestic goods will increase in P as imported raw materials more expensive, this decreases competitiveness thus reducing X's - carried on into LR and this will cause businesses to find ways to cut costs to maintain profit margins thus laying off workers - increasing unemployments that has further repurcussions - recessionary effects possible (however could argue that yes it will increase costs initially yet it will force firms to cut costs so increase productivity and aim to close output gap/get closer to PPF so some benefits as well)
    FDI reduces largely - according to Nissans Chief Chairman - UK would lose inward investment if stayed out of EU - good quote to throw in the 25 marker folks!!

    Go research - theres a lot on google

    and its never to late to revise, everyone has a different strategy to revision !!
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    How did you guys find it?
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    I thought it was good and correctly predicted standard of living coming up. Can I confirm the question asked what needs to be considered when deciding living standards, eg growth, population size, externalities etc?

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    fml I regret choosing context 2
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    (Original post by Dr.Pwepper)
    fml I regret choosing context 2
    Why? I did 1 on both sections

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    (Original post by Dr.Pwepper)
    fml I regret choosing context 2
    context 2 looked like a right nightmare :P
 
 
 
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