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# Edexcel Economics Unit 6 - ULTIMATE REVISION THREAD watch

1. (Original post by Sports Racer)
Yes last year the first question was to calculate imports as a value of GDP from a table.

Thanks
I found a little crappy one I use on holiday to convert to currencies so it'l do I hope!
2. Which kind of LRAS thingy do people us? The bendy one of the verticle one?
3. I use the Keynesian, i.e. bendy one. I find it easier to understand for some reason.
4. (Original post by Grape190190)
Which kind of LRAS thingy do people us? The bendy one of the verticle one?
(Original post by JanoBano)
I use the Keynesian, i.e. bendy one. I find it easier to understand for some reason.
5. Às no one is using my wonderful revision thread I'll join you lot on here :P

I'm hoping for the following topics:

Globalisation/protectionism
Public spending
EMU possibly...
6. But I always get confuzzled because some people say that the Keynesian LR is the SR.
7. (Original post by Grape190190)
But I always get confuzzled because some people say that the Keynesian LR is the SR.
I've never drawn a LRAS curve in my life (does it actually differ, or is it just different labels for the same diagram?). I always just label them AD & AS.

Input anyone?
8. Does anyone know the name for the current WTO round? Is it still Doha or something different?
Good luck everyone for tomorrow.
9. (Original post by jayshah31)
I've never drawn a LRAS curve in my life (does it actually differ, or is it just different labels for the same diagram?). I always just label them AD & AS.

Input anyone?
LRAS is perfectly inelastic I believe-links with philips curve and NAIRU I believe...
10. (Original post by Nicole_0009)
Does anyone know the name for the current WTO round? Is it still Doha or something different?
Good luck everyone for tomorrow.
Doha round, yes.
11. (Original post by leala4628)
LRAS is perfectly inelastic I believe-links with philips curve and NAIRU I believe...
You don't happen to have an example do you? I'm talking about the Keynesian curves btw.
12. I have no idea how I believe came to be twice on that post-sorry
13. (Original post by jayshah31)
I've never drawn a LRAS curve in my life (does it actually differ, or is it just different labels for the same diagram?). I always just label them AD & AS.

Input anyone?

The Keynesian approach only consists of an LRAS curve yes? There is no SRAS curve, unlike in the neo-classical approach which combines both.
That's what I thought
14. (Original post by JanoBano)
The Keynesian approach only consists of an LRAS curve yes? There is no SRAS curve, unlike in the neo-classical approach which combines both.
That's what I thought
Aha, I'm so screwed.

I've simply drawn the Keynesian AD/AS and labelled them so. In truth, I think you can get away with it. Also I heard that Keynesian combines both too, which an outward shift in the short run and upward in the long run
15. Thanks jayshah, excellent example
Basically, govt borrows more, less for us, scarcer money supply, higher int rates. Cool
*sends GOOD rep*
16. (Original post by jayshah31)
You don't happen to have an example do you? I'm talking about the Keynesian curves btw.
Say you have an AD/AS diagram at equilibrium draw the LRAS straight up going through the point of intersection. Then show a boost in AD (right shift) with an increase in price level and real GDP. In the long run only inflation will be caused as the position of the economy goes back to where the new AD and LRAS curve meet.

I'm terrible at explaining things

We haven't been taught monetarist and keynesian economics-we're just taught it in general
17. (Original post by jayshah31)
I've never drawn a LRAS curve in my life (does it actually differ, or is it just different labels for the same diagram?). I always just label them AD & AS.

Input anyone?
I thought the monetarists (can never spell that word) had the inelastic line, and then you basically show that when AD increases in the LR, all you're doing is driving up prices without actually increasing output.
18. (Original post by leala4628)
Say you have an AD/AS diagram at equilibrium draw the LRAS straight up going through the point of intersection. Then show a boost in AD (right shift) with an increase in price level and real GDP. In the long run only inflation will be caused as the position of the economy goes back to where the new AD and LRAS curve meet.

I'm terrible at explaining things

We haven't been taught monetarist and keynesian economics-we're just taught it in general
Oh wait, are you saying the elastic bit of the curve is the SRAS and the inelastic bit LRAS?

19. (Original post by jayshah31)
Aha, I'm so screwed.

I've simply drawn the Keynesian AD/AS and labelled them so. In truth, I think you can get away with it. Also I heard that Keynesian combines both too, which an outward shift in the short run and upward in the long run
Whoa really. Never seen an upwards shift in the Keynesian LRAS curve (long run or short run). Anyone any input on this??
Also, I doubt you are screwed. You're pretty good at all of this - I can predict your A. Hehe
20. (Original post by Grape190190)
I thought the monetarists (can never spell that word) had the inelastic line, and then you basically show that when AD increases in the LR, all you're doing is driving up prices without actually increasing output.
I've only even been shown the K's curve, so I'll probably just stick with that. It seems to word for all purposes in explaining what happens at full capacity the price level and real output, as well as when there's a deflationary gap.

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