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**********OFFICIAL OCR ECONOMICS F582 21st MAY 2014 THREAD************ Watch

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    (Original post by BOYBETERKNOW)
    Can someone please tell me the difference between net exports and current account?
    Net Exports is just trade - it's the calculation used in measuring GDP as it has a monetary value according to Investopedia.
    Current account consists of more than just trade, it includes net income and net transfers (income is firms making profits and transfers include cash flows)

    I suggest Investopedia and university websites to help you clear out worries, they are free and top-rate.
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    I recommend you lads and ladettes pray before you open the exam...
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    I got 59/60 last year aiming for that last mark
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    (Original post by fluctuationsman)
    this is exactly what my teacher predicted and she's the chief examiner for F582 haha
    I thought OCR exams were written like 2 years ago?
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    (Original post by Hody421)
    Net Exports is just trade - it's the calculation used in measuring GDP as it has a monetary value according to Investopedia.
    Current account consists of more than just trade, it includes net income and net transfers (income is firms making profits and transfers include cash flows)

    I suggest Investopedia and university websites to help you clear out worries, they are free and top-rate.

    Thanks a lot
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    (Original post by guyb121)
    Net Exports: Exports - Imports (Trade in Goods & Services)

    Current Account: Trade in Goods (Net Exports); Trade in Services; Current Transfers and Current Income

    Thank you
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    Can someone explain to me how to calculate question 2 please

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    Difficulties in measuring unemployment anyone???
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    (Original post by studentwiz)
    Can someone explain to me how to calculate question 2 please

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    Well, It says that the total exports of Sudan were $9800m, and India was 5% of that. Therefore, 9800 x 0.05 = $490m

    The imports were $8000m, and India was 6%. 0.06 x 8000 = $480m

    To work out trade balance is exports - imports so is 490-480 which is a trade surplus of $10m
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    guys anyone have points for + and - of international trade and protectionism pleaseeee?
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    (Original post by mohknows)
    Difficulties in measuring unemployment anyone???
    2 measurements:

    1) Labour Force Survey

    Based on a quarterly survey of ~50,000 households, so samples may be unrepresentative and subject to response errors;
    Costly to conduct.
    Takes time to compile, leading to time lags in data

    2) Claimant Count

    Heavily influenced by entitlement rules (i.e. who claims JSA)
    May be fraudulent claims
    Not internationally comparable
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    Woah dude.

    Be careful its not 50 its 10,000 households. U can lose marks for inaccuracy

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    I am gonna sleep good luck guys wish u all the best xoxoxoxoxo

    Gon get that A ya ear?
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    (Original post by wolalala)
    guys anyone have points for + and - of international trade and protectionism pleaseeee?
    Int. trade:

    + Allows for specialisation
    + Reduces costs of production
    + Increased productivity -> increased output -> increased employment
    + Greater markets accessible to firms
    + Greater choice by consumers, higher price competitiveness -> lower prices, therefore increase in living standards/higher levels of consumption
    - May lead to over-specialisation
    - Over-dependency on import markets
    - Sunrise/Start-up industries will be out-competed
    - Increased vulnerability to sudden changes in market conditions
    - May be affected by dumping

    Protectionism:

    + Solves problems of free trade
    + Can prevent the sale of harmful products to the domestic country (e.g. diseased poultry)
    - Can lead to retaliation and inefficiency
    - Loss of benefits of free trade
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    (Original post by Ayub234_pro)
    Woah dude.

    Be careful its not 50 its 10,000 households. U can lose marks for inaccuracy

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    Actually it's 60,000 in the OCR textbook.

    (page 112 if you have it)
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    (Original post by RazorBlade3000)
    I got 59/60 last year aiming for that last mark
    Woah, very ardent. Why, do you think this year's macroexam is going to be hard?
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    Anyone know whats coming up?
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    does anyone know how CPI is measured?
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    (Original post by mohknows)
    Difficulties in measuring unemployment anyone???
    Well with Seasonal Unemployment, I guess you could say that they don't appear on the firm's system so it looks like they're more allocatively efficient than they actually are.

    Also, not all people may answer the Labour Force Survey as it would be very difficult to get a result back from everyone therefore the unemployment figures can only be some sort of average.

    I'm not sure what I said is entirely 100% correct but it might give you some sort of idea.
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    (Original post by RazorBlade3000)
    I got 59/60 last year aiming for that last mark
    Haha I got 79/80, I feel your pain! Good luck


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