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Question spotting for F585 Economics The Global Economy OCR A level June 2011 watch

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    (Original post by viksta1000)
    aye, chillout for abit, watch some wimbledom, then have a good kip

    wake up refreshed and memorise the heck out of the OCR economics book and just list everything you can relate to the extracts
    kl
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    no point learning about NAIRU ?
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    i seriously hope not
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    Ahh can someone give me soo information on how liberalisaing that brings free trade to an economy, can affect poverty and development !
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    dunno if this has already been said (actually havent read through this entire thread) but my teacher's said that the 20 mark question could well be on trade liberalisation/the WTO and the effects on developing economies. Oh, and a question on convergence is likely to come up too!
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    (Original post by Tariq_3458)
    Ahh can someone give me soo information on how liberalisaing that brings free trade to an economy, can affect poverty and development !
    it can affect development as free trade can lead to 3rd world countries being able to trade with developed countries and hopefully raise there GDP from trade as firms and business can make more money by selling there goods and services abroad and vice versa and hopefully cause there economic growth to go up. knock on effect reduce poverty as GDP is up

    there could be UN equal distribution of wealth lead to (no development) and doesnt look at education and healthcare
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    (Original post by Tariq_3458)
    Ahh can someone give me soo information on how liberalisaing that brings free trade to an economy, can affect poverty and development !
    In short: the world gains due to factor endowments/comparative advantage, economies of scale, increase in competitiveness, encouragement of FDI if protectionism is low. Developing countries benefit from this if they want export led growth.

    Hope that helps.
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    Analyse why convergence can't happen? not in tutor2u but just wanted to know
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    I have a question.

    Page 5

    % fall in GDP from peak to trough

    Where are those figures from?

    They're NOT from the table - Ireland is not a 10.5% fall

    They're not from the 10 year peak as Greece would not be 1.7%

    So - where are those figures from?

    Thank you

    Slovakia...did Slovakia REALLY go from o.6% growth to 8.1% downturn...in ONE quarter? and then from 8.1% to growth of 1.2%???


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    (Original post by sarahharris)
    I have a question.

    Page 5

    % fall in GDP from peak to trough

    Where are those figures from?

    They're NOT from the table - Ireland is not a 10.5% fall

    They're not from the 10 year peak as Greece would not be 1.7%

    So - where are those figures from?

    Thank you

    Slovakia...did Slovakia REALLY go from o.6% growth to 8.1% downturn...in ONE quarter? and then from 8.1% to growth of 1.2%???


    Look at the end of the table on the right hand side its all there
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    (Original post by Little Leona)
    In short: the world gains due to factor endowments/comparative advantage, economies of scale, increase in competitiveness, encouragement of FDI if protectionism is low. Developing countries benefit from this if they want export led growth.

    Hope that helps.
    fnks for dat.. are there any negative points on how developement is affected from trade ?
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    whats difference between trade liberalisation and globalisation? or does trade liberlisation cause globalisation?
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    (Original post by ajayhp)
    Analyse why convergence can't happen? not in tutor2u but just wanted to know
    im pretty sure a evaluation point could be depending on the size of convergence in the EU for example convergence across all the members is very unlikely it cant converge as countries focus on specialist products i.e Germany and cars given that demands for goods and services always change given that economy's will have AD up and some may have there AD down

    but convergence between two countries economic cycle could be more realistic?
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    (Original post by ajayhp)
    Analyse why convergence can't happen? not in tutor2u but just wanted to know
    convergence cant happen simply due to differences in Eurozone economies

    Germany want to export cars whilst spain wants to attract tourists while italy wants to export clothes whilst france wants to export wine

    a bit of a stereotypical hyperbole, but im sure you get what I mean

    each economy involved in the EU in in a different trading market, each market will be different.

    plus all Eurozone economies are in different fiscal positions some have positive current accounts, some have positive capital accounts and some are on the verge of bankruptcy altogether

    Furthermore is that each Eurozone economy still has power to implement its own fiscal policy. This will greatly affect AD in different economies

    For example, Greece chose to spend spend spend, investing into new infrastructure, new roads etc etc, while Germany took a more conservative approach and look to increase demand for exports. In the short term Greece would have had explosive growth and indeed it did, at the cost of unstable inflation and a rising fiscal deficit. Longer term-wise Germany was better off, The government chose to focus on creating export opportunities, improved supply side policies and LRAS and endured in more sustainable growth over the long term.

    This ^ is the main reason why convergence cannot occur, due to political, economic and structural differences between EU members
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    (Original post by Tariq_3458)
    Look at the end of the table on the right hand side its all there
    They are there, yes, but how were they calculated? Looking at 2008 and 2009, those figures peak to trough do not give the stated figures. If you look back over ten years then the peak to trough figures do not match those percentages - the highest growth of Greece to the biggest recession is certainly not 1.7% so where are the figures from i.e. how were they calculated?

    Thanks!
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    (Original post by viksta1000)
    convergence cant happen simply due to differences in Eurozone economies

    Germany want to export cars whilst spain wants to attract tourists while italy wants to export clothes whilst france wants to export wine

    a bit of a stereotypical hyperbole, but im sure you get what I mean

    each economy involved in the EU in in a different trading market, each market will be different.

    plus all Eurozone economies are in different fiscal positions some have positive current accounts, some have positive capital accounts and some are on the verge of bankruptcy altogether

    Furthermore is that each Eurozone economy still has power to implement its own fiscal policy. This will greatly affect AD in different economies

    For example, Greece chose to spend spend spend, investing into new infrastructure, new roads etc etc, while Germany took a more conservative approach and look to increase demand for exports. In the short term Greece would have had explosive growth and indeed it did, at the cost of unstable inflation and a rising fiscal deficit. Longer term-wise Germany was better off, The government chose to focus on creating export opportunities, improved supply side policies and LRAS and endured in more sustainable growth over the long term.

    This ^ is the main reason why convergence cannot occur, due to political, economic and structural differences between EU members
    do you reckon the EU made a mistake of a monetary union handling all these countries ?
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    (Original post by sarahharris)
    They are there, yes, but how were they calculated? Looking at 2008 and 2009, those figures peak to trough do not give the stated figures. If you look back over ten years then the peak to trough figures do not match those percentages - the highest growth of Greece to the biggest recession is certainly not 1.7% so where are the figures from i.e. how were they calculated?

    Thanks!
    the last column is not REAL GDP its just GDP, its not inflation adjusted like the data in the table
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    (Original post by nik2111)
    do you reckon the EU made a mistake of a monetary union handling all these countries ?
    again from an economic standpoint its about weighing up the pros and cons of a monetary union *god i've been revising economics too much, literally every question I get asking I'm weighing up pros and cons lol*


    But if you want a straight answer....YES!
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    So, to take Greece as an example, over a period of 10 years its nominal GDP varies by 1.7%

    Also Slovakia, from peak to trough was only 8.1% and yet after adjusting for inflation, in one quarter alone it varies by 0.6 + 8.1% = 8.7% (after inflation) and presumably before inflation a larger amount?
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    (Original post by viksta1000)
    again from an economic standpoint its about weighing up the pros and cons of a monetary union *god i've been revising economics too much, literally every question I get asking I'm weighing up pros and cons lol*


    But if you want a straight answer....YES!
    arguably before the recession EU track record was not that bad it did control inflation and manged to be a strong currency im not saying its good i think its worth considering, economy's like Greece had bad policy and governments spending too much , and perhaps it was the fault of the private sector such as banks which lead to the creation of PIIGS which had a bigger influence than bad EU policy making?
 
 
 

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