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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 nik2111)
    good standard of living?
    People have more money to buy weed lol
    urm they can afford basic neccesities.. buh thats like standard of living too
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    (Original post by nik2111)
    good standard of living?
    Hi, thanks
    But because of the high benefits, leading to high voluntary unemployment, the costs for the firms increase because less people are willing to work. So cost push inflation deteriorates standard of living?
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    (Original post by Tariq_3458)
    People have more money to buy weed lol
    urm they can afford basic neccesities.. buh thats like standard of living too
    lol yep distract them from problems and generally have a more chilled population u can relate economics to anything evidently
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    analyse how unit labour costs may rise in the PIIGS ?
    any ideas people !
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    (Original post by nini27)
    Hi, thanks
    But because of the high benefits, leading to high voluntary unemployment, the costs for the firms increase because less people are willing to work. So cost push inflation deteriorates standard of living?
    arguably there is social stigma with not working, so people would rather work?

    but also depends on in some cases people cannot work due to the labor market not be flexible to changes in demand and therefore voluntary unemployment may not be high

    but this is like a counter argument countering another argument lol so i think your point is more valid.
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    (Original post by nik2111)
    arguably there is social stigma with not working, so people would rather work?

    but also depends on in some cases people cannot work due to the labor market not be flexible to changes in demand and therefore voluntary unemployment may not be high

    but this is like a counter argument countering another argument lol so i think your point is more valid.
    So it's structural unemployment as well?
    Thanks for the help
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    Can anyone help me by telling me where the 1.7% fall in GDP from peak to trough for Greece is obtained? (Fig 1.1) Sorry to be a pain but it's really irritating me. Over ten years the nominal value hardly changed?
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    (Original post by Tariq_3458)
    analyse how unit labour costs may rise in the PIIGS ?
    any ideas people !
    Before 2002, the PIIGS had to keep their relative unit labour costs down to meet the requirements to join the euro - low inflation.
    After 2002, once the euro circulated fully, because of price transparency, there was some trade diversion from the PIIGS to other more competitive countries, e.g. Germany and France, so their exports fell, and eventually, they became more and more dependent to imports. AD fell, AS followed, unemployment increased, leading to hysterisis, therefore, the labour force declined. Lower labour force led to rising labour costs.

    Hope this helps
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    i think you only need to know that it wasn't that big compared to others i don't think they will ask your derive were that figure comes from?
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    (Original post by Tariq_3458)
    analyse how unit labour costs may rise in the PIIGS ?
    any ideas people !
    yh you gotta look at what changes unit labour costs
    output per worker
    average wages

    hence in Greece there was not much productivity therefore high labor costs (not much out put per worker)
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    (Original post by sarahharris)
    ".however the hidden debt became more expensive to finance and countries became less competitive with rising costs. Exchange rates sky rocketed, imports became more expensive, the PIIGS became even more uncompetitive"

    Do you mean the exchange rate from other countries? in which case imports to Euro-land would rise in price BUT this would make PIIGS more domestically competitive?
    sorry, I meant exports became more expensive
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    (Original post by nini27)
    Before 2002, the PIIGS had to keep their relative unit labour costs down to meet the requirements to join the euro - low inflation.
    After 2002, once the euro circulated fully, because of price transparency, there was some trade diversion from the PIIGS to other more competitive countries, e.g. Germany and France, so their exports fell, and eventually, they became more and more dependent to imports. AD fell, AS followed, unemployment increased, leading to hysterisis, therefore, the labour force declined. Lower labour force led to rising labour costs.

    Hope this helps
    isn't it meant to be cost-push inflation, a shift in the AS to the left assuming that AD is nearly at full capacity means workers will want a wage rise, which may be greater than their productivity. Also there was a rise in commodity prices if i can remember, which was caused by emerging markets
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    also how has trade liberalisation increased the price of goods
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    (Original post by ajayhp)
    also how has trade liberalisation increased the price of goods
    Quite a long read

    http://www.agobservatory.org/library.cfm?refID=29799
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    (Original post by sarahharris)
    Can anyone help me by telling me where the 1.7% fall in GDP from peak to trough for Greece is obtained? (Fig 1.1) Sorry to be a pain but it's really irritating me. Over ten years the nominal value hardly changed?
    I was also getting annoyed by the fact that the peak to trough values didn't add up, so I asked my teacher. He said that it's from data that isn't included in the extract.
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    (Original post by Doughnuts!!)
    I was alos getting annoyed by the fact that the peak to trough values didn't add up, so I asked my teacher. He said that it's from data that isn't included in the extract.
    Yes that's the logical conclusion but was Greece's GDP really fluctuating so little that the % fall in GDP from peak to trough was 1.7%?

    Which quarters, which years, which figures?
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    (Original post by sarahharris)
    Yes that's the logical conclusion but was Greece's GDP really fluctuating so little that the % fall in GDP from peak to trough was 1.7%?

    Which quarters, which years, which figures?
    Take the extract as gospel. :p:

    Erm, I think that he said it was all figures. Can't quite remember...
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    (Original post by Doughnuts!!)
    Take the extract as gospel. :p:

    Erm, I think that he said it was all figures. Can't quite remember...
    Have a look here:

    http://www.gecodia.com/Greece-GDP-Growth-Rate_a483.html

    a fall of only 1.7% ????? Nominal GDP is shown....

    59.82....58.49 - and that's just 2008 - 9....choose a different time period and the fluctuation is much bigger
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    (Original post by sarahharris)
    Have a look here:

    http://www.gecodia.com/Greece-GDP-Growth-Rate_a483.html

    a fall of only 1.7% ????? Nominal GDP is shown....

    59.82....58.49 - and that's just 2008 - 9....choose a different time period and the fluctuation is much bigger
    Hmmm...

    I repeat, take what the extract says as gospel. :p:

    Seriously though, it won't make any difference in the exam. I would just forget about it tbh.
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    It's strange though...look at:

    http://www.gecodia.com/Slovakia-GDP-...Rate_a479.html

    Slovakia.

    Peak to trough 2008 (Q4) and 2009 (Q1) 15% but the case study = 8.1%

    Strange that the tutor2u/APT analyses have not picked this up.
 
 
 
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