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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)
    anyone know some pro's and cons of being in a monetary union? i know 1 or two but not really in depth
    Just another con of monetary union:

    When the EU changed to the euro it allowed for firms to take advantage of the consumer confusion when raising prices. So it meant that the firms could whack up their prices without it seeming like a big increase. Then go on to say how this lessens consumer welfare etc......
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    (Original post by Outsanity)
    Just wondering how you guys go about structuring the 20 marker questions? Say for example, "Discuss the advantages to Developing Nations of agreements such as the Doha Trade Round to promote trade liberalisation. (20)"

    I mean, we all do the intro, define the key terms etc etc, but then do you structure it as:

    Advantages of trade liberalisation to these nations:
    -Adv 1
    -Adv 2
    etc

    Disadvantages of trade liberalisation to these nations:
    -Disadv 1
    -Disadv 2
    etc

    Any further evaluative points, for example, what would Keynesian economists do as opposed to free market ideologists.

    Followed by a conclusion.

    OR

    Effect of trade liberalisation 1: Potential increases in GDP.
    Yes this may happen...
    No this may not happen...

    Effect of trade liberalisation 2: Increase in competition.
    Good because...
    Bad because...

    And so on and so forth, basically combining advantages and disadvantages together.

    I've always adopted the first structure and it's not served me too badly in the past but the impression I get sometimes is that you are in fact meant to structure it the second way.

    Any thoughts?


    i think the 1st way and if you gotton into LSE i would stick to that way as well lol
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    Britain's only partly integrated right ? so it is in the Single European Market. And is the Eurozone an Optimal Currency Area ?
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    (Original post by Outsanity)
    Just wondering how you guys go about structuring the 20 marker questions? Say for example, "Discuss the advantages to Developing Nations of agreements such as the Doha Trade Round to promote trade liberalisation. (20)"

    I mean, we all do the intro, define the key terms etc etc, but then do you structure it as:

    Advantages of trade liberalisation to these nations:
    -Adv 1
    -Adv 2
    etc

    Disadvantages of trade liberalisation to these nations:
    -Disadv 1
    -Disadv 2
    etc

    Any further evaluative points, for example, what would Keynesian economists do as opposed to free market ideologists.

    Followed by a conclusion.

    OR

    Effect of trade liberalisation 1: Potential increases in GDP.
    Yes this may happen...
    No this may not happen...

    Effect of trade liberalisation 2: Increase in competition.
    Good because...
    Bad because...

    And so on and so forth, basically combining advantages and disadvantages together.

    I've always adopted the first structure and it's not served me too badly in the past but the impression I get sometimes is that you are in fact meant to structure it the second way.

    Any thoughts?
    i would go for the second one
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    (Original post by nik2111)
    i would say
    Good
    1. trade creation/using the diagram
    2. economies of scale due to specialisation
    3.increased competition on domistic firms to be effiecent

    bad
    1. trade diversion
    2. develped countries have common high tariff barrieirs which means that it will be hard for developing countries to export due to the tariffs
    3. developing countries will produce argiculture goods but wont generate enough income to buy machinary for example so a over reliance on primary goods will mean free trade may not benefit them

    evulation with relation to the doha round
    the doha round is failing due to developed countries not willing to remove current trade barriers to non members of there unions
    2. unequal wealth distribution

    i think something along these lines any other ideas from people?
    but isn't trade creation and diversion got to do economic integration?
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    (Original post by simonc1993)
    Furthermore, if a country can't control growth through monetary policy, it must do it through fiscal measures (taxes and government spending.) For example, if an economy is in a recession and the rest of the countries that are in the Eurozone have high economic growth, then that country must cut taxes and increase government spending to get out of an recession (as the monetary policy would be set to higher interest rates.) They have to borrow money to do this, thus increasing their budget deficit and national debt. They may not have had to do this to such a large scale if they had control over their own interest rates. (as they could have merely lowered their interest rates to boost the economy.)
    Fiscal policy is also limited by the convergence criteria. As national debt is not allowed to rise above 60% of GDP in the EU, they are limited in how far they can use this as a substitute for monetary policy to retain economic stability. (But obviously countries do break these criteria, which causes further problems as the idea of a monetary union is that it will only work if all countries stick to the criteria and are not hugely unstable like PIIGS.)
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    Im a bit confused on how you would answer this question

    comment on the extent to which a reduction in global trade barriers in manufacturing and agricultural goods can help a developing country? (10)

    how would u guys approach this question?
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    I've uploaded it here: http://www.slideshare.net/giddensftw/piigs-f585. You can download a copy from there too. Hope it helps.

    Good luck! x
    (Original post by Anjali.Rao)
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    (Original post by nik2111)
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    (Original post by 06hwhelpton)
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    (Original post by Mckenzie999)
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    (Original post by kateibbo)
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    (Original post by nini27)
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    (Original post by revisionnightmare)
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    (Original post by ajayhp)
    but isn't trade creation and diversion got to do economic integration?
    yh i throught you could talk about trade creation as well as trade liberlisation leads to less tarifffs and barriers which would mean developing countries will be open to new markets and countries will have more imports (from diagram) and this will cause trade creation?

    however trade diversion can occur as if some countries libarlise there markets in a single area than they will be forced to trade with each other and this will mean trade from non members will go down?

    im not sure if there is a link im most likely wrong buh its just an idea?
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    This is my major concern about this exam. This whole asking a question but then expecting you to put the other side of the argument when they don't specify you to do so. This would be okay if they showed at least some consistency; the fact that they sometimes say, for example, 'discuss the advantages and disadvantages' - they should specify exactly what they want. Not have 10 odd 'trigger' words causing no end of 'am I doing this right' type thinking in the exam - we have enough to learn already!

    I'd say you could get high marks for both ways, but I'd go with option one if it says 'discuss' and option 2 if it said 'evaluate' - like I said though, the mark scheme seems to lack consistency.

    (Original post by Outsanity)
    Just wondering how you guys go about structuring the 20 marker questions? Say for example, "Discuss the advantages to Developing Nations of agreements such as the Doha Trade Round to promote trade liberalisation. (20)"

    I mean, we all do the intro, define the key terms etc etc, but then do you structure it as:

    Advantages of trade liberalisation to these nations:
    -Adv 1
    -Adv 2
    etc

    Disadvantages of trade liberalisation to these nations:
    -Disadv 1
    -Disadv 2
    etc

    Any further evaluative points, for example, what would Keynesian economists do as opposed to free market ideologists.

    Followed by a conclusion.

    OR

    Effect of trade liberalisation 1: Potential increases in GDP.
    Yes this may happen...
    No this may not happen...

    Effect of trade liberalisation 2: Increase in competition.
    Good because...
    Bad because...

    And so on and so forth, basically combining advantages and disadvantages together.

    I've always adopted the first structure and it's not served me too badly in the past but the impression I get sometimes is that you are in fact meant to structure it the second way.

    Any thoughts?
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    (Original post by fidi64)
    Im a bit confused on how you would answer this question

    comment on the extent to which a reduction in global trade barriers in manufacturing and agricultural goods can help a developing country? (10)

    how would u guys approach this question?



    This is basically just about trade liberalisation! So because developing countries usually have a comparative advantage in agricultural goods, for example, the removal of trade barriers will increase trade, AD-AS etc therefore helping the economy to grow- higher income- higher standards of living- break poverty trap?

    Evaluative points would probably be
    1. Depends on size of the reduction of barriers.. only reduced a bit- not much impact
    2. PED- inelastic- won't increase AD hence not helping the developing economy to grow
    3. Theory of comparative advantage assumes perfect competition which has unrealistic characteristics like perfectly mobile labour, which Spain, for example doesn't have ( APPLICATION)
    4. Will they have a comp. advantage- have to face competition from major industrial firms



    Hope this helps!
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    (Original post by fidi64)
    Im a bit confused on how you would answer this question

    comment on the extent to which a reduction in global trade barriers in manufacturing and agricultural goods can help a developing country? (10)

    how would u guys approach this question?
    You'd start with an explicit definition of development, the improvement of lives of those within an economy, and combine that with Todero's 3 aims, and trade liberalisation, the removal of trade barriers.

    Then talk about the benefits of trade liberalisation: access to wider markets= possible economies of scales, so lower costs in the long run, so cheaper goods for people, whilst at the same time leading to increased employment; increased competition, mean firms have to stay efficient meaning their costs are kept low, meaning prices are kept low; access to FDI allows for the expansion and improvement in their competitiveness. (link to development in terms of higher S of L for people.)

    Then you talk about about the costs: industries can't compete with abroad so go out of business, increasing unemployment, and then you can look at this being a reduction in development as people's lives are worsened through lower incomes meaning that they have a lower standard of living (that's a point of evaluation);
    national industries may be replaced by international monopolies leading to higher prices for consumers. reducing their standard of living, and thus lowering development; You can also evaluate that in the long run, the gains from increased competition may improve productive potential, but in the short term, competition from abroad may lead to a worsening of development due to potentially increased macroeconomic volatility and as such, are at greater risk of extrogenous shocks.

    In conclusion Trade Liberalisation, good and bed, but all depends on the extent to which you get import penetration
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    (Original post by GiddensFTW)
    I've uploaded it here: http://www.slideshare.net/giddensftw/piigs-f585. You can download a copy from there too. Hope it helps.

    Good luck! x
    Thank You!! You are an absolute star!
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    (Original post by GiddensFTW)
    I've uploaded it here: http://www.slideshare.net/giddensftw/piigs-f585. You can download a copy from there too. Hope it helps.

    Good luck! x
    any idea how i could print these out :confused:
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    (Original post by Iram0105)
    any idea how i could print these out :confused:
    I guess just click Download at the top of the slides and then just print it off from PowerPoint.
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    Distinguish between human development and poverty reduction???
    does one aim to reduce povert and raise living standards whilst the other tries to raise life expectancy and education aswell?

    edit oh cheers giddens
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    zzz
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    (Original post by rahyahrah)
    This isn't an exam question but I urgently need some help with exam technique.

    For explain questions (4 marks) and analysis questions (6 marks) what is a general structure to get the full marks? Like what do you need to include and what don't you? I know you don't need to include evaluation in them but apart from that I'm really lost.

    For explain questions do you just write a definition (if applicable) and then just write down simply what the thing is? And for analysis do you do that and then write down the advantages/benefits and disadvantages/costs of whatever the question includes?

    I am so lost, any help would be so appreciated!
    i think for six mark you can do lv3 anaylses like show your knowledge and apply to question and maybe 1 sentence of evaulation e.g in the long term or the data is not sorced or something like that
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    (Original post by Outsanity)
    Just wondering how you guys go about structuring the 20 marker questions? Say for example, "Discuss the advantages to Developing Nations of agreements such as the Doha Trade Round to promote trade liberalisation. (20)"

    I mean, we all do the intro, define the key terms etc etc, but then do you structure it as:

    Advantages of trade liberalisation to these nations:
    -Adv 1
    -Adv 2
    etc

    Disadvantages of trade liberalisation to these nations:
    -Disadv 1
    -Disadv 2
    etc

    Any further evaluative points, for example, what would Keynesian economists do as opposed to free market ideologists.

    Followed by a conclusion.

    OR

    Effect of trade liberalisation 1: Potential increases in GDP.
    Yes this may happen...
    No this may not happen...

    Effect of trade liberalisation 2: Increase in competition.
    Good because...
    Bad because...

    And so on and so forth, basically combining advantages and disadvantages together.

    I've always adopted the first structure and it's not served me too badly in the past but the impression I get sometimes is that you are in fact meant to structure it the second way.

    Any thoughts?
    Second option
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    need help with this also with previous question
    Analyse the methods by which Euro Area countries can bring government borrowing under
    control (6
    is this just raising tax revenues by increasing direct and indirect tax's ?
 
 
 

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