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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 sarahharris)
    Nine mock exams (with answers) plus associated notes - I can send them to you if you pmessage me with email address.

    Send them on to whoever you wish.

    One major catch!

    Visit here:

    http://www.gecodia.com/Europe-excl-U...owth_r121.html

    How come the figures here do not match those in the case study?

    I assume it is real gdp when the case study talks about peak to trough - but if it is nominal then that too does not match those figures.

    No-one has yet to answer this incongruity.

    Give me a decent answer and I will sleep tonight....but before I do I will send you the 9 mocks with answers and associated stuff I have collected.

    It could be the saving of you PLUS surely criticism of the table is 'evaluation'?

    :-0

    The 9 mocks etc will be sent out at midnight....if a suitable answer to the above is found.

    :-)
    ok ill give it a shot
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    yh after opening the link i cant be bothered im pretty sure its not that important and im sure you and people on the thread will get A so you and all can still sleep worry free tonight
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    What are the advantages of trade specifically to developed economies. There are many points specific to developing economies, but what if the question specifies developed economies.
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    (Original post by boliver228)
    What are the advantages of trade specifically to developed economies. There are many points specific to developing economies, but what if the question specifies developed economies.
    Then i would be stuck ^.^
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    (Original post by boliver228)
    I think referring to fiscal policy as government spending on subsidies, although correct, is dangerous because you will start getting mixed up between short term fiscal policy and long term supply side policies.

    Try and keep the two separate.

    Fiscal Policy = Altering taxes and government spending to influence aggregate DEMAND

    Supply side policies = Policies to shift LRAS to the right. Government will fund these policies.

    Refer to fiscal policy as government spending to influence demand, and not supply.
    Don't be stupid that's wrong. Fiscal policy is the use of taxation to influence AD in short run and AS in long run
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    (Original post by Tickles)
    What are the benefits and implications of an increase in Exports through trade
    ok erm im thinking multiplier effect exports going up will lead to more jobs in a domestic economy these jobs will increase AD throught consumption in return goverments will get tax revenure for the extra work. So quite a big benefit

    however as always in Economics theres the other side the UK economy does actaully produce quite a bit however we also import a lot so if the difference between the two is big a small change in exports going up may not help on the bigger picture of mass imports? depends on the size of exports

    also how these exports were attained was it through goverments cutting taxes which would mean the goverment will lose revenue opp costs.
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    (Original post by xChelsea)
    Then i would be stuck ^.^
    well here i suppose developed countries could benefit beacuse they have access to argiculture from developing countries which otherwise would be scarce?

    Also, economies can still specialise e.g germany can still work on cars gain economies of scale, so in fact free trade can help both sides of the party?
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    (Original post by Tickles)
    What are the benefits and implications of an increase in Exports through trade
    There's a fair amount to talk about here;

    benefit of trade liberalisation/free trade leads to an increase in exports. An increase in exports therefore improves/corrects the current account deficit. Exports also leads to employment - hence reduces unemployment as the country will potentially need to employ more with the increase in demand for goods and services which the domestic country specialises in. This enables governments to reduce their spending on unemployment benefits, as this is an opportunity cost in which they could spend elsewhere within the economy such as health, education. Export is a component of Aggregate Demand and therefore any increase in exports will lead to an increase in Aggregate demand. [Insert Diagram] However this will depend on many factors. For example the EU; if countries are in a recession, this may not necessarily lead to an increase in exports, as this will widely depend on the disposable incomes of those within the various countries and in addition during this economic cycle - consumer/business confidence is likely to be low therefore may not have such an impact. In addition this would also depend on Inflation - if inflation is high in such countries - then these goods and services are not likely to be as competitive therefore this may lead to a decrease in export led markets.
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    (Original post by nik2111)
    well here i suppose developed countries could benefit beacuse they have access to argiculture from developing countries which otherwise would be scarce?

    Also, economies can still specialise e.g germany can still work on cars gain economies of scale, so in fact free trade can help both sides of the party?
    It would be alot harder to drag out 20 marks IMO..
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    (Original post by boliver228)
    What are the advantages of trade specifically to developed economies. There are many points specific to developing economies, but what if the question specifies developed economies.
    wider choice for consumers, decrease costs of living, access to cheaper goods some of better quality
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    (Original post by nik2111)
    ok ill give it a shot
    Go for it!

    I agree it is not that important BUT it shows stellar evaluation if you can say why you do not trust the figures in the table!

    Example:

    Explain possible policies that country X may have followed to come out of the recession in ....'

    Answer:

    The policies they may have followed were....but the data shown by (name of source) shows that they did NOT come out of the recession and thus the policies must have taken time to work
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    (Original post by Hits1)
    There's a fair amount to talk about here;

    benefit of trade liberalisation/free trade leads to an increase in exports. An increase in exports therefore improves/corrects the current account deficit. Exports also leads to employment - hence reduces unemployment as the country will potentially need to employ more with the increase in demand for goods and services which the domestic country specialises in. This enables governments to reduce their spending on unemployment benefits, as this is an opportunity cost in which they could spend elsewhere within the economy such as health, education. Export is a component of Aggregate Demand and therefore any increase in exports will lead to an increase in Aggregate demand. [Insert Diagram] However this will depend on many factors. For example the EU; if countries are in a recession, this may not necessarily lead to an increase in exports, as this will widely depend on the disposable incomes of those within the various countries and in addition during this economic cycle - consumer/business confidence is likely to be low therefore may not have such an impact. In addition this would also depend on Inflation - if inflation is high in such countries - then these goods and services are not likely to be as competitive therefore this may lead to a decrease in export led markets.
    is this basically one side of the argument that we could use in what has been predicted to be the 20 mark question by many?
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    (Original post by xChelsea)
    It would be alot harder to drag out 20 marks IMO..
    lol im just getting warmed up i could talk about trade creation as well.

    and you could do evaluation saying well perhaps trade diversion has accured so its not good for developed countries to have free trade with in there union for example the UK used to import a lot from new zealand however due to the EU and trade barriers gone down they are forced to trade with france.
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    (Original post by rs91)
    is this basically one side of the argument that we could use in what has been predicted to be the 20 mark question by many?
    an evaluative could be that it depends on the elasticity of the good, agricultural foodstuffs inelastic so demand will always remain high?
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    (Original post by boliver228)
    What are the advantages of trade specifically to developed economies. There are many points specific to developing economies, but what if the question specifies developed economies.
    What is free trade, trade lberalistaion, trade creation + diagram

    Increased imports- corects current account defecit, right shift of ad, reduce unemployment, multiplier effect

    knowledge + technology transfer - licensing

    economic groth faster, raise living standards (developing)

    economies of scale - production of larger scale results in lower average unit costs - increases efficiency, lower prices, investment

    increased competition - consumer welfare - lower prices + more variety + better quality.
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    (Original post by Tickles)
    What is free trade, trade lberalistaion, trade creation + diagram

    Increased imports- corects current account defecit, right shift of ad, reduce unemployment, multiplier effect

    knowledge + technology transfer - licensing

    economic groth faster, raise living standards (developing)

    economies of scale - production of larger scale results in lower average unit costs - increases efficiency, lower prices, investment

    increased competition - consumer welfare - lower prices + more variety + better quality.
    yh and then for the agasint

    Trade diversion - trade from low cost producers changed to high cost producers

    domistic unemployment if one country is enjoying exports on wont be able to to compete and take the imports lol?
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    is it me or do you find that theres not actually a lot that we need to know as there is not much scope in the stimulus material and if there is a lots its the same theories being re-applied?
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    so far i think tomorow this will come up

    10 mark on fiscal stimulus packages
    10 mark on either the EU setting interest rates optimal or the soft currency and floating exchange rate debate
    maybe 10 mark on devaulation to increase competivness

    10 mark trade libersiation either in general or most likely in terms of develpment in develpoing countries due to the doha round being mentioned
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    (Original post by rs91)
    is this basically one side of the argument that we could use in what has been predicted to be the 20 mark question by many?
    Its one point as you would have to produce 3/2 points like this for, FOR and against but yep it's for the effects of trade liberalisation.
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    (Original post by rs91)
    is it me or do you find that theres not actually a lot that we need to know as there is not much scope in the stimulus material and if there is a lots its the same theories being re-applied?
    yh the extract sets the scene for our exam it shows us what kinda things we need to be really strong at, and through this thread we have collectivly found key problems such fiscal stimulus packages and ECB credablity and expanded on these so im hopeing the exam will go well

    i still remember at 4 yesturday when i started commenting on this it was only 10 pages crazy how well its gone so far
 
 
 
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