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

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    for the last question i talked about prebish singer hypothesis, but economic growth is not a sufficient ingredient for economic development. Talked about MNC creating employment, pollution and a depletion of natural resources, however provide training and education through tax revenue. FDI is short term. Talked about cash cropping and export-led growth

    the exam was okay, last question threw me off slightly

    for Spain's improving international competitiveness, i said they can use SSP's-Increase in human capital reduction in unit labour costs and mentioned fiscal policy no use due to being short term can cause demand-pull inflation

    for implications of anticompetitive

    said that it would create unemployment, cant really remember what i said

    is anything right?
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    (Original post by 4011seb)
    How do people think ive done, this is what i wrote:

    1) economic cycle- boom, slowdown, bust, recovery with little diagram
    2) convergance needed for interest rates,said about ok for germany,too lose for piigs
    3) Irelan consequences increased emplyment etc at first but long run inflationary and bust.
    4)short run is actual, long run is potential, ppf diagram showing differences
    5) consequences of uncompetitiveness- unemployment, budget defecit etc
    6) spain could use supply side policies, diagram, no inflation, but long term and expensive
    7) opening to trade, comp advantage , new market oppotunities better than aid, more employment is more incomes, more tax reciepts for govt to spend on welfair and increase standards of liveing BUT prebisgh-singer hyp, rich get richer, terms of trade may not benefit both, overall trade could help growth and HDI but only ig the govt cpmly to the harold doner model and invest into their factors of production.

    I need 76 for an A. anyone reckon ive messed up my chance? I think i may have just done it


    -my evaluation was unequal wealth distribution
    -GDP is not accurate in measuring development its better to look at HDI as free trade will cause more economic growth doesn't mean human development will go up
    - small industries will collapse they cant compete so this will cause less economic development as country's cant enter new industry's
    -if trade opens up against a small group of countries like the EU then there could common external tariffs so economies cant develop as firms in developed countries wont trade with them only with them selves
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    (Original post by ajayhp)
    for the last question i talked about prebish singer hypothesis, but economic growth is not a sufficient ingredient for economic development. Talked about MNC creating employment, pollution and a depletion of natural resources, however provide training and education through tax revenue. FDI is short term. Talked about cash cropping and export-led growth

    the exam was okay, last question threw me off slightly

    for Spain's improving international competitiveness, i said they can use SSP's-Increase in human capital reduction in unit labour costs and mentioned fiscal policy no use due to being short term can cause demand-pull inflation

    for implications of anticompetitive

    said that it would create unemployment, cant really remember what i said
    i put cut in corporation tax to give incentives for firms to invest however it can lead to governments losing revenue and thus having to borrow more and if they borrow more and cant pay it back banks/ countries will stop lending and thus business confidence will be low as firms wont invest in countries banks are lending to

    then i talked about supply side being better i mentioned they are also limited to fiscal stimulus due to growth pack.
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    is it correct what i said
    (Original post by nik2111)
    i put cut in corporation tax to give incentives for firms to invest however it can lead to governments losing revenue and thus having to borrow more and if they borrow more and cant pay it back banks/ countries will stop lending and thus business confidence will be low as firms wont invest in countries banks are lending to

    then i talked about supply side being better i mentioned they are also limited to fiscal stimulus due to growth pack.
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    Was a pretty nice exam in general, not sure how I did on the last question though - forget to even mention specialisation/comparative advantage, and my points were fairly vague. I think it was most likely a B grade exam, most of the questions seemed like they could be answered from the extracts at least in part.
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    did any one else find themselves not referring bk to do stimulus material..don't know if thats a good thing or bad

    anddd for the one policy to improve spains competitiveness i wrote about supply side increase skills and training..
    and then like evaluated it
    do u think this would have been enough????
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    (Original post by ajayhp)
    for the last question i talked about prebish singer hypothesis, but economic growth is not a sufficient ingredient for economic development. Talked about MNC creating employment, pollution and a depletion of natural resources, however provide training and education through tax revenue. FDI is short term. Talked about cash cropping and export-led growth

    the exam was okay, last question threw me off slightly

    for Spain's improving international competitiveness, i said they can use SSP's-Increase in human capital reduction in unit labour costs and mentioned fiscal policy no use due to being short term can cause demand-pull inflation

    for implications of anticompetitive

    said that it would create unemployment, cant really remember what i said

    is anything right?
    yh you talked about economic growth from free trade not being enough for economic development
    you talked about governments getting tax from trade? does that companies will expand due to exports going up from free trade then yh
    evaluation FDI is short term yh thats right

    you didn't mention trade creation diagram so if countries are importing more that means that others are exporting more this exporting will lead to development due to people earning more money and feeling better of?
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    Anyone talk about the rostow, lewis and harod-domar development theories for the last question?
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    Hey
    Thank you everyone, this thread has been SO USEFUL!
    Deffinitly didnt do as well as wanted but could have gone worse
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    Did anyone think that it felt more like an AS paper? I think that grade boundaries are going to be very high...
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    (Original post by Doughnuts!!)
    Did anyone think that it felt more like an AS paper? I think that grade boundaries are going to be very high...
    What?! Noo... I thought it was so hard. Especially the question about Spain's competitiveness (6 marker), but hey.. I'm terrible at Economics so my opinion isn't one to go by!
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    Could this essay answer be right?
    Discuss how a greater openness to international trade will improve human and economic development. (20) I defined all 3 - my economic development definition was a bit vague. Then I said how the WTO want greater opennes to internaitonal trade and as their goal is economic development it obviously improves it. I then put in the trade creation diagram and explained it. Then I said about how human development has literacy, life expectancy and GDP and that it could be misleading with inequalities and bad income distribution. I said ISEW may be better as it takes into account negative externalities and how sustainability can't be ignored. The conclusion was tricky as I couldn't really say most/least important or short/long run but I made something up saying how it definitely improves economic development but not necessarily human.
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    (Original post by JerrytheBerry)
    Anyone talk about the rostow, lewis and harod-domar development theories for the last question?
    For the last bit in my evaluation I talked about how there are different measures & definitions of development and how in some cases intl trade could increase it but in some it might not e.g. HDI would increase because of increased medicine, education and growth but would satisfy Amartya Sen's development as freedom theory (more freedoms and capabilities) when MNCs exploit these economies and their workers.
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    (Original post by Doughnuts!!)
    Did anyone think that it felt more like an AS paper? I think that grade boundaries are going to be very high...
    what kinda stuff did you put in the last question?
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    GRRRRR had no time to put comparative adv in, but it should be ok right?

    My 20 marker:
    Define key terms
    Explain how openness to trade > freer trade > potential access to bigger markets > inc exports > inc AD/Growth
    This causes economic development to inc and humen development to inc too as living standards are higher.
    Analyse, Did trade Lib diagram, showed how price with trade is lower, + couple of other positive points. Then showed how infant industries have no chance who had potential to become big and inc competitiveness and existing firms pushed out market. Poor current acc > AD lower > less growth > human/econ devel down.

    Eval, human dev index down as specialisation from free trade causes structural unem, also people may be forced into new job because of specialised econ, lower living standard/human devel.
    Firms being screwed from int competition now in short term, but like spain, may be incentive to help improve in long run which which overall inc global output and inc development.
    Did multiplier/accelerator effect, showed now low current acc > AD shifts in, multiplier effect, rate of growth goes down > accelrator effect > this is a cycle. said they be much worse of then anticipated if they are a loser from free trade.
    ^^^
    not sure if i did that in another Q.

    I had one more eval point but i've forgotten it.

    i wanted to inc comparative adv and per-singer but i ran out of time
    Do you think that combined with a decent mark in the 6/10 marks, is good enough for an A?
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    (Original post by ExplosiveHamster)
    for the ireland growth question did anybody else just find themselves focusing on inflation for the majority of the answer?

    and i derp'd trying to find 4 marks worth of answer to explain the economic cycle and short/long term growth

    and for the last question what is the difference between economic growth and development? i mostly just mentioned growth
    I talked about how rapid growth often leads of asset bubbles (e.g. construction in Spain) and focussed upon the actual credit bubble that popped up with Ireland. Then I went on to say how it's very risky and unsustainable to have such a bubble because if it bursts (like Ireland's did) it's bad news.

    As for your growth vs. development question, obviously growth (whether it be long or short run) is focussed around GDP. Development refers to how such growth can be translated into actually improving the SOCIAL standard of living. So we're talking literacy rates, health care, access to the bare necessities of life, etc.
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    (Original post by Doughnuts!!)
    Did anyone think that it felt more like an AS paper? I think that grade boundaries are going to be very high...
    Don't let the question on defining short-run and long-run growth throw you. They want a lot for the marks available (gone are the days of two line definition questions). I think they'll want us to put a lot of emphasis on stuff that wasn't huge at AS like exchange rates or actual current affairs.

    I see what you mean though. However, I know a lot of people came out of that dissatisfied, so hopefully the boundaries will be low.
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    (Original post by ConcyV)
    Don't let the question on defining short-run and long-run growth throw you. They want a lot for the marks available (gone are the days of two line definition questions). I think they'll want us to put a lot of emphasis on stuff that wasn't huge at AS like exchange rates or actual current affairs.

    I see what you mean though. However, I know a lot of people came out of that dissatisfied, so hopefully the boundaries will be low.
    It's not just that question. IMO, all of the questions were incredibly straightforward and I could tell where you were supposed to gain marks. Looking at past papers/mark schemes, this was not very hard in terms of what you had to say to get marks.

    I could be completely wrong, though, and could end up getting a D or something. :p:
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    (Original post by Doughnuts!!)
    It's not just that question. IMO, all of the questions were incredibly straightforward and I could tell where you were supposed to gain marks. Looking at past papers/mark schemes, this was not very hard in terms of what you had to say to get marks.

    I could be completely wrong, though, and could end up getting a D or something. :p:
    Haha yes! I understand what you are saying. The definition questions were fine, the 6 markers were too (although the Spanish one with reference to the graphs was poorly worded) and the 10 markers were fine also.

    I think the 20 mark essay was a sort of all-or-nothing last question because people need to be able to discriminate between growth and development. I mean, I focussed on comparative advantage (with tech. diffusion), closing the foreign exchange gap and taking advantage of potential economies of scale (in particular managerial so that professionals can help the process of development), so I avoided the whole "here's growth and here's development" scenario.

    A lot of people did the free trade diagram which I guess I could have done, but I am a diagram perfectionist and knew it would waste my time haha. Since there's only like 2 marks for knowledge and 2 for analysis, but 11 for evaluation I just played it heavy on that.
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    So writing about how revenue for Govts in developing countries can help education/health care thus improving the development aspect was right? And also saying how economic growth (GDP^) doesn't mean literacy levels or life expectancy won't improve greatly too.
 
 
 
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