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F581/ F582 Economics June 2013 Watch

  • View Poll Results: How hard did we find this exam ?
    so hard i felt like crying through the exam
    13
    12.50%
    very difficult , but one or two were alright
    13
    12.50%
    fairly standard
    33
    31.73%
    quite easy , with one or two hard ones
    35
    33.65%
    so easy i felt like dancing throughout the exam
    10
    9.62%

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    (Original post by hunter786)
    Could someone define the following:
    -what is meant by macroeconomic equilibrium in the macro economy
    -income redistribution
    -economic stability
    -gdp


    BTW these have never came up from what I remember
    MACROECONOMIC EQUILIBRIUM: where AD is equal to AS

    Income redistribution: transferring income from rich to poor (not sure!)

    GDP: the total output of the goods and services produced in an economy
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    What are the difficulties of measuring economic growth?
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    Can someone please give me an overview of current account? what does it mean? what does trade in goods, trade in service, transfers and income mean in current account?
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    GDP: the total output of the goods and services produced in an economy (in the course of a year)? For the 2 marks? OCR are making everything very specific supposedly :/
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    How do you calculate gdp?
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    (Original post by isatukamara)
    What are the difficulties of measuring economic growth?
    I need help with that as well!
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    Can anyone give a few pointers on protectionism including evaluative points regarding it?
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    (Original post by isatukamara)
    What are the difficulties of measuring economic growth?

    Double counting, raw materials may be counted as output and finished products and also some income and output is not declared to avoid paying tax therefore GDP could be higher.
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    (Original post by hunter786)
    Could someone define the following:
    -what is meant by macroeconomic equilibrium in the macro economy
    -income redistribution
    -economic stability
    -gdp


    BTW these have never came up from what I remember
    1. where aggregate supply and aggregate demand are equal
    2. the redistribution of a nation's total GDP amongst its population
    3. Avoiding excessive/significant fluctuations in the economy, and the avoidance of volatility in the exchange rate and inflation
    4. total output of goods and services produced in a country
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    (Original post by isatukamara)
    What are the difficulties of measuring economic growth?
    Double Counting - Products for example are bought which increases consumption but they are sold again to someone else and therefore consumption isn't taken into account, underinflating GDP values.
    Hidden Economy - Some people operate outside the economy when making financial transactions, drugs are an example of this. Consumption again, and maybe imports aren't accounted for... etc
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    (Original post by AtotheT)
    Double Counting - Products for example are bought which increases consumption but they are sold again to someone else and therefore consumption isn't taken into account, underinflating GDP values.
    Hidden Economy - Some people operate outside the economy when making financial transactions, drugs are an example of this. Consumption again, and maybe imports aren't accounted for... etc

    Thanks !
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    what would the definition of free trade be??
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    (Original post by wolalala)
    what would the definition of free trade be??
    Where there a no limits to what a country can trade? For example protectionism isn't imminent in the form of quotas and tariffs which reduce the amount countries can trade.
    It's not a definition but a general idea :P
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    (Original post by AtotheT)
    Double Counting - Products for example are bought which increases consumption but they are sold again to someone else and therefore consumption isn't taken into account, underinflating GDP values.
    Hidden Economy - Some people operate outside the economy when making financial transactions, drugs are an example of this. Consumption again, and maybe imports aren't accounted for... etc
    Thanks !

    what page on the ocr textbook?
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    (Original post by cheese94)
    Oh my.. yes that is a lot close to full marks! haha probably impossible for me!
    54/60 is around the 100 UMS mark

    its usually between 50-52 for 90 UMS
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    (Original post by AtotheT)
    Where there a no limits to what a country can trade? For example protectionism isn't imminent in the form of quotas and tariffs which reduce the amount countries can trade.
    It's not a definition but a general idea :P
    thankyou for replying! oh okay, ahaha its cool, lets hope it doesn't come up
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    (Original post by isatukamara)
    1. where aggregate supply and aggregate demand are equal
    2. the redistribution of a nation's total GDP amongst its population
    3. Avoiding excessive/significant fluctuations in the economy, and the avoidance of volatility in the exchange rate and inflation
    4. total output of goods and services produced in a country
    3) also include that economic stability involves fairly stable output growth
    4) the total output of goods and services produced in an ECONOMY over a given time period - mark scheme is a ***** about that one
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    So cray how a few raw marks can make 10+ UMS like that...
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    what wold economic instability definition be?
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    what are the drawbacks of Fiscal Policy, Monetary Policy and Supply Side policy (I know people have mentioned some above as well) ??
 
 
 
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