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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 manchesterunited15)
    Difficulties in measuring GDP???
    risk of double counting as using output method ram materials may be counted twice

    Need to exclude transfer payments (benefits) as only income earned from making products must be included

    Hop that helps son:cool:
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    (Original post by manchesterunited15)
    Difficulties in measuring GDP???
    it doesn't take into account the informal economy meaning that results are usually underestimated. They're never entirely accurate etc.

    There's more to talk about if it was real GDP.
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    (Original post by wolalala)
    okay Thank you

    hi do you know for section A if we are meant to say why we did not select that answer
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    (Original post by CTArsenal)
    it doesn't take into account the informal economy meaning that results are usually underestimated. They're never entirely accurate etc.

    There's more to talk about if it was real GDP.
    hi do you know if we are meant to state why we did not select the other options for Section A
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    Let me throw another challenge oouut

    "explain the difficulties faced in measuring inflation"
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    (Original post by cheese94)
    Don't worry, it seems like you know everything inside out! I'm sure you'll be fine! Good luck!
    haha thanks, but in the exam hall the pressure just gets to me and I make really stupid errors most of the time.

    Good luck everyone!
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    i punched the doors about 5 days ago, and went to see my doctor (on purpose) and now im getting extra 25% on tomorrows exam, she made a special letter for me
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    (Original post by CTArsenal)
    haha thanks, but in the exam hall the pressure just gets to me and I make really stupid errors most of the time.

    Good luck everyone!
    ahhh yeah, you and i both!
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    (Original post by CTArsenal)
    haha thanks, but in the exam hall the pressure just gets to me and I make really stupid errors most of the time.

    Good luck everyone!
    same here mate.

    Just chill and relax dude, it will improve your performance
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    For most of the analysis questions where there is a LRAS curve is it alright to put
    'it depends on the multiplier effect and output gap'? and if it is, how would i expand it?
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    (Original post by cheese94)
    For most of the analysis questions where there is a LRAS curve is it alright to put
    'it depends on the multiplier effect and output gap'? and if it is, how would i expand it?
    The multiplier effect applies to changes in AD?
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    (Original post by manchesterunited15)
    2 options, Labour force survey or claimant count
    Labour force survey is a large scale survey of 60000 households
    Claimant count just looks at number of people claiming unemployment related benefits

    LFS takes time and money but is more accurate
    CC is quick and cheap but less accurate

    Just off the top of my head and probably not 5 marks but there you go
    (Original post by Tweak6)
    I can try, no guarantees it's right though...

    Unemployment is measured in two ways, the Claimant Count (CC) and the Labour Force Survey (LFS). The CC measures unemployment through the number of people who are claiming unemployment benefits. The LFS measures unemployment through a survey of over 6000 households every 3 months. The CC often gives a lower measure of unemployment than the LFS, and underestimates unemployment as not everyone who is unemployed is able to claim benefits, for instance if they have a high amount of savings. The LFS allows international comparison between countries level of unemployment.
    (Original post by Zaman1)
    there are two main measure of unemployment:

    1) Labour force survey (ILO) This is a survey done 4 times a year. and takes into account of people who are receiving Unemployment related benefit and the once they are not.

    Advantage = accurate and good further analysis.
    disadvantage = takes long to collect and is expensive.

    2) claimant count this is a measure of unemployed through government record of people who are receiving unemployed related benefit or have declared to the government that they are unemployed

    Advantage= takes less time and is cheap
    Sisadvantage= dosn't count the people who haven't told the government they are unemployed
    Thankyou guys!
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    (Original post by AtotheT)
    The multiplier effect applies to changes in AD?
    Sorry, yeah thats what i meant. So if AD increases or decreases do we pyt it depends on the muptiplier effect and output gap?
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    On another note, i really should be getting some sleep..
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    (Original post by cheese94)
    Sorry, yeah thats what i meant. So if AD increases or decreases do we pyt it depends on the muptiplier effect and output gap?
    Yeah, if you're trying to influence aggregate demand with, for example, use of a fiscal policy then you wouldn't need to decrease income tax or increase government spending as much if the multiplier is large. And output gap is a good point to make yes, because AD will increase at a faster rate if the economy can produce the output :P I.E: demand pull inflation won't occur. Goof night and good luck
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    im kinda ready

    .....
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    (Original post by iggyDash)
    im kinda ready

    .....
    im kinda also ready though need to do some last minute revision on inflation and unemployment, if they ask for costs I can only recall menu costs which is usually only 2 marks and inflationary noise which is 3.

    What's the toughest part of the paper for you? imo its not the essay for me, I always get 15+ at least on that, its the rest of the paper that is tricky
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    Good luck everyone!!!

    I'm just going to do a last look over of my notes on the coach into school, I hope it goes ok!
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    (Original post by Robbie242)
    im kinda also ready though need to do some last minute revision on inflation and unemployment, if they ask for costs I can only recall menu costs which is usually only 2 marks and inflationary noise which is 3.

    What's the toughest part of the paper for you? imo its not the essay for me, I always get 15+ at least on that, its the rest of the paper that is tricky
    The toughest part for me is the little parts like, desribe what happened using figure 1, i always loose silly marks

    but its just fighting the pressure now
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    (Original post by iggyDash)
    The toughest part for me is the little parts like, desribe what happened using figure 1, i always loose silly marks

    but its just fighting the pressure now
    Yeah I do as well sometimes, best of luck m8 gonna be leaving in a minute
 
 
 
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