F585 Jun 2013 Resource Thread Watch

LukeyJB
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Hi everyone,

I've decided to make my own thread where we can post and share revision resources, questions, model answers etc., I was originally posting them in the F585 thread but it'll be easier for me to do it here.

I apologize for the mixed file formats, I only have access to Word at college and so do most of my notes on Open Office at home, but they're cross-compatible.

I'll continue to update this over half-term and up until the exam, I am still working on the stuff for 3, 4 and 5, however 1 and 2 are complete (to my knowledge) - PLEASE, if you find anything that could be added or attempt any questions it would benefit us all if you shared it as we all know this is one tedious unit.

I'm uploading things as separate replies to the topic as there's no way to format attachments and so things may get mixed up. Here's some possible questions, or areas we will *most likely* be asked about;

** It is HIGHLY likely that the 20 marker will be based off of sustainability (don't quote me on that) and I will be uploading a model 20 marker on sustainability soon.

OCR June 2013 Pre-release material

Extract 1 & 2
- Distinguish between fixed and floating exchange rate systems (4)
- Distinguish between monetary convergence and fiscal convergence (4)
- Explain what is meant by capital flight (4)
- Analyse the reasons for capital flight (6)
- Analyse the reasons why meeting the convergence criteria is important for countries wishing to join the Eurozone (6)
- Analyse the benefits for CEE countries of FDI (6)
- Analyse how ERM II prepares countries for their adoption of the Euro (6)
- Analyse the benefits of participating in ERM II prior to joining the Eurozone (6)
- Comment on the possible effects of maintaining a fixed exchange rate during an economic recession (10)
- Comment on the advantages to Eurozone countries of adopting the Euro as a single currency (10)
- Comment on the impact of FDI on CEE economies (10)
- Comment on the effectiveness of ERM II as a means of preparing countries for their adoption of the Euro (10)

Extract 3
- Distinguish between growth and development (4)
- With reference to the data in Figure 3.1, comment on the possible effects of a volatile economic cycle (4)
- What is meant by a transition economy? (4)
- Analyse the impact of a high rate of long-term unemployment on a country's growth and development (6)
- Explain two possible reasons for the high rates of inflation in Estonia in 2006-2008 (6)
- Analyse the impact an increase in international trade and FDI will have on economic growth (6)
- Comment on the consequences of the high growth that Estonia experienced between 2000 and 2007 (10)
- Comment on the possible effects of a flat-tax rate system on Estonian growth and development (10)

Extract 4 & 5
- Analyse, using diagrams, the impact of EU's strategy on sustainable production and consumption (4)
- Comment on the policies that might improve ecological balance on the Estonian economy (10)
- Comment on the usefulness of the indicators used by Estonia in its sustainability strategy (10)
- Discuss the usefulness of the EU and Estonia's strategies in promoting sustainability (20)
- Discuss the impact of Estonia's high growth on sustainability (20)
- Discuss the view that sustained growth of GDP per capita will always lead to a rise in welfare & living standards (20)
- Discuss the view that sustainable development in Estonia requires slower economic growth (20)
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LukeyJB
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Extract 1

This extract is mostly a vague introduction to the EU, Eurozone and the convergence criteria; it's a very minor topic however there's a large scope of questions that may be asked. It's absolutely essential that we know ALL of the criteria off our heads.
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LukeyJB
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Extract 2

Extract 2 is, in my opinion, the most important of all 5 extracts; it is centered around some of the key areas of what the exam will be based off of and it is extremely important that we have a firm understanding of it. It contains information about exchange rate mechanisms, ERM II and touches slightly upon trade creation and diversion. It also talks about Latvia and this may very well come up as question in the exam in respects to the background of Latvia's economy and ERM II membership. There's a brief part about FDI and capital flight, but I focus more on this in my extract 3 notes.
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LukeyJB
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Extract 3

I found that this is an extremely broad extract, it has many points raised in the extract and there's a ton of areas that you can talk about, namely economic growth, FDI and the recession.
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LukeyJB
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Extract 4 & 5
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mosaed
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- Comment on the effectiveness of ERM II as a means of preparing countries for their adoption of the Euro (10)
struggling to think what the problems are with ERM II preparing the country for adoption of the Euro?
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LukeyJB
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(Original post by mosaed)
- Comment on the effectiveness of ERM II as a means of preparing countries for their adoption of the Euro (10)
struggling to think what the problems are with ERM II preparing the country for adoption of the Euro?
Off my head I'd say the lack of control that domestic governments have over monetary policy,and the very limited control over fiscal policy - also, the rates can't be adjusted to fit a certain countries needs if they become incompetitive or experience unsustainable growth etc. Also, countries (during ERM II) have to remain inside the two bands, being pushed out of those bands violates the convergence criteria and can also have an effect on the Euro etc etc
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physicshelp123
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(Original post by LukeyJB)
Off my head I'd say the lack of control that domestic governments have over monetary policy,and the very limited control over fiscal policy - also, the rates can't be adjusted to fit a certain countries needs if they become incompetitive or experience unsustainable growth etc. Also, countries (during ERM II) have to remain inside the two bands, being pushed out of those bands violates the convergence criteria and can also have an effect on the Euro etc etc
to add to this, the erm 2 requires huge amounts if resources/money to sustain the exchange rate as shown by Latvia needing loans of 7.8 billion or something in the case study, these loans are paid back in the euro aswell which means even more money must be spent to revalue the exchange rate. this huge amount of money can be very harmful to debt and budget defects making it hard or economies to focus spending on this ich as sustainable development. (Estonia however had a balance budget hence didnt need loads which is why they've done so well)
Another negative is the speculative attack mentioned in the case study
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student_o201
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Discuss the view that sustainable development in Estonia requires slower economic growth (20)

would you speak about the trade off between estonias sustainable development policies and economic growth ?

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LukeyJB
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(Original post by student_o201)
Discuss the view that sustainable development in Estonia requires slower economic growth (20)

would you speak about the trade off between estonias sustainable development policies and economic growth ?

Well first of all I would talk about sustainability and development, what they mean and how it may be achieved, giving examples from Estonia, and then I would begin speaking about how FDI may be attracted to a sustainable economy, economic growth - what it is, how it occurs, positive and negative effects etc, effects of unsustainable growth (capital flight);

I haven't really covered sustainability that much but I will be doing over the week so I'll post up some answers.
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CoolDskool
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usefull revision notes
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LukeyJB
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(Original post by CoolDskool)
usefull revision notes
These are pretty nice!
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mosaed
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struggling a bit on extract 4 & 5 with the sustainability. anyone got any revision stuff on it?
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physicso
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Anyone any idea's on: 'Assess the view that running a balanced budget and low government debt will help Estonia to sustain her growth and development in the long run'?

I think this is a pretty important one as the last two extracts are really focused of Sustainable development. Can't think of anything at the moment
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LukeyJB
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I'm going to post up some model answers (They may NOT be 100% correct as they're not marked) for sustainability in a bit, probably tomorrow.
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physicso
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(Original post by LukeyJB)
I'm going to post up some model answers (They may NOT be 100% correct as they're not marked) for sustainability in a bit, probably tomorrow.
Thanks man - really appreciated as i'm totally in the dark about this exam. Very nervous - need 78ums!
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aki round
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This is probably over 100x better and more helpful than what I get in college! Thanks a lot
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physicshelp123
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(Original post by aki round)
This is probably over 100x better and more helpful than what I get in college! Thanks a lot
we got taught by a business teacher and a retired teacher -.- good job I only need 67ums
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mdonney
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Comment on the possible effects of maintaining a fixed exchange rate during an economic recession (10)

can anyone shine some light on this for me, please? Am I right in saying that during an economic recession maintaining a fixed exchange rate ensures export trade patterns are not affected by inflation as the price cannot change? Not 100% sure.
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aki round
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Distinguish between monetary convergence and fiscal convergence (4)
I know its simple but I just can't figure out what I actually need to include apart from the plain obvious...
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