hilrho
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2. (a) Explain, with the help of a production possibility diagram, how the opportunity cost of producing different combinations of goods can be measured. [8]

(b) Discuss the ease with which a planned economy may be changed into a market economy. [12]

3. (a) Explain what deter mines the demand for and supply of a currency in the foreign exchange market. [8]

(b) Discuss the extent to which a decline in the value of the national currency (depreciation or devaluation) will improve a country’s balance of trade. [12]

4. (a) Explain why governments measure changes in the general price level and why they usually have more than one measure of these changes. [8]

(b) Discuss whether it is better for a government to raise the economy’s rate of productivity growth or to control its rate of inflation. [12]
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hilrho
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:bump:
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hilrho
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Anyone??
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hilrho
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Can someone please help, my exams are next week!
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hilrho
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please someone?
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william walker
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3. (a) Explain what deter mines the demand for and supply of a currency in the foreign exchange market.

The purpose of foreign exchange markets is to facilitate trade between nations. This trade then determines the supply of currency. So when someone in Britain wants to buy something from Canada they must first convert pounds into Canadian dollars the balance of trade between nation determines the supply of currency. The demand for currency is driven by trade and speculators who are trying to made a profit from changes in currency values. Such as if the British government enacts a 3% tariff on all perishable good imported from Canada a speculator would expect British imports from Canada to decrease. Meaning the demand for Canadian dollars would decrease and the supply of Pounds would increase compared to Canadian dollars.

I hope other people who have actually done economics post and help you.
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hilrho
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(Original post by william walker)
3. (a) Explain what deter mines the demand for and supply of a currency in the foreign exchange market.

The purpose of foreign exchange markets is to facilitate trade between nations. This trade then determines the supply of currency. So when someone in Britain wants to buy something from Canada they must first convert pounds into Canadian dollars the balance of trade between nation determines the supply of currency. The demand for currency is driven by trade and speculators who are trying to made a profit from changes in currency values. Such as if the British government enacts a 3% tariff on all perishable good imported from Canada a speculator would expect British imports from Canada to decrease. Meaning the demand for Canadian dollars would decrease and the supply of Pounds would increase compared to Canadian dollars.

I hope other people who have actually done economics post and help you.
Thanks will , It's such a shame no one else posted. I bet if this was in the chat section though everyone would comment
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william walker
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(Original post by hilrho)
Thanks will , It's such a shame no one else posted. I bet if this was in the chat section though everyone would comment
Yeah I think you are right. Just nobody really comes to specific parts of the forum. I mean don't unless I have seen you posted something.
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Sparster
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(Original post by william walker)
3. (a) Explain what deter mines the demand for and supply of a currency in the foreign exchange market.

The purpose of foreign exchange markets is to facilitate trade between nations. This trade then determines the supply of currency. So when someone in Britain wants to buy something from Canada they must first convert pounds into Canadian dollars the balance of trade between nation determines the supply of currency. The demand for currency is driven by trade and speculators who are trying to made a profit from changes in currency values. Such as if the British government enacts a 3% tariff on all perishable good imported from Canada a speculator would expect British imports from Canada to decrease. Meaning the demand for Canadian dollars would decrease and the supply of Pounds would increase compared to Canadian dollars.

I hope other people who have actually done economics post and help you.
Honestly I would help but I feel out of my depth there. So many questions and you haven't done the same exam board as me from the looks of it so I can't really easily answer them The above looks like a good attempt though. @OP, can you not find markschemes for these questions online? Good luck, sounds like a long slog
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hilrho
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(Original post by Sparster)
Honestly I would help but I feel out of my depth there. So many questions and you haven't done the same exam board as me from the looks of it so I can't really easily answer them The above looks like a good attempt though. @OP, can you not find markschemes for these questions online? Good luck, sounds like a long slog
Thats whats so annoying - I'm doing it through Cambridge International Examinations board and they don't publish the mark scheme and examiners report - the only one's I can find are for 2012. It's so annoying - you need to be an affiliated teacher and have their password.
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Sparster
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(Original post by hilrho)
Thats whats so annoying - I'm doing it through Cambridge International Examinations board and they don't publish the mark scheme and examiners report - the only one's I can find are for 2012. It's so annoying - you need to be an affiliated teacher and have their password.
Sucks I feel your pain... there have been times I have gone for markschemes only to find that the teachers made the questions and the sheer disappointment is unexplainable lol. Good luck.
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Tiger_11
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2. (a) Explain, with the help of a production possibility diagram, how the opportunity cost of producing different combinations of goods can be measured. [8]
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