Economics - Mocks

AdMMM

Having gone through all of the other threads, I couldn't find any concrete references to this marvellous subject. Has anyone else done it yet? I'd appreciate a few tips, even though I wouldn't say it's a subject that I experience much difficulty with, I do have the slight disadvantage of losing my Economics and History books

Rozabeez

How the hell did you lose both of them!? or all three even? Jaysis.

Yeah I've told you all I can remember already.

Rozabeez

Oh wait! The short questions are of a different format, i.e harder. there's now 2 parts per question.

md99

Rozabeez wrote:

Oh wait! The short questions are of a different format, i.e harder. there's now 2 parts per question.

They're not so much different, similar to the recent trend of short questions in the economics papers (especially 2006) where they demand 2 examples in addition to every definition, for no extra marks.... I guess they figured the short questions were too easy, and they were probably right.

SPOILER

Did ye do the test which asked to define full employment, and had a full question on perfect competition?

I did it this morning, found the long questions were grand but the short were rather difficult, ie hard to tell if you got full marks in them or not! for example they didnt ask ANY of the 'definites' such as PSBR, M1, PED, etc...

Marshy

I hope nothing too obscure comes up. You know the ones where you actually have to think for yourself.

I'll be waiting till the end of feb for the mocks so plenty of time for me to rote learn the course.

md99

Marshy wrote:

I hope nothing too obscure comes up. You know the ones where you actually have to think for yourself.

lol, I hate them too. It makes the short questions much longer. I love being able to fly through em slapping out definitions you KNOW to be correct. Ain't the case in the DEB pre tho!

AdMMM

So Perfect Competition was the market then? Any other long questions that you care to divulge?

md99

Gladly, not that I approve of this.

National Income
Factors of Production with Monetarist Economists part (c)
Supply with Price Elasticity of Supply
Inflation

AdMMM

No real surprises there, I have them all covered fairly well with the exception of the Monetarists. Thanks very much anyway

cabla

Economics is hard, i think look at oligopoly, i dont think that has been too popular.Also look at ssias maybe...

AdMMM

Perfect Competition has already been stated as the market question. I have heard some talk of SSIA's coming up, although I doubt they'll come up in the actual Leaving Cert, having already made an appearance last year.

md99

Oligopoly doesn't feature in the DEB pre at all. It's a question on Perfect solely, although it will benefit you to study both long AND short run equilibrium (you'll see why).

As regards the Monetarists question, it's a part (c) and I can limit it further if you wish......


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Contribution to economic thought by John Keynes

Time Magazine

md99 wrote:

Contribution to economic thought by John Keynes

Wasn't a monetarist.

Rozabeez

****! There goes my D.

md99

Sorry, I meant any 'economic thought' folk....

Haven't done the economists section myself!

GretchenWieners

cabla wrote:

Economics is hard, i think look at oligopoly, i dont think that has been too popular.Also look at ssias maybe...

oligopoly came up last yr!!!

AdMMM

Ibid wrote:

Wasn't a monetarist.

That was my exact thought when I saw the paper! I was fully versed on Milton Friedman. Thankfully another one of the other long questions mentioned his Liquidity Preference and that jogged my memory a bit. I doubt I'd be that lucky in the actual exam.

For the first time in an Economics exam, I struggled to manage my time efficently and had to squeeze my final question into a frantic 20 minutes!

----

For the reference of anybody else yet to do the exam:

There was a long question on Less Developed Countries which came as a surprise to me, I thought it would have only formed a part of a question. You're asked to explain how 5 factors retrict economic development. The 5 factors are given, you just have to elaborate (eg: Inadequete Infrastructure - An adequete roads network, telecommunications network, supply of water and electricity are all essential for effective and efficent communication and transport and must be present in order to attract investment and boost output). The Part C was nasty; "The expansion of the EU has offered opportunities and difficulties to LDC's". You are required to outline and explain these opportunities and difficulties. The second part to Part C asks to you discuss how an LDC government could increase output in the primary, secondary and tertiarty sectors.

There was also a full long question about SSIAs. Explain the reasons why the Minister For Finance introduced the scheme and then explain the possible advantages and disadvantages to the imminent injection of cash (eg: increased imports, increased inflation, increased speculation etc etc). The part C asked you about the contribution of economic thought by Keynes (eg: Theory of Liquidity Preference).

Enterprise was also a full long question. Explain the role of profits in an economy (eg: they encourage investment). Explain the risks faced by entrepreneurs in business activity (eg: They bear the risk of any possible loss due to mismanagement of the three other factors). Explain, with examples, how the Government has assumed the role of entrepreneur.

The price elasticity of supply formed it's own question. We had to draw a diagram indicating a MOVEMENT along a supply curve and then give 3 reasons for a SHIFT in supply. We were then asked to define PES and state it's formula. Part C saw us drawing diagrams explaining: Unit elasticity, perfect inelasticity and elasticity. One of the easier questions if you knew your stuff.

As already stated, Perfect Competition was the market question (although Oligopoly came up in the short questions [state 2 ways that an oligopolistic firm may collude]). You were asked to state and explain the assumptions of the theory (eg: homogenous goods, many firms in industry, perfect knowledge exists etc). Then you have to draw the short run and long run equilibrium diagrams for a profit maximising firm (ie: where output is where MR=AR). For part C you have to explain how Perfect Competition benefits a) the consumer and b) the economy.

I can't remember the rest of the questions in any great detail, sorry. I hope I have been of some help though

[edit]Oh yes, short questions: make sure you know 3 reasons why the Government requires accurate population data. 2 contributions by Adam Smith. The LDMU. The Governments economic aim with regards decentralisation and a conflicting aim. Two ways that an oligopolistic firm colludes.[/edit]

md99

|.Murderer.| wrote:

For the first time in an Economics exam, I struggled to manage my time efficently and had to squeeze my final question into a frantic 20 minutes!

Happened me too.. spent way too much time on Perfect and PES questions! I love how some (a) and (b) parts of long questions, especially calculations and definitions/formulae, can be finished so quickly and are worth the same marks as some more arguous part (c)s....

Hopkirk

any one have hints for the Examcraft Economics Paper?
I'm not sure if any of the above tips relate to the examcraft paper...

Halo

|.Murderer.| wrote:

That was my exact thought when I saw the paper! I was fully versed on Milton Friedman. Thankfully another one of the other long questions mentioned his Liquidity Preference and that jogged my memory a bit. I doubt I'd be that lucky in the actual exam.

For the first time in an Economics exam, I struggled to manage my time efficently and had to squeeze my final question into a frantic 20 minutes!

----

For the reference of anybody else yet to do the exam:

There was a long question on Less Developed Countries which came as a surprise to me, I thought it would have only formed a part of a question. You're asked to explain how 5 factors retrict economic development. The 5 factors are given, you just have to elaborate (eg: Inadequete Infrastructure - An adequete roads network, telecommunications network, supply of water and electricity are all essential for effective and efficent communication and transport and must be present in order to attract investment and boost output). The Part C was nasty; "The expansion of the EU has offered opportunities and difficulties to LDC's". You are required to outline and explain these opportunities and difficulties. The second part to Part C asks to you discuss how an LDC government could increase output in the primary, secondary and tertiarty sectors.

There was also a full long question about SSIAs. Explain the reasons why the Minister For Finance introduced the scheme and then explain the possible advantages and disadvantages to the imminent injection of cash (eg: increased imports, increased inflation, increased speculation etc etc). The part C asked you about the contribution of economic thought by Keynes (eg: Theory of Liquidity Preference).

Enterprise was also a full long question. Explain the role of profits in an economy (eg: they encourage investment). Explain the risks faced by entrepreneurs in business activity (eg: They bear the risk of any possible loss due to mismanagement of the three other factors). Explain, with examples, how the Government has assumed the role of entrepreneur.

The price elasticity of supply formed it's own question. We had to draw a diagram indicating a MOVEMENT along a supply curve and then give 3 reasons for a SHIFT in supply. We were then asked to define PES and state it's formula. Part C saw us drawing diagrams explaining: Unit elasticity, perfect inelasticity and elasticity. One of the easier questions if you knew your stuff.

As already stated, Perfect Competition was the market question (although Oligopoly came up in the short questions [state 2 ways that an oligopolistic firm may collude]). You were asked to state and explain the assumptions of the theory (eg: homogenous goods, many firms in industry, perfect knowledge exists etc). Then you have to draw the short run and long run equilibrium diagrams for a profit maximising firm (ie: where output is where MR=AR). For part C you have to explain how Perfect Competition benefits a) the consumer and b) the economy.

I can't remember the rest of the questions in any great detail, sorry. I hope I have been of some help though

[edit]Oh yes, short questions: make sure you know 3 reasons why the Government requires accurate population data. 2 contributions by Adam Smith. The LDMU. The Governments economic aim with regards decentralisation and a conflicting aim. Two ways that an oligopolistic firm colludes.[/edit]

was that the DEB paper?