Examcraft Economics

tolosenc

How was it? No spoilers please. If you must, use the spoiler tags.

md99

you may be waiting a while for a reply...very few do economics!

AdMMM

I'm afraid I did the DEB paper so I can't be of any assistance. Is it just me, or do a lot of people's post-midterm mocks seem to be ExamCraft papers?

tolosenc

It would seem that way.

Halo

what came up on that DEB paper??? i have it in the mornin! thanks..

Halo

anyone???:o

AdMMM

|.Murderer|. wrote:

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]

That's taken from an earlier thread that I created.

DEB Paper

Hopkirk

Any one have tips for the Examcraft Economics Paper?

mushroom

*will give favours for examcraft economics tips before Thursday*

Hopkirk

mushroom wrote:

*will give favours for examcraft economics tips before Thursday*

Add me to that!!!!!!!!!


Disclaimer:(Favours shall be in non-monetary and Non-sexual Form)

mushroom

Are favours an economic good then?

Hopkirk

mushroom wrote:

Are favours an economic good then?

They Will be If We get any tips before Thursday!!:D

Again; Please Any Help?

tolosenc

The 4 long questions I did were:
Types of Goods, Supply and Demand
Perfect Competition
Elasticity, (Income of Demand, Price of Supply)
SR and LR Cost Curves.

I'll try to remember the questions, but after last night....

Hopkirk

obl wrote:

The 4 long questions I did were:
Types of Goods, Supply and Demand
Perfect Competition
Elasticity, (Income of Demand, Price of Supply)
SR and LR Cost Curves.

I'll try to remember the questions, but after last night....

Thanks For That

Anyone else do This Paper?

Hopkirk

obl wrote:

The 4 long questions I did were:
Types of Goods, Supply and Demand
Perfect Competition
Elasticity, (Income of Demand, Price of Supply)
SR and LR Cost Curves.

I'll try to remember the questions, but after last night....

Sorry about this:o , But do you know anything else that came up? , ie; History of Eco though, any macro stuff, I'm Desperate!!!!

AdMMM

That sounds suspiciously like the DEB paper. Are you sure you did the Examcraft one?

mushroom

Either both you tippers did the DEB paper, or both of you did the Examcraft paper. PLEASE GAWD CLARIFY!

Oh, and thank you for the tips.

Hopkirk, you are a cool human being, like a Dark Asian man who was stuck inside the fridge in the MacDonalds in Patrick Street.

tolosenc

Just read the DEB description, not the same paper. I'm 95% that I had the examcraft one.

National Income stuff came up, but tbh, I just saw the first 4 questions and did them. Sorry!

Hopkirk

obl wrote:

Just read the DEB description, not the same paper. I'm 95% that I had the examcraft one.

National Income stuff came up, but tbh, I just saw the first 4 questions and did them. Sorry!

But your sure it was Perfect Competition? that will half my study?
Thanks For the Info, Your a Really Cool Person:D

mushroom wrote:

Either both you tippers did the DEB paper, or both of you did the Examcraft paper. PLEASE GAWD CLARIFY!

Oh, and thank you for the tips.

Hopkirk, you are a cool human being, like a Dark Asian man who was stuck inside the fridge in the MacDonalds in Patrick Street.

Thanks Mushroom, thats such a touching description. I like mush and I like rooms so I definately like Mushroom.:D

tolosenc

I have the paper at home with me now. I'll type the key points up. Gimme a couple of hours.

Hopkirk

obl wrote:

I have the paper at home with me now. I'll type the key points up. Gimme a couple of hours.

Thank You So Much, I would be so grateful:)

tolosenc

Section A
1. Define 'Derived Demand'
2. 1 positive and 1 negative externality.
3. Distinguish between nominal rate and real rate of interest.
4. Define limit pricing
5. Effect on a firm's marginal cost curve if a tax is levied on <b>each</b> unit produced.
6. 3 reasons for revenue buoyancy in the Irish economy
7. Define Economic development
8. Define 'Human Capital'. 2 examples.
9. 4 barriers to entry in Monopoly

Section B
1. (a) Define: Giffen good, Inferior good, Normal good, Substitute good.
(b) Supply function other that selling price
(c) Effects on Equilibrium prices due to EU minimum prices policy.

2. (a)Assumptions underlying Perfect Comp.
(b)(i) Explain SuperNormal Profits in the Short Run (Perf. Comp.)
(ii) Long run equilibrium for Perf. Comp.
(c) Differences between LR equilibrium : Perf. Comp. and Monopoly

3. (a) Define and give formula for Income Elasticity of Demand.
(b) Income elasticities: Good X = +2.0; Good Y = -2.0; Good Z = +0.5. Explain. (Elastic/Inelastic, Normal/Inferior)
(c) 2 factors that influence Price Elasticity of Supply.

4. (a) Diagram: AVC + AFC = AC. Explain 3 curves.
(b) In Short Run, production can continue even if not making Normal profit. Explain in relation to Short Run Supply Curve in Perfect Competition.
(c)Define & Importance to Ireland of Economies of Scale.

5. (a) Draw demand curve for capital, explain main influencing factors.
(b) Differences between QNHS and Live Register
(c) Account for recent decrease in unemployment in Ireland.

6. (a) Distinguish between impact/imposition and incidence of tax. Example where they are: (i) the same; (ii) different. Explain your choice
(b) Explain tax harmonisation.
(c) Define in relation to government economic activity: (i) PSBR; (ii) built-in stabilisers.

7. (a) Define: GNP at (i)current prices; (ii) constant prices.
(b) Explain injections and leakages and how they can influence the level of economic activity
(c) GDP per person in Ireland has grown THREEFOLD in recent years. Account for this growth.
(d) Define the Accelerator or the Accelerator Principle.

8. (a) Distinguish between: (i)the narrow money supply(M1), and; (ii) the broad money supply (M3)
(b) 4 reasons for growth in money supply and credit.
(c) Main differences between the 'Monaterists' and the 'Supply Side' economists.
(d) State and explain how an increase in interest rates would affect the price of property in Ireland.

Hopkirk

Thank You, Thank You, Thank You!!!!!!!!

Marshy

The word 'legend' springs to mind:D

Hopkirk

Marshy wrote:

The word 'legend' springs to mind:D

Legend doesn't cover it, I am forever in debt to OBL.

(Bows to the great OBL, Hail! Hail! OBL)

mushroom

I wish to make sweet love to this person, is virtual intercourse possible yet? *sticks something in USB port* *OW*

That is seriously gonna be some help though.. when I eventually start studying.. LOL

greyed

Ah this is great! Cheers obl:D

Also, whats the difference between a DEB and examcraft paper and can I tell which one I have? I feel I should know this by now...

md99

That's the Examcraft paper, I take it?

We did the DEB paper, which was *similar* but, save for the short questions, much easier in my opinion...

Marshy

Had the DEB paper earlier today, quite friendly I thought.

That examcraft one looks quite horrible in places. Some of those questions would be difficult to answer even if you knew they were coming up. A lot of the short Qs on it have never appeared on the LC either. At least some of the DEB shorts are regulars.

tolosenc

I got 62%. FÚCK!

Marshy

obl wrote:

I got 62%. FÚCK!

Thats not bad at all IMO. As I said before some of the Qs on that paper would be tricky even if you prepared well for them. I've never seen a tougher paper than that in the past papers. Delighted I got the DEB:D