Economics - Thoughts?

Professional Griefer

I can't believe it. I thought that paper was cruel, well to me in anyways. No Oligopoly, hell, no Perfect. Monopoly. God damn. In the mocks I got a B1, and now I'll be lucky to get a c2/c3.
I thought the short questions were a gift though, really nice!:D

I did question 1-3-6-8 for the long questions btw.


So how did you guys find it?

emchugh

it was tough for an economics paper. oligopoly did another boland, but the shorts were very nice. i got an A1 in my mocks, i'd be lucky if i got a b3 after that ....

Finical

One word: BALLS!

stainluss

Ix Deadmau5 wrote: »

no Perfect.

There was in part 3 of the Monopoly, though?

Either that or I was halluncinating from the coffee:eek:

I thought it was quite nice, dont want to sound cocky and dont know for sure but I would love an A1.:)

Quick question, I was told after the mocks to draw a diagram for certain Qs even if not asked. I just drew diagrams for Q1 and 2, and I did Q1 (D&S) 2 (Monopoly & Perfect) 3 (Labour) and 7 (Intl. Trade)

Did I miss any 'diagramming' possibilities?

LiNgWiStIkZ

The ordinary was very handy, great paper

GVNDNN

LiNgWiStIkZ wrote: »

The ordinary was very handy, great paper

What was on your paper?

Interzone

Thought it was tough but fair. Did questions 1,2,4 and 7. Wish I studied national income because it looked easier than normal. Markets question was way easier than normal to compensate for surprise. Got 80% in pres, think I got b1/a2 in that. Only thing I know I effed up was IMF.

Ok, thoughts on tricky questions:

How can gov discourage consumption of soft drinks?
I said: place taxes on them
subsidise sub goods
barriers to trade
????

Advantages of monopoly:
economies of scale
no advertisig

Carbon tax question:
regressive
Adv:
revenue for gov
no disincentive to work
lower carbon footprint

disadv:
regressive
uncertain revenue
inflation
loss of intl. competiveness.

Problems of national debt:
credit rating
opportunity cost of funds
burden on future tax payers
(not happy with this one)



what did others say for those questions? I'm not over the moon with my answers

Ashashi

I can't remember what I said, but I did say reduce VAT on healthier options, I think I said fund an advertising campaign aimed at parents and children and then offer grants to schools who do not sell the soft drinks.

More detail, but those were the kind of basis of my answers.

KealanOCarroll

I did 1234:)

Was delighted with it! A few i got wrong like wage drift nd small stuff like that but I rockon I got a solid B overall:D

Q1 on the fizzy drinks was piss in fairness...nothin hard at all, just basic demand and supply

Q2. was hoping for Oligopoly but monopoly is dead easy and so is perfect competition....didn't put down "one firm dominates the market" as an assumption:S

Q3. Q4, both fairly easy....no major twists or trick questions from one end of the paper to the other:)

MiamiMortimer

What WAS wage drift anyway?!

I didn't like the paper, I was pretty sure oligopoly was going to come up because I really didn't expect ECONOMICS of all things to pull a Boland! So that took the wind from my sails.
I thought it was harder because there weren't as many simple definitions as in previous papers and in the mocks-no Law of Diminishing MU, no consumer assumptions, no exceptions to the Law of Demand....I thought those had to come up in any paper! At least there was scope for the Canons of Taxation, that was a relief anyhow...

Did anyone else have difficulty with the short question on PED? For delta P I put 0, because price didn't change, but that just caused a math error on my calculator so I skipped it...:(

Cipango

Personally thought it was a brilliant paper! Was very well prepared and had monopoly and price discrimination off! Was delighted with the short q's next to certain I got full marks there! First time ever I've been able to answer all 9!


Did 1 2 3 and 6, all quite easy but was anyones deman curve crooked? A few Said it was but I don't know what to make of it? I did it twice and still was crooked!

MiamiMortimer

Cipango wrote: »

Personally thought it was a brilliant paper! Was very well prepared and had monopoly and price discrimination off! Was delighted with the short q's next to certain I got full marks there! First time ever I've been able to answer all 9!


Did 1 2 3 and 6, all quite easy but was anyones deman curve crooked? A few Said it was but I don't know what to make of it? I did it twice and still was crooked!

Yeah, mine had a few points out of line....moved them to fit

Cipango

I really covered myself by giving one or two more of everything asked...eg the assumptions of monopoly I gave about 6 just to make sure and I did that with everything.

Aisling x

wage drift is when wages rise above the rate negotiated by employers and unions.
i did 1,3,4,5...
my 4 and 5 were complete bluff and chancing my arm...didn't think it went terribly though, my bluffing abilities surprised me

Sophsxxx

I was just rethinking about my answers and freaked myself out completely! I wrote down wierd answers for suggestions on how the gov could sort shìt out like the fizzy drinks and black economy and that.
For fizzy drinks I said informative advertising highlighting harmful effects of soft drinks and ensuring that the price of fizzy drinks are always dearer than water??! Did I fùck that one up? And I had some other horrible answers like that....do they only accept the answers that are on the marking scheme for qs that ask for your suggestion?:(

Garykelleher

IMO, besides the lack of oligopoly ( i had studied monopoly anyway), i thought it was very easy paper. I did 1 2 3 5. I thought they were very straight forward with nothing tricky in them. I would have loved to do international trade but i didnt like the section it came up in. I thought question 1 was bit harder, but still very similar to the 2009 and 2008 Question 1s. Q 2 Q 3 and Q5 were very easy if you had studied them.

Although from what i saw when i glanced over it, the other questions looked hard enough.

lc2010

Was ok tbh, not as nice as could have been. THe shorts were lovely Q1 was fine a bit long though, Q2 was ok wasn't a complete shock after what seems to have happened this year, Q 3 was ok, didn't know wage drift. Q7 was ok too though I made a balls of the IMF as I ran out of time:mad::mad:

Would have loved an A1 however not sure now I'd say at least B1 which isn't too bad I suppose!!!

However I'm finished now so don't care, I'm FREE!!!

lc2010

Sophsxxx wrote: »

I was just rethinking about my answers and freaked myself out completely! I wrote down wierd answers for suggestions on how the gov could sort shìt out like the fizzy drinks and black economy and that.
For fizzy drinks I said informative advertising highlighting harmful effects of soft drinks and ensuring that the price of fizzy drinks are always dearer than water??! Did I fùck that one up? And I had some other horrible answers like that....do they only accept the answers that are on the marking scheme for qs that ask for your suggestion?:(

Your advertising campaign is definitely going to be accepted, I said it and I also said make water cheaper but I phrased it as "providing a subsidy for substitutes to fizzy drinks eg. water"

MiamiMortimer

lc2010 wrote: »

Was ok tbh, not as nice as could have been. THe shorts were lovely Q1 was fine a bit long though, Q2 was ok wasn't a complete shock after what seems to have happened this year, Q 3 was ok, didn't know wage drift. Q7 was ok too though I made a balls of the IMF as I ran out of time:mad::mad:

Would have loved an A1 however not sure now I'd say at least B1 which isn't too bad I suppose!!!

However I'm finished now so don't care, I'm FREE!!!

That is actually the scariest quote ever-my sentiments EXACTLY, same with the IMF and time, plus the wage drift, plus hoping for A but looking at B now! Whoa! Spooky!

And yes, FREEDOM!!!! Have a nice summer

stainluss

Is it like business with all the examples?

Would you lose marks when not giving examples when asked to explain something?

Garykelleher

stainluss wrote: »

Is it like business with all the examples?

Would you lose marks when not giving examples when asked to explain something?

If it says illustrate i think an example is needed. But in general if your stuck for something to write an example is always good for an extra point. But you should be fine

repeat92

that paper was BEAUTIFULL.. those 3 days of cramming paid off.. i picked up this subject this yr and i think i definately got a B1 happy days maaan...:D though with some of those definitions i was like wtf?? i did 5 questions..now for my summer to begin and endless sessions

jreanor

The paper wasnt too bad but very long....I was done with 40 minutes on the mocks and got a B2. Today I needed every minute but would have loved another half hour to expand answers

stainluss

I just realised for Q2 (C) there is a special graph you draw to compare Monopoly and PC [LR]. I never did this

I just drew the two seperate LR ones, for each market:( I made correct observations under the three headings, too

Would I get any marks?

highlydebased

Interzone wrote: »

Carbon tax question:
regressive
Adv:
revenue for gov
no disincentive to work
lower carbon footprint

They wanted economic advantages- a low carbon footprint would be a social advantage.


Overall I thought the paper was fine- Was not gonna do a micro question so the lack of oligopoly or whatever was to be expected.

Didnt bother doing the history stuff then Milton Friedman was on the banking question -.-

Learned off the IMF, had expected it

No NAMA though, a surprise

Cipango

My only problem with the paper was the wording! Q2 C as easy as it was, was stupidly phrased and just don't know why they didn't ask the normal price discriminating monopolist?

Cipango

repeat92 wrote: »

that paper was BEAUTIFULL.. those 3 days of cramming paid off.. i picked up this subject this yr and i think i definately got a B1 happy days maaan...:D though with some of those definitions i was like wtf?? i did 5 questions..now for my summer to begin and endless sessions

Where did you get time to write 5 questions? I was dying to get one more in but time was against me!

Garykelleher

stainluss wrote: »

I just realised for Q2 (C) there is a special graph you draw to compare Monopoly and PC [LR]. I never did this

I just drew the two seperate LR ones, for each market:( I made correct observations under the three headings, too

Would I get any marks?

Probably 15 marks going for the theory, i reckon you could still get the full 15. Also, lucky examiner, might give u a few marks if your individual diagrams were good.

Ashashi

stainluss wrote: »

I just realised for Q2 (C) there is a special graph you draw to compare Monopoly and PC [LR]. I never did this

I just drew the two seperate LR ones, for each market:( I made correct observations under the three headings, too

Would I get any marks?

Wait what? I have never seen this diagram before?

Garykelleher

Its nothing too special. You draw Mc Curve AC curve etc... you just put PC and Monopoly into the same diagram and looking it it shows what produces more what charges higher price etc...

Ashashi

Bollocks, how many marks were going for that part, I say they would give attempt marks for the two seperate diagrams right?

GVNDNN

No it said diagram(s)...it's just the 2 seperate long run equilibrium diagrams

stainluss

GVNDNN wrote: »

No it said diagram(s)...it's just the 2 seperate long run equilibrium diagrams

Its hard to say. I know they would definitely accept that special one on its own because, looking at my book, it seems tailor made for the question.

Hopefully they give some marks to us who drew two

Theres a bit of hope in that diagram(s):DWe did answer the question asked, after all

GVNDNN

Our teacher said they wuld accept both

The___________

Was a really fair exam really happy with how it went! Short questions were unbelievably easy-I answered Q1-3-4-5 happy with them all
Steered well clear of the market structure Q though, the part c really put me off

Behind you Joey

It's on one diagram but you can do two separate diagrams.

stainluss

GVNDNN wrote: »

Our teacher said they wuld accept both

:eek:

If thats the case:D:D:D:D:D:D:D

The___________

Rent of ability? Anyone? Not a term that I have come across anywhere before so I had a wild guess-although I had the rest of the short question easily enough

Behind you Joey

The___________ wrote: »

Rent of ability? Anyone? Not a term that I have come across anywhere before so I had a wild guess-although I had the rest of the short question easily enough

I have never heard that term, ever!

The___________

Behind you Joey wrote: »

I have never heard that term, ever!

There always seem to be one definition they want in the short questions that comes out of nowhere!

Ashashi

I said earning economic rent because of a rare talent or skill, eg footballer or singer.

The___________

Ashashi wrote: »

I said earning economic rent because of a rare talent or skill, eg footballer or singer.

Exactly what I said was a complete guess though! Has anyone ver actually seen a printed definition for this?

Ashashi

Looked it up, economic journal says "earning a proft due to increased intellectual ability or physical ability, possessed by a man or woman"

Sounds right.

Did anyone, and be honest, write "A person's ability to pay rent", cause one of my friends did for the laugh :P

stainluss

The___________ wrote: »

Rent of ability? Anyone? Not a term that I have come across anywhere before so I had a wild guess-although I had the rest of the short question easily enough

In my revision book (and what I wrote) is the reason why some entrepreneurs earn more than others, as they are better at being entrepreneurs. Not really an exact definition, though:p

RyanK

Yea, rent of ability is basically a rare natural talent some has.

Overall, the paper was fair enough. Some people said it was hard, probably because Oligopoly didn't come up. It was a little harder than I expected, but easily doable.

KealanOCarroll

Ashashi wrote: »

Looked it up, economic journal says "earning a proft due to increased intellectual ability or physical ability, possessed by a man or woman"

Sounds right.

Did anyone, and be honest, write "A person's ability to pay rent", cause one of my friends did for the laugh :P

I put down "Its a bit like when you buy an icecream on a really hot day, and your really looking forward to it, but just as you take the first lick it falls off the cone and hits the pavement..."

....needless to say I didnt know the correct definition!! Looking back over the paper at the end, I was thinking to myslef that it could be economic rent due to an inate talent....which woulda been right, but was I fúck gonna tippex out that stoopid answer nd have a stab at a realistic guess!

Mark2006

First part of National Income was simple! 20marks and it only took about 10seconds haha!

Cipango

What did people write for the fizzy drink thing, where they need to stop consumption?

I wrote

• Advertising campaign to show the effects on the can (like cigarettes)
• Restrict supply, which will in turn increase price.
• Introduce a tax on the product

Also for ways to stop the black market i said something like

• Stricter screening on ports of entry to stop the goods coming into the country
• Decrease the indirect tax on the good

I cant remember the other points i made, think i gave about four or five so hopefully ill get the marks!


For any other questions like this where you have to think of ways...what did everyone say?

Ashashi

For international trade, when dealing with LDC's I said:

Offer foriegn aid
Reschedule or abolish debt
Pay fairer prices for their products.

cf10

MiamiMortimer wrote: »

Did anyone else have difficulty with the short question on PED? For delta P I put 0, because price didn't change, but that just caused a math error on my calculator so I skipped it...:(

Ya the PED is question was kinda weird like no proper quantity!

I just divided the €200 by €2 to get a quantity of 100 and then €200 by the €2.50 to get a quantity of 80? ended up gettin a PED of -1!

Anyone else do that??

KealanOCarroll

cf10 wrote: »

Ya the PED is question was kinda weird like no proper quantity!

I just divided the €200 by €2 to get a quantity of 100 and then €200 by the €2.50 to get a quantity of 80? ended up gettin a PED of -1!

Anyone else do that??

Thats 100% correct! I didnt divide to get the quantities....just assumed theat delta Q was zero because he didnt change how much he spent on it:mad: