**Economics 2012 Higher and Ordinary**

Izymunz

The whole course to be done starting now, wish me luck

Iony94

What is NAMA ? i can't find it in my book

PictureFrame

subz3r0 wrote: »

NAMA.
Currents statistics to add here and there (VAT, Interest Rates, DIRT etc.) so the examiner knows you mean business.
Any other topical stuff.

I'm not going to learn any statistics but i'm hoping to do mostly micro, I think i'll be ok!

Izymunz

Iony94 wrote: »

What is NAMA ? i can't find it in my book

National Asset Management Agency!

PictureFrame

Iony94 wrote: »

What is NAMA ? i can't find it in my book

O: NAMA? The National Asset Management Agency.

It was set up by the Irish Government when the housing 'slump' occurred due to economic recession. Because of the recession property developers could not afford to pay back the loans they acquired from the banks and thus, the banks were starting to be put under a lot of financial pressure and could not lend to people/businesses.

As a result, NAMA was set up and its purpose was to borrow on the states behalf and pay back the banks the money the property developers owed them (minus a discount to reflect the fall in value of the properties).

The goal of NAMA was to refinance the banks and encourage lending again.

The Developers must pay back the loans they took out from the bank to NAMA, if they can't, their properties are seized.

It's highly controversial as it will cause the taxpayer 40-50 billion euro to bail out the banks due to their unwise lending during the period of high economic growth (1995-2007) otherwise known as the 'Celtic Tiger'

There's just a quick note of NAMA I have in the brain!

Iony94

Thanks , what books are yous using ?

maireadng

Hi,

What exactly is covered by the tables, is it all elasticity formula?

Many thanks and good luck to all!

Izymunz

Izymunz wrote: »

The whole course to be done starting now, wish me luck

No luck
I NEED AN A

Cruel Sun

What makes Entrepreneurship unique, is it:

only factor that can make a loss and
involves taking a risk

Is there anymore?

CPFC IRL

Martin_94 wrote: »

What makes Entrepreneurship unique, is it:

only factor that can make a loss and
involves taking a risk

Is there anymore?

The returns are residual whereas the other factors returns are contractual (pre agreed)

EDmon

Does anyone know if you can access really old past papers online, I have half a Q on National Y from 1984 but I don't know where to find the rest of it!

I really need to practice calculating MPS etc...

Please help!

EDmon

Martin_94 wrote: »

What makes Entrepreneurship unique, is it:

only factor that can make a loss and
involves taking a risk

Is there anymore?

residual earnings ie: is paid after all other FOP, & payment isn't contractual (agreed in advance.)

Takes initiative to bring all 3 other FOB into 1 production unit without him, there's no business.

Rent of ability: SNP (economic rent etc.) so returns vary.

Izymunz

EDmon wrote: »

Does anyone know if you can access really old past papers online, I have half a Q on National Y from 1984 but I don't know where to find the rest of it!

I really need to practice calculating MPS etc...

Please help!

Sorry though I do not know where that paper is
I always put it as *1- MPC* easiest way in my opinion!
Done all the exam questions in class in my school no point in attempting them again unfortunately...

bobjimmy

!

ellie66

So does anyone else have any ideas for ordinary ?

HeaneyBabe

so ready for this!!

EDmon

What is the major difference between GNP & GDP ?

What does GDP consist of?



I know atm, Ireland's yearly as % borrowing GDP is over 10 % and as a whole is 108.2 %, but what is our GNP, and in words what's the difference ?

very confused, :S
(aslo, does anyone know what the european fiscal stability agreement expect our GNP as % of borrowing to be ?

McGinters

wat time s d xam at?

TheGunns

EDmon wrote: »

What is the major difference between GNP & GDP ?

Which would you expect to be higher?


I know atm, Ireland's yearly as % borrowing GDP is over 10 % and as a whole is 108.2 %, but what is our GNP, and in words what's the difference ?

very confused, :S
(aslo, does anyone know what the european fiscal stability agreement expect our GNP as % of borrowing to be ?

dif between gNp and gDp is net factor income from the rest of the world
GDP is currently higher as remmitances and repatriated profits then ones sent back into Ireland.

no idea about your other questions but I dont think you need to know them

ganon

grantyrs10 wrote: »

PictureFrame wrote: »

Omg.. I got 99.5% in that 2001 Economics Paper I did! :pac:

Come on A1 tomorrow morning, I need you! :P

I got 98/100 in the Shorts :mad: and then 75/75 in each Long question! Happy!

I'm going to do another exam paper after dinner to make sure it wasn't just a fluke! Going to do 2010, for the lolz..

I agree with previous poster... i would doubt the fact you'd get 99.5 percent... as in 75 out of 75 in each question... some of the answers you felt you explained correctly may not have been....
I would say learn your stuff that you dont know and stop worrying about correcting yourself when all you will do is get your hopes up... and perhaps have them collapse in august.

Good luck 2mro

And we dont reli want to know that you got 99.5 percent in an exam you corrected... please spare the dramatic self-praise. Thank you !

Agreed, I got 99.75 in the pre but i'm wellll aware that they were marked really easy, i've heard so many stories about people dropping about 15 or 20 percent from their pre scores, and you can't correct it yourself because it's up to the examiner whether or not you've developed your point properly, that's why I love Micro because you can learn off the marking schemes, it doesn't change

EDmon

TheGunns wrote: »

dif between gNp and gDp is net factor income from the rest of the world

Thanks!

What is net factor income from the world? Is it like Irish and foreign factors of production produced in Ireland and abroad less indirect tax and plus subsides?

ganon

PictureFrame wrote: »

subz3r0 wrote: »

Now, lads, costs have never been my strong point. How do you do the graph for this question? I'm looking at the Marking Scheme solution and I don't quite get it.

Ok, well there's 5 units so you have to plot 5 points on the AC Curve:

• Point 1- Total Cost/Units= 1000/1= 1000 (P) 1 (Q)
• Point 2- TC/Q= 1600/2= 800 (P) 2(Q)
• Point 3- TC/Q= 2250/3= 750(P) 3(Q)
• Point 4- TC/Q= 3300/4= 825 (P) 4 (Q)
• Point 5- TC/Q= 4500/5= 900(P) 5 (Q)

EDIT: Just saw James' post! :P oh well! :L


It slopes up due to the Law of Diminishing Marginal Returns and slopes down due to Economies of Scale (as it's producing more output so the costs are spread over more units and thus, reduction is the cost of production and distribution of output)

Sorry for being a pedant, but the marking scheme is very specific for costing,
SRAC slopes down due to specialisation of labour and greater spread of fixed costs (they don't say economies of scale exactly), and slopes up due to LDMR
LRAC slopes down due to increasing returns to scale, economies of scale are dominant in this range, it slopes up due to decreasing returns to scale, diseconomies are dominant in this range
For LRAC you can't just say slopes down due to economies, that's technically incorrect as both economies and diseconomies of scale are coming into play at the same time, it's just economies are dominant for downward sloping section and vica versa

ganon

EDmon wrote: »

TheGunns wrote: »

dif between gNp and gDp is net factor income from the rest of the world

Thanks!

What is net factor income from the world? Is it like Irish and foreign factors of production produced in Ireland and abroad less indirect tax and plus subsides?

Repatriated incomes from irish owned factors abroad less repatriated incomes by foreign factors employed in Ireland

It's basically money/profits that comes back from Irish people/companies abroad less money/profits sent back by foreigners /foreign companies in Ireland

And if they ask you NFY you can be sure they'll ask you why it's negative for Ireland- repatriated profits by foreign companies in Ireland, repayment of the foreign element of national debt and emigrants remittances (money sent home by foreigners in Ireland)

Bears and Vodka

EDmon wrote: »

Thanks!

What is net factor income from the world? Is it like Irish and foreign factors of production produced in Ireland and abroad less indirect tax and plus subsides?

Whoa, whoa.. when asked to convert GDP to GNP remember this:
For Net Factor income from rest of world you take away all the income made by multinationals in Ireland and add all the income made by Irish firms abroad. It's always a negative number, which you take away from GDP and get GNP.

hey, just try memorise this table to help you along

GDP @ Current Market Prices
+/- Net Factor Income from Rest of World
= GNP @ Current Market Prices
- Indirect Taxes
+ Subsidies
= GNP @ Factor Cost
- Depreciation
= Net National Product @ Factor Cost

Laurasteel

Is there a difference between the law of diminishing returns and the law of diminishing marginal utility?! Does anyone know what macro stuff might come up in the long questions?

Impossible LC

anyone studyin small chapters like population n history of economics?
any recommendation for which to study?
im runnin out da time

Mayo_Boy

McGinters wrote: »

wat time s d xam at?

d xam iz @ 9.30 bbz

Impossible LC

Laurasteel wrote: »

Is there a difference between the law of diminishing returns and the law of diminishing marginal utility?! Does anyone know what macro stuff might come up in the long questions?

LDMR: increasing no. of variable factor added to a fixed factor, marginal output will eventually decline
LDMU: Marginal utility of a good will decrease for every extra unit of a good u consume

hoope that can help u....... im not sure what macro stuff would come up cuz after doin my previous exams, i dont think any exams are predictable at all

Laurasteel

Thanks you!!!! I'm doing international trade, circular flow of income, monetary fiscal policies and some ecb will that be enough? I plan to answer 1,2,3 if they don't include oligopoly!!!!!

maireadng

Does anyone know what formulae are included in the tables booklet?