Economics 2012 Higher and Ordinary

HowAreWe · 19-06-2012 12:52pm

HeaneyBabe wrote: »

What Market Structure does everyone think? Am I alright to not even go near oligopoly?

Well its highly unlikely it'll come up but.....you never know I wouldn't go over it at this stage the day before tbh.....I'd compare the other three and do diagrams that include perfect and imperfect.

JamesDundalk · 19-06-2012 12:54pm

I think factors of an oligopolistic market could come up. EG do you agree supermarkets operate under IC, no they operate under Oligopolistic conditions etc.

Look at banking question from 2010. What a horrible question, don't think I would ever do it.

HeaneyBabe · 19-06-2012 12:55pm

I'm actually guessing we'll get a nice question on the law of comparative advantage!

PictureFrame · 19-06-2012 2:55pm

JamesDundalk wrote: »

Just hope the questions aren't too bad. Can't find a definition for geographical mobility of labour.

I know occupational movement of labour is: "the ease at which an employee can move from one job to another"

It's:

'the ability of a worker to move from one area to another in search of employment'

Just did the 2001 Paper there, did 9 SQ's and 4 Longs (1, 2, 3, 8) and i've 51 minutes left at the end :L.. I'll correct it and see how I get on but i'm pretty sure I got an A1. :P I'd love to have amount of time left over in the Leaving! I'd do at least another question! I just seem to write extra fast in exam situations, I did:

4 pages for Q.1
3 Pages for Q.2
3 Pages for Q.3
3 Pages for Q.8

:P

PictureFrame · 19-06-2012 3:28pm

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..

theflexible · 19-06-2012 3:30pm

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..

http://i0.kym-cdn.com/photos/images/newsfeed/000/200/420/BRTky.jpg?1321408042

PictureFrame · 19-06-2012 3:32pm

theflexible wrote: »

http://i0.kym-cdn.com/photos/images/newsfeed/000/200/420/BRTky.jpg?1321408042

Why thank you! I would consider myself an Economics 'badass' :P Jokes.

bobjimmy · 19-06-2012 3:41pm

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 can tell you for a fact that you didnt get 75/75 in each long question!!

HowAreWe · 19-06-2012 3:42pm

No he can get 75/75 alright like if he's very precise ... but jesus 3/4 pages for a long questions seems a lot I usually do 2

ganon · 19-06-2012 3:44pm

subz3r0 wrote: »

Yes, but Economics has a very low A1 ratio. Something like 3%.

. Wow I never realised that

bobjimmy · 19-06-2012 3:47pm

ganon wrote: »

. Wow I never realised that

Despite that 20% of people still get a B1 or over!!

ellie66 · 19-06-2012 3:55pm

Has anyone got any idea to what might come up in ordinary ? (:

HowAreWe · 19-06-2012 3:59pm

ellie66 wrote: »

Has anyone got any idea to what might come up in ordinary ? (:

well looking at trends........International trade, perfect/imperfect, Demand and supply, Inflation, costs of production, enterprise.....

ganon · 19-06-2012 4:04pm

What's the best definition for Perfectly elastic demand?
Do you say 'When a producer can sell all his output at the prevailing price but A) if he increases the price quantity sold falls to zero or

any deviation from the prevailing price results in quantity demanded falling to zero'?
I might be mixing up A with perfect competition, think B is more correct but not sure?

HowAreWe · 19-06-2012 4:07pm

ganon wrote: »

What's the best definition for Perfectly elastic demand?
Do you say 'When a producer can sell all his output at the prevailing price but A) if he increases the price quantity sold falls to zero or any deviation from the prevailing price results in quantity demanded falling to zero'?
I might be mixing up A with perfect competition, think B is more correct but not sure?

if prices rises above P1 demand falls to zero no?

JamesDundalk · 19-06-2012 4:14pm

Can anyone define

M1 money supply
M2 money supply
M3 money supply.

Anyone else agree that there is actually no real need to know statistics??

HeaneyBabe · 19-06-2012 4:30pm

There is bound to be a question on what would happen if Ireland left the euro.

Bears and Vodka · 19-06-2012 4:31pm

JamesDundalk wrote: »

Anyone else agree that there is actually no real need to know statistics??

2010 HL.

Question 8. Part (a).

grizzly_bear · 19-06-2012 4:31pm

So Keynes -multiplier,liquidity preference theory and equilibrium with full employment

Smith-laissez faire policies,pursuit of self interest and canons of taxation

Ricardo-labour theory of value and law of comparative advantage

Struggling for the rest!

JamesDundalk · 19-06-2012 4:33pm

subz3r0 wrote: »

JamesDundalk wrote: »

Anyone else agree that there is actually no real need to know statistics??

2010 HL.

Question 8. Part (a).

Avoidable!

JamesDundalk · 19-06-2012 4:33pm

HeaneyBabe wrote: »

There is bound to be a question on what would happen if Ireland left the euro.

What would the answer even be?

Bears and Vodka · 19-06-2012 4:34pm

grizzly_bear wrote: »

So Keynes -multiplier,liquidity preference theory and equilibrium with full employment

Smith-laissez faire policies,pursuit of self interest and canons of taxation

Ricardo-labour theory of value and law of comparative advantage

Struggling for the rest!

Keynes (Neo-classical/Keynesian) - using fiscal policy to control the economy and curb inflation.
Friedman (Monetarists) - use of monetary policy to control inflation.

HeaneyBabe · 19-06-2012 4:36pm

JamesDundalk wrote: »

What would the answer even be?

If we leave the euro...

Social unrest
More unemployment
Savers and borrowers are unsure about where their money is/stands
Tourism starts to decrease

HeaneyBabe · 19-06-2012 4:38pm

The ECB could realistically print money to pay off all debt and then invest in growth..

This could be a solution to something on our exam tomorrow

Bears and Vodka · 19-06-2012 4:39pm

HeaneyBabe wrote: »

If we leave the euro...

Social unrest
More unemployment
Savers and borrowers are unsure about where their money is/stands
Tourism starts to decrease

Disagree. If Ireland leaves the euro, the punt will undoubtedly plummet. Ireland will become much cheaper to travel to. I know for a fact that a lot of Russian people I know would love to go to Ireland on holidays but they cannot afford to do so because Ireland is a very expensive country, even compared to other EU countries.

HeaneyBabe · 19-06-2012 4:43pm

subz3r0 wrote: »

Disagree. If Ireland leaves the euro, the punt will undoubtedly plummet. Ireland will become much cheaper to travel to. I know for a fact that a lot of Russian people I know would love to go to Ireland on holidays but they cannot afford to do so because Ireland is a very expensive country, even compared to other EU countries.

I disagree. What confidence would people have in Ireland first of all. Prices here are going to significantly increase. Secondly people in Europe are so used to not having to change their currency to come here, and now they will, which will in hindsight be a turnoff.

HowAreWe · 19-06-2012 4:48pm

There would be a serious decrease in imports

HeaneyBabe · 19-06-2012 4:50pm

The government would literally need to get rid of the debt over night if we exited the euro. Our debt is equal to the public sector wage bill, so therefore huge public service jobs would inevitably be gone.

grizzly_bear · 19-06-2012 4:52pm

subz3r0 wrote: »

Keynes (Neo-classical/Keynesian) - using fiscal policy to control the economy and curb inflation.
Friedman (Monetarists) - use of monetary policy to control inflation.

What if the ask specifically on 3 or 4 economists?

Bears and Vodka · 19-06-2012 4:57pm

HowAreWe wrote: »

There would be a serious decrease in imports

...and a rise in prices. Because we HAVE to import a lot of our energy, which will cost a fortune if Ireland leaves the euro. Transport costs, energy bills will soar and firms will have to put up their prices to cope so inflation will go through the roof.

HeaneyBabe wrote: »

I disagree. What confidence would people have in Ireland first of all. Prices here are going to significantly increase. Secondly people in Europe are so used to not having to change their currency to come here, and now they will, which will in hindsight be a turnoff.

North African destinations such as Egypt and Tunisia and even Turkey in the Mediterranean are hugely popular tourist destinations despite not being in the euro. Why? Because they are so cheap. Ireland cannot offer the sub holiday they offer but it offers cultural attractions.

Also I'm sure many establishments will accept the euro as a form of payment still.

**Economics 2012 Higher and Ordinary**

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Economics 2012 Higher and Ordinary