**Economics 2012 Higher and Ordinary**

HeaneyBabe

subz3r0 wrote: »

...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.



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.

Okay well let's forget tourism. Taxes are going to increase, and unemployment also.

PictureFrame

bobjimmy wrote: »

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

Psychic are we? :rolleyes: I did get full marks in every long question, i've taught myself the course from the marking scheme and know EXACTLY what they're looking for in the exam, please don't tell someone they didn't do something when you've absolutely no proof to back it up..

Bears and Vodka

HeaneyBabe wrote: »

Okay well let's forget tourism.

Ah cmon that was nice practice for any Macro questions we will have to do tomorrow where you have to take a side whether pro or against :pac:

Ireland leaves the euro:
- More exports (they will be cheap for foreigners)
- Less imports
- Unempoyment
- Higher taxes
- Rise in emigration
- Inflation

Now what if they ask how do we fix all that mess? :eek:

And I doubt we can be asked on Greece? They only ask about the Irish economy.

PictureFrame wrote: »

Psychic are we? :rolleyes: I did get full marks in every long question, i've taught myself the course from the marking scheme and know EXACTLY what they're looking for in the exam, please don't tell someone they didn't do something when you've absolutely no proof to back it up..

I think he might be implying to be more humble about your A2s in mocks for subjects you learned yourself and telling about full marks you got in long Qs on this forum.
But then again, he might just be a douche, and slightly bitter.

Concentrate on your own study folks!

HeaneyBabe

subz3r0 wrote: »

Ah cmon that was nice practice for any Macro questions we will have to do tomorrow where you have to take a side whether pro or against :pac:

Ireland leaves the euro:
- More exports (they will be cheap for foreigners)
- Less imports
- Unempoyment
- Higher taxes
- Rise in emigration
- Inflation

Now what if they ask how do we fix all that mess? :eek:

And I doubt we can be asked on Greece? They only ask about the Irish economy.

Well if they do, just talk about Ireland/ If Greece are first to leave, many more will start leaving. Including us.. good thing we don't riot.. or at least I don't think we do.

HowAreWe

How do we fix the mess?

time.



:cool:

HeaneyBabe

HowAreWe wrote: »

How do we fix the mess?

time.



:cool:

We don't.

HowAreWe

ah it would have to get better some day, we'll just have a ****ty minimum wage and we keep our corporate tax, the fact that we speak english is a huge advantage too.....

instead of importing our energy we should've invested in wind energy.....ah well we're ****ed.

HeaneyBabe

HowAreWe wrote: »

ah it would have to get better some day, we'll just have a ****ty minimum wage and we keep our corporate tax, the fact that we speak english is a huge advantage too.....

instead of importing our energy we should've invested in wind energy.....ah well we're ****ed.

Lol. There could be a question on the advantages of saying yes to something like the fiscal treaty.

HowAreWe

HeaneyBabe wrote: »

Lol. There could be a question on the advantages of saying yes to something like the fiscal treaty.

Oh god I was really undecided about that

HeaneyBabe

HowAreWe wrote: »

Oh god I was really undecided about that

I wasn't. Yes all the way. It was quite clear we cannot run this country on our own. Vote no we're f**ked, vote yes we're f**ked. Makes no difference really.

HowAreWe

so what advantages would you list? in case that came up?

PictureFrame

HowAreWe wrote: »

so what advantages would you list? in case that came up?

They can't put that up, it's not really on the syllabus! Just know what Fiscal Policy is and the difference between it and Monetary policy!

HeaneyBabe

I would say
-We are still being supported by the IMF etc
-Future governments must bring public revenue and spending into balance. We cannot pile up public debt indefinitely.
-Rejection of the fiscal pact would not promote economic growth or permit increased spending. On the contrary, it would make it immensely difficult, probably impossible, to borrow sufficient funds to maintain the present level of public services
-In the real world, all the measures proposed in the fiscal pact are already in operation in Ireland. They are set out in various agreements to which we have signed up.

JamesDundalk

Few naggins

HowAreWe

will be had tomorrow night

HeaneyBabe

I still have two left!

Mysteriouschic

I'm looking forward for tomorrow. I really hope the test goes well.
I don't know what to expect .
I've loads more studying to do tonight. I keep taking breaks.

grantyrs10

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 !

PictureFrame

Going to just ignore the questioning of my abilities and my adoration of 'dramatic self-praise' and the rest , haters gonna hate and all this shiz! :P

I've Music Thursday, God I just wish I was finished at this stage.

Hoping for a Supply/Demand Question like 2008, 2010 where you have to plot the points and get the equilibrium, I love them! And they're very quick to do!

Here's hoping for a nice paper, and NO OLIGOPOLY..

HowAreWe

ah oligopoly won't come up

JamesDundalk

I just hope National Income comes up. Wouldn't bother me if oligopoly did though. Doubt it will though. Hope Capital doesn't come up.

Bears and Vodka

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.

JamesDundalk

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.

Divide the units by total costs, e.g first unit divided into 1,000 = 1,000 and so on, and plot it. Took me a minute to get it, don't know if I would have if you hadn't posted MS!

HowAreWe

JamesDundalk wrote: »

Divide the units by total costs, e.g first unit divided into 1,000 = 1,000 and so on, and plot it. Took me a minute to get it, don't know if I would have if you hadn't posted MS!

jaysus there ya go I went blank for this..... thanks for posting that phew :pac:

PictureFrame

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)

PictureFrame

Random Q- what's your favourite Market Structure? I actually really like Monopoly, it's so interesting and very applicable if you're use to travelling by Train and that! :P I really hope we get it tomorrow.

And Land for FOP's, except I haven't anything learnt about the Irish Housing market, bleghh

Bears and Vodka

PictureFrame wrote: »

Random Q- what's your favourite Market Structure? I actually really like Monopoly, it's so interesting and very applicable if you're use to travelling by Train and that! :P I really hope we get it tomorrow.

And Land for FOP's, except I haven't anything learnt about the Irish Housing market, bleghh

Oligopoly, it's the most common one in real life. Supermarket chains, network companies, mobile phone manufacturers, banks, even fast food chains.

Having said that, I'm not doing the market structures question due to their graphs so I never revised any!

HowAreWe

Probably Perfect I suppose....its the one I can draw the quickest? :P they're
all grand really bar oligopoly.

Iony94

All Markets + Price Discrimination
Demand , Supply , Elasticity + Consumer assumptions,Average Cost Curve
Taxation + Privatization,Nationalization and National Debt
International Trade + Balance of Payments,IMF,WTO,WB,SEM
All Factors of Production
Ricardo , Friedman , Keynes , Smith
Economic Aims and LDCs

I left all the banking system and national income out cause I don't really like it . Enough for an A ? What else would you add to that ?

Bears and Vodka

Iony94 wrote: »

All Markets + Price Discrimination
Demand , Supply , Elasticity + Consumer assumptions,Average Cost Curve
Taxation + Privatization,Nationalization and National Debt
International Trade + Balance of Payments,IMF,WTO,WB,SEM
All Factors of Production
Ricardo , Friedman , Keynes , Smith
Economic Aims and LDCs

I left all the banking system and national income out cause I don't really like it . Enough for an A ? What else would you add to that ?

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