***2015 LC Economics - June 17th***

if832uspx4eogt

I've always wanted to start a thread!

Well that was difficult enough. I didn't know what regulation meant so that's 15 marks down the drain !

Daire234

Ariella Teeny Thighbone wrote: »

I've always wanted to start a thread!

Well that was difficult enough. I didn't know what regulation meant so that's 15 marks down the drain !

I think it meant that it was made a monopoly. Overall the paper wasn't too bad, i'd say the marking scheme will be horrendous though

Midlife Crashes

Delighted with that paper. Wish I studied Monopoly though

is mise spartacus

That was a deeeeeesaaaaaasteerrr

IrishLoriii

I thought it was an OK paper to be honest! Short questions were a bit strange though like even on the first question I was a bit confused with it..I was happy enough overall hoping for a C to be honest but I defanitley fecked up the demand equilibrium question

Daire234

Are keynes and adam smith both classical economists?

ecoste

Were the fixed costs 100$ or not

Daire234

ecoste wrote: »

Were the fixed costs 100$ or not

Yeah I think so, got that too

DarraghF197

Daire234 wrote: »

Are keynes and adam smith both classical economists?

I think Adam Smith might be. I'll check soon. I just wrote down two contributions to Smith.

Short questions at firat seemed like a damage limitation section, but I think I got seven questions right so I'm happy about that.

As I was doing it, I thought that it was tough and you had to adapt your Economics knowledge to each question and it hindered the rote learners. Then I realised, it didn't help people who had a good understanding - it helped the people that could easily bulls*** through everything. That realisation annoyed me.

I found Costs to be good, different than usual. Then I found National Income to also be good, until I realised that I may have needed two points for an increase in exports and the other one. I hope I didn't lose ten marks because I only stated one thing. Monopoly was OK, wasn't expecting it. The last part was tricky but I think I got it right. Enterprise was good. Again, just a question that promoted waffle for railway services.

Overall, probably went well. Hopefully I didn't lose ten marks in NI, but, other than that, no real difficulties.

Edit: just looked at my notes for classical school. Pretty much Adam Smith, delighted! Labour theory of value and laissez faire which I said are both contributions

Drag00n79

ecoste wrote:

Were the fixed costs 100$ or not

Smith is one of the classicals but Keynes isn't. He was quite the opposite.

RoRo979

fixed costs were 100
keynes is not an classical economics - Say and malthus are
de-regulation is the removal of gvt controls from an industry/sector allowring for a free marketplace, so just reverse that statement
Right few questions to let me finally leave this leaving cert behind me with peace of mind

short questions
- government bonds: good for gvt as have to pay less out however demand will drop ( is this right?)
- exchange rate - exports up, imports down?

Long questions
1) part c, ah for feck, i talked about inflation and stuff then heard it was something to do with the environment minister what titles did people pick?
2) part c, ah for feck x2, completely bull****ted in this
3) easy peasy, any problems ask me and ill say what i did
7) grand aswell

As I was doing it, I thought that it was tough and you had to adapt your Economics knowledge to each question and it hindered the rote learners. Then I realised, it didn't help people who had a good understanding - it helped the people that could easily bulls*** through everything. That realisation annoyed me.

most accurate thing to describe most of my exams, if you do business you will completely understand....

until I realised that I may have needed two points for an increase in exports and the other one

unlikely tbh, in a business exam i would agree but not for eco. 35 marks - circular flow of income could definately realistically take up 25 marks. 15 marks for the circular doesnt really make sense imo.

leavingcert15

For costs of production, was the graph in the short run? For demand question, an increase oil is that an increase in consumers income, shift right in demand?

DarraghF197

RoRo979 wrote: »

fixed costs were 100
keynes is not an classical economics - Say and malthus are
de-regulation is the removal of gvt controls from an industry/sector allowring for a free marketplace, so just reverse that statement
Right few questions to let me finally leave this leaving cert behind me with peace of mind

short questions
- government bonds: good for gvt as have to pay less out however demand will drop ( is this right?)
- exchange rate - exports up, imports down?

Long questions
1) part c, ah for feck, i talked about inflation and stuff then heard it was something to do with the environment minister what titles did people pick?
2) part c, ah for feck x2, completely bull****ted in this
3) easy peasy, any problems ask me and ill say what i did
7) grand aswell

For question seven, did you give two effects on National Income for increased exports and the other one? It was the first part of it. 35 marks, I think they might have split it 25/10 but I'm now wondering if it was 15/20.

Yeah I adapted the de-regulation of markets to question three as well!

For the bonds question, it's good for the govt yes. I assumed they were talking about QE so there wouldn't really be a reduced amount of bonds issued.
Edit: you answered my question before I asked it haha

IrishLoriii

I hate these threads I always realise Ive probabley failed after reading these :L

oktplz

What was the marginal utility?

RoRo979

For costs of production, was the graph in the short run.

yep it was, fixed costs was the reason. in long run all are variable

For question seven, did you give two effects on National Income for increased exports and the other one? It was the first part of it. 35 marks, I think they might have split it 25/10 but I'm now wondering if it was 15/20.

i edited my reply before you posted this so just read previous message

Yeah I adapted the de-regulation of markets to question three as well!

hahah i adapted regualtion of the banks to that.......... i had 10 mins left to do 1c,2c and both graphs so was in a bit of a rush

What was the marginal utility?

6utils

For costs of production, was the graph in the short run? For demand question, an increase oil is that an increase in consumers income, shift right in demand?

demand shift is uncertain, id say marking scheme will say cost of production down so supply shift to the right. It makes sense but im not sure if it is what they wanted

Daire234

oktplz wrote: »

What was the marginal utility?

6 utils, 5/2.5 = X/3 X=6

ecoste

Also for the first question, the price of oil would increase demand(more disposable income) and supply because of costs of production through deacresed tractor cost right?

if832uspx4eogt

****, I said oil would be no change cause it's not related to wheat production at all (I'm not from the country so I don't know about wheat)

I found the Costs really confusing at the start, and I said Long Run cause they were covering variable costs oh well, no point mulling in it now.

Kremin

sure was grand.
Some really vague questions and a lot of waffle in there though. Not many calculations either

Codswapple

did questions 2,4,6,7

Nice enough paper but the short questions caught me. I know all about smith/Keynes etc but I though they were asking for physiocrats so that wasn't great. Answered 8 short but I'm not confident that I got full marks in 6.

Monopoly was a nice question and so was enterprise. The two macros where ok but took me a while to think of strong arguments.
It was my best subject in the mocks but I don't think I got an A1.

Kat97

Short qs were odd i thought.

I did qs 1,4,5,6.. I said oil would increase supply but I really have no idea

Overall though I thought it was okay!

Leavingcer

What did people say for :

Comparing national income statistics
Investment in railways
Regulation of Irish water

Thanks

Codswapple

Comparing NY:
Population between countries and even though it has a higher gnp it may be over populated and said eg India has over 1bl
Black economy will understate it and how Italy and Thailand have vibrant black market economies
Different currencies
Government involvement/being self sifficient

Railway:
Self liquidating thought fares
Improved infrastructure encourage tncs
Opportunity cost
Forget my other disadvantage
Reduced pollution and traffic as people more enclined to used public transports.

Water:
Consumers not being exploited for private enterprises aiming to make a profit
Guaranteed supply of service

Don't think I got the water one fully correct

ranchero42

Was the euro/dollar question just a rephrased version of the one they always ask. And was the dollar appreciating value against the euro

RoRo979

ranchero42 wrote: »

Was the euro/dollar question just a rephrased version of the one they always ask. And was the dollar appreciating value against the euro

yes i believe if you took it as euro falling and talked about that it would give correct answer.

Also for the first question, the price of oil would increase demand(more disposable income) and supply because of costs of production through deacresed tractor cost right?

Yes and no, there is only 1 correct answer unfortunately and it is usually the most direct one e.g

a % increase in income tax, obviously that is dmand down as less income but it is also supply down as cost of production up due to wage demands.

Oil doesnt directly affect income. However oil would directly affect the cost of production for a business. Keep in mind consumers dont really use oil except for heating, if it wanted us to think about income it would of said petrol.
Oil is known to be a direct source of energy/raw matierial for firms.

That is why i believe supply is what they were looking for

ranchero42

For the short question
"Outline why ‘choice’ is fundamental to the study of economics."
Would it be acceptable to say "because resources are in short supply yet demand for these resources is infinite therefore society must choose how best to use these scarce resources" or did it have to be more along the lines of consumers have infinite wants and limited income?

expiiplus1

What was the supply curve of wheat like? I drew it as a typical curve, but it's perfectly inelastic isn't it? Will I lose all the marks for this? (It does seem to be my only mistake on the paper though!)

Barry1000

Easy money baby

Anchor007

expiiplus1 wrote: »

What was the supply curve of wheat like? I drew it as a typical curve, but it's perfectly inelastic isn't it? Will I lose all the marks for this? (It does seem to be my only mistake on the paper though!)

no.. you're right. It's a typical supply curve (upward sloping). In reality there's no perfectly competitive market.

ecoste

RoRo979 wrote: »

yes i believe if you took it as euro falling and talked about that it would give correct answer.



Yes and no, there is only 1 correct answer unfortunately and it is usually the most direct one e.g

a % increase in income tax, obviously that is dmand down as less income but it is also supply down as cost of production up due to wage demands.

Oil doesnt directly affect income. However oil would directly affect the cost of production for a business. Keep in mind consumers dont really use oil except for heating, if it wanted us to think about income it would of said petrol.
Oil is known to be a direct source of energy/raw matierial for firms.

That is why i believe supply is what they were looking for

The fact that it is yes and no tells me that they ****ed up.

leavingcert15

Exceptionally wet weather conditions, is that supply shifts left?

ranchero42

I got an A2 :-)