Economics Aftermath

md99

who wants to launch this one?

Enemy Of Fate

I will....that was ****ing great!Labour and PC came up just like they were meant to.National income too.Beautiful paper, the only way it could have been made better would be if it had an international trade question....ah well.Anyways I loved every part of the paper with the exception of 7 (a).....when I was forced to come up with and explain examples from the current and capital account of the balance of payments.I did 2 for each....but the current acocunt ones has very small explanations that won't get me full marks.Why was there so many marks for that question anyways?The question bout exchange rates should have been the 30 marker.Anyways i'm sure I still did fine, but not as good as I did in other questions...maybe 25 out of 30.

Also I found it really sneaky the way they through imperfect competition into the exam....Very sneaky indeed.Thankfully I'd studied it and I was fine.Also I did 8 out of 9 short questions so i'm sure i'll get full marks there (couldn't answer the ECB one).Anyways i'm confident of an A.....and certain of a B1.I should get an A1, but i'm sure I did something somewhere to drag me down slightly....damn you you extremely detailed marking scheme you.

Enemy Of Fate

I just realised there was no elastcity on that paper......thats going to bite alot of people in the ass.

md99

Enemy Of Fate wrote:

I just realised there was no elastcity on that paper......thats going to bite alot of people in the ass.

indeed it did, friend...indeed it did :mad:

md99

Product Diff = a feature of Oligopoly no? that's what I focused on for it..

ron-burgandy

Well that was grand, did Q1, Q2, Q3 and Q6.

If it was any normal exam I'd be hoping for an A, but no-doubt the marking scheme will be very specific so I'll probably get a high B. Still delighted with that though

Enemy Of Fate

md99 wrote:

indeed it did, friend...indeed it did :mad:

I didn't even notice it until a few minutes ago......but now that I think bout I would have preferred an elasticity question to question 7.....ah well.

md99 wrote:

Product Diff = a feature of Oligopoly no? that's what I focused on for it..

More imperfect competition......but i'm sure you'll be fine as it exists in Oligopoly as well.

ron-burgandy

What question was product differentiation brought into?? Don't remember doing it...

MadSambuka

horrible paper. I think it was ok but wrote loads! ah! so annyoed with the micro questions and made a few bits up- worst paper ever! All the predicted stuff came up-fair enough but the twisted them very sneakely-not good!

Enemy Of Fate

ron-burgandy wrote:

What question was product differentiation brought into?? Don't remember doing it...

The question on perfect competition.I do believe it was part (c) of question 2.

md99

My opinion - tough, demanding paper, although relatively fair.... A lot more emphasis on economic thought and a lot less on definitions and rote learned stuff, which was fairly scarce...

And no elasticity!!!!!

Ah well.

Short Qs - first 5 nice and easy...turn the page for a tougher four more... but they were okay! Just more frickin thought needed than usual. If you ask me, they were just spoiled in the 90s when you usually knew you had at least 8/9 short Qs fully correct.... and answered within 5-10 minutes..

Long Qs: I did Q1, Q2, Q4 and Q5 I think....

Q1 - tough little one here, lots of diagrams and a lot asked in one question. It was pretty nice I guess, just took quite a while and there were a lot of diagrams to draw.... Individual Supply/Market Supply, anyone? Hope my definitons were sufficient...

Q2 - expected, which was nice, but a lot for one question and not even any assumptions.... ah well. the short run and product differentiation parts will surely scare off crammers who just learned long run and the assumptions to get by on...

Q4 (Taxation) - predicted...nice start with the definitons, lovely part C which I had prepared and part B which involved economic thought was nice...I just hope I write enough and what I wrote was right, having only 10 minutes left to do it.

Q5 (Nat Inc) - sweet question..... too good to be true, nearly, the Multiplier etc for 25 marks, then a SIMPLE question on LDCs : two definitons, and three features of LDCs... That's so basic! The only part that threw me was part (a) (ii), hopefully my bluffing will gain me some on that one. I guess the fact that LDCs is in with National Income might have stopped some from attempting this one... great stuff.

Overall: Stern... Stern, but fair.

geminilady

hey ya no product differention is that like when you make loads of the goods only different varietes like proctor and gamble in washing up powder?

Enemy Of Fate

geminilady wrote:

hey ya no product differention is that like when you make loads of the goods only different varietes like proctor and gamble in washing up powder?

More or less.......product differentiation is when firms produce goods which are close substitutes for each other, but which are differentiated by branding.....so yeah you pretty much got it.

md99

Enemy do you think my definition of Government Current Budget is sufficient...

a plan of govt. income and expenditure regarding non-capital items over a certain time period eg one year.....?

Had to pretty much guess that, and capital?

GerryRyan

Loved it - very fair paper. All the rte 606 podcast predictions came up aswell.
Did questions 1 through to 5 (I had extra time) ...

Was expecting a tough elasticity question but only got a PED formula to apply in the short questions. Most of the q's were common sense tbh (and I'm usually sh1te with the subject)
Only stumbled on the 'geographical mobility' - couldn't remember any exact definition, but I think I explained it well in my own words.

Heres hoping for a B, at least.

Enemy Of Fate

md99 wrote:

Enemy do you think my definition of Government Current Budget is sufficient...

a plan of govt. income and expenditure regarding non-capital items over a certain time period eg one year.....?

Had to pretty much guess that, and capital?

Hmmm.Well the definition I used was something along the lines of ''this is a record of the imports (both visible and invisble) and exports (both visible and invisible) of a country during a particular period of time (usually a year)'' whereas my definition for capital goods was ''this is a record of the receipts and payments, in respect of capital transactions, to and from a country for a particular period of time (usually a year)''.

Anyways i'm sure you'll be fine, thats the gist of it anyways so you're bound to get the majority of the marks.

Jonathan

I thought that was a very nice paper indeed. It was very open, very little definitions just questions like you are an economic advisor.. you can make up your own answers if you understand the theory (like me ) but hate learning off reams of definitions

tolosenc

ThatGuy wrote:

'geographical mobility'

That was question 3. SH!T, I forgot to answer that part! How many marks was it for?!

Enemy Of Fate

obl wrote:

That was question 3. SH!T, I forgot to answer that part! How many marks was it for?!

Well the full question asked you to definie occupational and geographical mobility, and then give 3 ways the governement could attempt to combat one of them (either occupational or geographical).Anyways all that was worth 25 marks....so I doubt you'll lose too many marks.Maybe 6, max 8.

Agri_trust

Enemy Of Fate wrote:

Hmmm.Well the definition I used was something along the lines of ''this is a record of the imports (both visible and invisble) and exports (both visible and invisible) of a country during a particular period of time (usually a year)'' whereas my definition for capital goods was ''this is a record of the receipts and payments, in respect of capital transactions, to and from a country for a particular period of time (usually a year)''.

Anyways i'm sure you'll be fine, thats the gist of it anyways so you're bound to get the majority of the marks.

ha, theres two things i got wrong. I said capital budget had something to with one off payments.

Tomlowe

Enemy Of Fate wrote:

Hmmm.Well the definition I used was something along the lines of ''this is a record of the imports (both visible and invisble) and exports (both visible and invisible) of a country during a particular period of time (usually a year)'' whereas my definition for capital goods was ''this is a record of the receipts and payments, in respect of capital transactions, to and from a country for a particular period of time (usually a year)''.

Anyways i'm sure you'll be fine, thats the gist of it anyways so you're bound to get the majority of the marks.

government current budget? really?

tolosenc

Enemy of Fate, I forgot that whole 25 mark part. At least I'm pretty sure I did anyway.

sxcbbz

i dont do economics soz bbz

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Enemy Of Fate

Tomlowe wrote:

government current budget? really?

Government current budget?What do you mean?The question was bout the current account on the balance of payments, not the current budget of the government....although I think that was asked in a different question I didn't do.It was something in the question that said soemthing like define government current deficit, revenue buoyency and stuff like that.I think it was asked there.

Edit:Opps.I just realised I was asked bout the government current budget, not the current account on the BOP.Hahahahaha.My bad!I'm so tired.Anyways I'd say something like ''this is the amount of expenditure that has been set aside by the government for spending on current items, ie goods that we will benefit from, and use up in the coming year (eg nurses salaries, spending on....pencils for semi-state bodies etc)''.....well its not a great definition, but as you can all tell by my mistake a second ago I am quite tired!Anything close to that should get you the marks anyways.Now i'm away to have some coffee, cause I obviously ****ing need it.

2nd edit:I just realised I only mentioned spending in that definition.You'd have to mention income as well (eg income from state owned companies).Anyways I must go.Coffee is calling me!

Agri_trust

From the book

Current Budget is the governments planned estimates of recepits and payments for the coming year.

Agri_trust

I just wrote something kinda like that, they should through a mark or two my way.

Enemy Of Fate

obl wrote:

Enemy of Fate, I forgot that whole 25 mark part. At least I'm pretty sure I did anyway.

Ah well......that is quite worrying.Do you mind me asking how you managed to leave out a 3rd of the question?Anyways don't worry bout it too much.Its only a little over 6% of the exam.If you did well everywhere else you can still get a good B.Sure I didn't mention a quarter (yes thats right exactly 100 marks worth of questions) in my mock...and I still got 68%....so you'll be grand!

carlowboy

Lovely paper

Did 2,3, 6 and 8

tolosenc

Enemy Of Fate wrote:

Ah well......that is quite worrying.Do you mind me asking how you managed to leave out a 3rd of the question?Anyways don't worry bout it too much.Its only a little over 6% of the exam.If you did well everywhere else you can still get a good B.Sure I didn't mention a quarter (yes thats right exactly 100 marks worth of questions) in my mock...and I still got 68%....so you'll be grand!

It's weird. I remember reading it and going, "YES!, I know that!", but I have no recollection of writing an answer for it at all. It didn't click that I wrote 5+ pages for every other answer, and only 3 for that! I'm a dope. Last question ever buzz, I guess!

Marshy

geminilady wrote:

hey ya no product differention is that like when you make loads of the goods only different varietes like proctor and gamble in washing up powder?

Thats brand proliferation, not product differentiation.

Exam was grand. Shorts were generally quite easy. Did Qs 2, 3, 5 and 6 in section B. Pretty sure I got close to full marks in about 3 of them but the one on the budget was a bit waffley.

What did y'all say for the arguments in favour of lowering income tax?

Enemy Of Fate

What the ****?In one of my previous posts I mean to say I didn't do a quarter of the exam, not I didn't mention.I really should get some sleep tonight.....Hmmm.Maybe i'll just have a nap.Haven't had one of those in months....

Marshy wrote:

What did y'all say for the arguments in favour of lowering income tax?

Well I didn't do that question, but i'd assume stuff like will increase the supply of labour as there will be a reduced chance of DT acting as a disincentive to work, will add to Ireland's reputation as an excellent working eviroment, immigration will increase, workers will accept more moderate wage hikes which will keep inflation down etc, etc......Jesus theres loads you can write bout that question.

obl wrote:

It's weird. I remember reading it and going, "YES!, I know that!", but I have no recollection of writing an answer for it at all. It didn't click that I wrote 5+ pages for every other answer, and only 3 for that! I'm a dope. Last question ever buzz, I guess!

5 pages?**** thats loads.I wrote bout 3 fullscap for each question, about 14 words to a line.And that was ****ing tonnes of stuff.Jesus I wrote a massive amount on one of the 30 mark questions....I can't remember which though.I think it may have been the labour one.Anyways when I'd finished it I looked down and I was shocked.I'd written far too much on it...I'd better get full marks from that question though....or else....

*Sharpens knife*