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Mocks 2011 *** READ FIRST POST before posting or risk being banned! ***
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Economics Higher Level EXAMCRAFTEconomics HL EXAMCRAFT!
Spoiler: Section A:
Q1. The demand for land is derived demand. explain what is meant by the underlined term with reference to land.
Q2. Define economic development. state 2 policies by which governments of less developed countries might promote economic development.
Q3.outline 3 functions/responsibilities of the ECB
Q4. in equilibrium a consumer buys 8 bars of chocolate at 1 euro each and 12 sandwhiches and 4 euro each. the marginal utility of the 8th bar of chocolate is 10 utils. using the equi-marginal principle of consumer behavior calculate the marginal utility of the 12th sandwhich.
Q5.Explain what is meant by the term 'Public sector borrowing requirement'
Q6. is a composite price index.
Q7. state 3 contributions which adam smith made to economic thought.
Q8. the diagram below represents the demand curve facing a firm in perfect competition. (its a diagram with a horizontal line across the middle)
this demand curve is:
unitary elastic
perfectly inelastic
perfectly elastic
State a reason for your answer.
Q9.the government is considering increasing direct tax ( income tax, paye, capital gains etc) outline 2 advantages and 2 disadvantages of this course of action.
Section B:
Q1.
a) for a commodity to be considered an economic good, it must possess certain characteristics.
i) state and explain 3 characteristics of an economic good.
ii)give 2 examples of commodities that would not be considered an economic good. justify your choice with a brief explanation.
Price Quantity demanded Quantity supplied
40 200 40
60 160 80
80 120 120
100 80 160
120 40 200
i) using the above data draw the diagram showing the market demand and supply curve for mobile phones.
ii)show on your diagram, the price and quantity of mobile phones at which this market is in equilibrium.
iii)using this data, calculate the PED when the price changes from 80euro to 100euro. for this price change is demand elastic/inelastic. explain your answer.
c)
i) with reference to your diagram in 1(b)(i), assume that consumer demand for mobile phones increases by 80 units at each price listed above, while supply remains unchanged.draw the NEW demand curve for this situation and show the new equilibrium price and quantity.
iii)explain 2 possible reasons for the shift in the demand curve.
Q2.
a)
i) state and explain 3 key features of an oligopolistic market.
ii) give 2 examples of industries considered oligopolistic in ireland.
b)with the aid of one clearly labelled diagram:
i) explain the shape of a demand curve facing a form of oligopily
ii)explain the relationship between this demand curve and the firms marginal revenue curve.
iii) explain the long run equilibrium position of this firm.
C) oligopolistic firms tend to engage in non-price competition
i) explain the underlined term.
ii) outline 2 benefits of non price competition to consumers.
iii) outline 2 reasons why consumers prefer price competition.
Q3.
a) the table below shoes the total output and marginal output which a firm receives as its labour force is increased.
number of persons employed: 1 2 3 4 5
total output: 25 52 84 108 130
Marginal output: 25
i) state the law of diminishing marginal returns
ii) using the example above state at what point diminishing marginal returns sets in. explain your answer.Economies of scale/ diseconomies of scale
i) define the underlined terms
ii) distinguish between internal and external economies of scale. give 2 examples in each case and explain how they arise.
c)
i) explain 3 reasons why small firms survive in the irish economy
ii) suggest 3 actions the government could take to improve the competitiveness of small firms.
Q4.
a) Distinguish between the following and give examples where relevant
i) fixed capital and social capital
ii) saving and investment
iii) capital widening and capital deepening
b)
i) explain what is meant by the term marginal efficiency of capital ( MEC)
ii) discuss 4 factors, other than MEC, which influence the level of investment by entrepreneurs.
C) 'under the government revised.................. invest in school building, major transport ( eg.metro north & dart underground and other infrastructure)
With use of examples, outline 2 possible social costs and 2 possible social benefits of these developments.
Q6.
a) explain the following:
i) terms of trade
ii) balance of trade
iii) balance of payments on current account
iv) balance of payments on capital account
b)
country output per woker per week
Computers Beer
Ireland 40 10
UK 80 30
Total Output 120 40
i) state the law of comparative advantage
ii) explain how both countries benefit from international trade in the above example
iii) calculate the total output when specialisation takes place
iv) calculate the terms of trade for both commodities
c) outline 4 factors affecting the competitiveness of irish based firms involved in international trade.
Q8.
a)
i) outline reasons for carrying out a count of population
ii) the CSO estimates Irelands population has been rising in recent years.
outline the factors which lead to this development.
iii) state and explain the economic effects of increases in population for the irish economy.
b) explain the term ' full employment'
ii) outline economic consequences of a high level of unemployment in the Irish economy.
c) discuss the economic consequences of emigration.0 -
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I did English P.1 today and it was aboutJockey and Andes and the B question was a letter to a well known sports person. What company is this?
And does anybody know the p.2 from this company?
I think its DEB ? I have p.2 tomorrow so can someone plz let me know ..
Thanks
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