* Economics HL Predictions / discussion / aftermath * (1 thread please)

roisin24

Can anyone put up some current figures/statistics that will be important to know?

ie, Unemployment rate 14%

Or even a link to the current ones which were published a few weeks ago!

cabbage kid

Check out the CSO website. You'll probably only need the headline stats they have on the homepage of the site.

DaveMur1

roisin24 wrote: »

Can anyone put up some current figures/statistics that will be important to know?

ie, Unemployment rate 14%

Or even a link to the current ones which were published a few weeks ago!

Here's a few they'll be more than enough;
1. Unemployment , 13.6% -14%
2. Inflation 0.7%.
3. GDP 1.7%.
4. IMF bailout € 85 Billion.
5. NAMA € 80 Billion.
6. Exports up 21%.
7. EBR € 18.5 Billion.
8. National debt € 95 Billion.
9. Deficit 13% of GDP.
10. Emmigration 1000 per week.
11. Tax collected € 31.5 Billion in 2010.
12. Balance of Payment € -3.5 Billion 2010.

Doesn't take an economist to see the country's F***ed. :cool:

roisin24

Legend Dave

DazRe

So everyone is hoping for very high marks in this yes?

biggaman

DazRe wrote: »

So everyone is hoping for very high marks in this yes?

I havent opened a book since biology for this, but by the looks of this forum it seems this subject is actually a doss? I thought this was gonna be the one I'd have to do the MOST learning for?! :L
Looks like I'll be learning 4 questions and let that be that!

Ciano313

Wouldn't advise studying the bare minimum for economics. The new writer of the Economics exam papers knows people are doing this, and tries to diversify the course into the questions, e.g. mixing monopoly and perfect comp., or U/D/S and elasticity. Also the short questions will f**k you if you don't know, vaguely, the entire course. Still have two days, which is plenty. G'luck.

DaveMur1

As said above,
There's no chance of doing great studying 4 Topics,
Short questions are very easy to fail if you don't know most topics, in 2010 the average mark on the short questions was only 64 /100 , this immediately throws all the spoofers out of the A1 grade .
Long questions, every year the most neglected topic ( history of economic thought) come's up as part of a popular long question, this sort's out those who studied & didn't. In 2010 the only topic that was a full long question was National Income, So for the people who say im only studying Oligopoly , your basically wasting your time.
Economics is one of the easiest subjects when studied ,but take it for granted & your only looking at a D.

King Kenny

Economics is the most predictable exam I'm doing by far. All you need to do is look at the exam papers and notice the trends. All I'm doing is

1.Demand/Supply/Elasticity
2.National Income and Economic Growth
3.International Trade
4.Taxation and National Debt
5. Land and Enterprise
6.Perfect Competition/ Imperfect Competition /Oligopoly

I'm extremely confident I will be able 4 questions if not more on the exam. You could even leave factors of production out and still be confident.
As for the short questions the night before just do every short question since 2005 and you'll do very well, that's what I did for the Mocks and Christmas and I got 99/100 and 96/100.

AdamD

Short questions are a load of piss

higgz

Wonderstruck wrote: »

:P As if if I was an advisor to the Minister to Finance he'd listen to me. I remember writing:
Me: "Drastically cut public sector pay. "
Noonan: Em, I don't think that would get us re-elected.

Nah, Labour would take the electoral brunt as all the PS workers vote for them. They're all unionised ya see

Anyway... back to economics!

+1 on narrowing down your topics. You really need to have a more broad knowledge of the course. You can't just rely on 4 questions.

red_red_wine

In relation to the above kind of question, are all solutions which would require additional public spending automatically nonvalid? For example, suppose the question were 'How could the government reduce employment?', if you were to say, for example, that they should reduce indirect taxes so as to increase aggregate demand etc., would this still be accepted (considering that it probably isn't realistic within the current economic climate) ?

I'm a bit confused about whether or not we are allowed to assume that the government has the resources to implement any possible suggestions (reducing indirect tax, increasing subsidies etc.)

mty92

red_red_wine wrote: »

In relation to the above kind of question, are all solutions which would require additional public spending automatically nonvalid? For example, suppose the question were 'How could the government reduce employment?', if you were to say, for example, that they should reduce indirect taxes so as to increase aggregate demand etc., would this still be accepted (considering that it probably isn't realistic within the current economic climate) ?

I'm a bit confused about whether or not we are allowed to assume that the government has the resources to implement any possible suggestions (reducing indirect tax, increasing subsidies etc.)

Don't worry you are over thinking it, you don't need to understand the current situation. You assume that you have any of the resources required. Just state any action you would undertake and explain it and how you would go about implementing it.

higgz

+1 haha, the examiner doesn't care if you bankrupt the country, as long as you fix the problem. You can be a socialist as you like

Wonderstruck

higgz wrote: »

Nah, Labour would take the electoral brunt as all the PS workers vote for them. They're all unionised ya see

Anyway... back to economics!

+1 on narrowing down your topics. You really need to have a more broad knowledge of the course. You can't just rely on 4 questions.

Ahh, that's very true! Those Unionised Yolks! Weirdly, I've never heard it as a verb before. :pac:

Yeah, you're right. The mixing up... it's so... sneaky. I rather the 1990's qs that are on ONE topic.

I've been thinking of ways they might throw that. Like National Income. I was thinking bout the formula: that could work with Trade (Exports and Imports), Capital (Investment (reasons why) and even with Marginal Propensity to Save and ways to encourage/dis-encourage saving) and even the Government!

I suppose it just requires thinking bout it. Urgh.

lufc1993

roisin24 wrote: »

Has anyone got any tips on what they feel will come up next Wednesday? Trying to use my time wisely..

Yea have a good few.. I have teacher whos gotten best student in ireland 3 times in the past 15yrs. Shes predicting the following:

1. Oligopoly Baumol model - most do sweezy but its on the course
2. Purchasing parity theory in international trade (absolute banker)
3. Inflation question - construction of CPI, advantages of inflation and uses of CPI
4. National Income defo not coming up
5. For demand question be expecting a maths question c part

6. DEFINITE is EU due to the talks about abolishing the euro
7. as IMF Q was answered really badly last year this year shes backing the European Investment Bank

mty92

lufc1993 wrote: »

Yea have a good few.. I have teacher whos gotten best student in ireland 3 times in the past 15yrs. Shes predicting the following:

1. Oligopoly Baumol model - most do sweezy but its on the course
2. Purchasing parity theory in international trade (absolute banker)
3. Inflation question - construction of CPI, advantages of inflation and uses of CPI
4. National Income defo not coming up
5. For demand question be expecting a maths question c part

6. DEFINITE is EU due to the talks about abolishing the euro
7. as IMF Q was answered really badly last year this year shes backing the European Investment Bank

^^^thanks for that^^^
Generally would would your teacher be fairly accurate on predictions? Did she mention anything about capital or enterprise? And is it a general EU question she is expecting or about the euro? Thanks

lufc1993

mty92 wrote: »

^^^thanks for that^^^
Generally would would your teacher be fairly accurate on predictions? Did she mention anything about capital or enterprise? And is it a general EU question she is expecting or about the euro? Thanks

Yea she got majority of it right last year except nationalisation Q

She says that it will prob come up(capital) but due to something that happened at markers conference shes leaning more towards labour.

DaveMur1

lufc1993 wrote: »

Yea have a good few.. I have teacher whos gotten best student in ireland 3 times in the past 15yrs. Shes predicting the following:

1. Oligopoly Baumol model - most do sweezy but its on the course
2. Purchasing parity theory in international trade (absolute banker)
3. Inflation question - construction of CPI, advantages of inflation and uses of CPI
4. National Income defo not coming up
5. For demand question be expecting a maths question c part

6. DEFINITE is EU due to the talks about abolishing the euro
7. as IMF Q was answered really badly last year this year shes backing the European Investment Bank

That teacher must have been smoking some strange sh!t telling you that, for a number of reasons
1. The *absolute banker* purchasing parity theory, isn't part of international trade, it's completely based on exchange rates.
2. "National Income definitely not coming up" ??? Im just presuming that's a piss take.
3. 90% of teacher's don't even do the Baumol model , so that will just look bad on teacher's of the subject.
4. I've never seen a maths question on demand, unless your on about elasticity.

Strangely enough, I agree that the EU & Ireland's financial situation will come up in some way, wheter it's through the European Investment Bank or not i'd be sceptical.

UrbanSea

I have the worst teacher in the world.

What's this craic about population? Never mentioned.
Didn't complete the course because she choose not to.

ALPALP

lufc1993 wrote: »

Yea have a good few.. I have teacher whos gotten best student in ireland 3 times in the past 15yrs. Shes predicting the following:

1. Oligopoly Baumol model - most do sweezy but its on the course
2. Purchasing parity theory in international trade (absolute banker)
3. Inflation question - construction of CPI, advantages of inflation and uses of CPI
4. National Income defo not coming up
5. For demand question be expecting a maths question c part

6. DEFINITE is EU due to the talks about abolishing the euro
7. as IMF Q was answered really badly last year this year shes backing the European Investment Bank

Phew! thats good to hear. I'm just looking to scrape a c3 and my teacher advised baumol model and purchasing parity theory as probables... think im just gonna do them and demand!

lufc1993

DaveMur1 wrote: »

That teacher must have been smoking some strange sh!t telling you that, for a number of reasons
1. The *absolute banker* purchasing parity theory, isn't part of international trade, it's completely based on exchange rates.
2. "National Income definitely not coming up" ??? Im just presuming that's a piss take.
3. 90% of teacher's don't even do the Baumol model , so that will just look bad on teacher's of the subject.
4. I've never seen a maths question on demand, unless your on about elasticity.

Strangely enough, I agree that the EU & Ireland's financial situation will come up in some way, wheter it's through the European Investment Bank or not i'd be sceptical.

Ok well since when are exchange rates not DIRECTLY linked to international trade? maybe its different for the pass course but i think i teacher who got 7A1s last year may no what shes talking about?

By maths i meant elasticity yes!
National Income was 100marks last year and shes 99% sure its not coming up.

oligoploy is just too predictable this year( many predicting repeat of 2006 Q) so she says baumol model is very likely.

jj123

oh no, we barely looked at the baumol model at all!

lufc1993

jj123 wrote: »

oh no, we barely looked at the baumol model at all!

thats grand its really easy just look in your textbook - good luck

biggaman

I was quietly confident following this thread for the last while, until the few recent comments.
Now I'm beginning to regret leaving the whole course until tomorrow.
**** MY LIFE

mty92

When you are drawing diagrams for the market structure question must you do them on graph paper? I find it more awkward doing them on graph paper,,

By the Baumol very easy to learn shouldn't take too long

lufc1993

UrbanSea wrote: »

I have the worst teacher in the world.

What's this craic about population? Never mentioned.
Didn't complete the course because she choose not to.

population questions always a bit bull****ty - we were advised to focus more on markets, demand, int trade etc (see my post above for predictions)

lufc1993

mty92 wrote: »

When you are drawing diagrams for the market structure question must you do them on graph paper? I find it more awkward doing them on graph paper,,

By the Baumol very easy to learn shouldn't take too long

no u dont - but one pointer for diagrams, make average cost curves in long run flatter than short run.

cabbage kid

mty92 wrote: »

When you are drawing diagrams for the market structure question must you do them on graph paper? I find it more awkward doing them on graph paper

No you don't use graph paper, just draw them in the answer booklet. They're basically sketches anyway so graph paper isn't necessary.

jj123

lufc1993 wrote: »

thats grand its really easy just look in your textbook - good luck

Thanks i thought i was more or less prepared till this haha