** Economics 2014 - All levels - predictions, discussion **

thelad95

little sis... wrote: »

I'm not doing labour so I may not do one of the micro questions if it's on that.
So I will have to cover a good bit of macro. Maybe just national income and international trade will do and then my long term memory will hopefully do me for the rest :rolleyes:

I have a horrific feeling neither Trade or NI will appear tomorrow which would be a disaster for me. Got over 70 in both in the mocks. Will there be 3 or 4 micro tomorrow do people think? Costs of prodiction can be a nice Q if it comes up.

little sis...

thelad95 wrote: »

I have a horrific feeling neither Trade or NI will appear tomorrow which would be a disaster for me. Got over 70 in both in the mocks. Will there be 3 or 4 micro tomorrow do people think? Costs of prodiction can be a nice Q if it comes up.

I did fiscal and monetary policy as well but I'm not a big fan of those. Even if 4/5 macro appear, I'm sure at least 2 of them should be grand.

a0ifee

Mr. G wrote: »

An oligopolistic firm has other aims than to make a profit. They may have other aims, such as to prevent Govt intervention and discourage new firms to enter the industry.

They always aim to make a profit in oligopoly.

I don't you're going to be asked that specifically anyway.

I think that's why. May be wrong though.

yeahthat's right, in oligopoly firms don't always just seek profit maximization, their aims include: sales maximization (i.e expanding sales territory), increased leisure time in the case of family businesses (a shop only opens 3 days a week because the owner wants to spend more time with their family, and like what you say, kind of cutting back on super normal profits in order to prevent the gov getting suspicious/attracting new firms.
used to absolutely hate the market structures and love macro but now i'm the complete opposite, can barely make it through a macro chapter, especially the global economies systems or economies of population :rolleyes: reading my entire book tho just in case they drag something out the darkness corners of the course like last year.

thelad95

I'm really concerned about the history of economic thought. Is anyone doing anything for this?

mcratsix

Mr. G wrote: »

An oligopolistic firm has other aims than to make a profit. They may have other aims, such as to prevent Govt intervention and discourage new firms to enter the industry.

They always aim to make a profit in oligopoly.

I don't you're going to be asked that specifically anyway.

I think that's why. May be wrong though.

I don't know how what you've said applies to my question, but it's grand.

MightyMandarin

What current economic figures do we need to know?

jazz101

thelad95 wrote: »

I'm really concerned about the history of economic thought. Is anyone doing anything for this?

Doing Keynes, Marx and Ricardo and that will probably be it. And of course Adam Smith's canons of taxation.

a0ifee

thelad95 wrote: »

I'm really concerned about the history of economic thought. Is anyone doing anything for this?

just looking at what's associated with who..there's nothing else you can do really like there's no way of predicting who they could ask, no economist is more likely than the other

RebelLAD1

anybody got any topical statistics that may be useful for tomorrow handy? would appreciate it big time

Dudenaite

mcratsix wrote: »

I don't know how what you've said applies to my question, but it's grand.

Well I have been taught that Oligopoly doesn't produce at lowest AC...

mcratsix

RebelLAD1 wrote: »

anybody got any topical statistics that may be useful for tomorrow handy? would appreciate it big time

Unemployment rate is 12.5% last time I checked. Economic growth for this year is predicted to be up to 3%. Inflation is always low, like 2% maybe. I don't think you'd need to be spot on to get the marks. In my mock I did a question on government aims, and it asked for specific statistics and I made them up and they were fine. Corporation tax rate is 12.5 percent as well

kev44

Are interest rates currently high or low? In case we're asked for something topical if capital comes up

mcratsix

Dudenaite wrote: »

Well I have been taught that Oligopoly doesn't produce at lowest AC...

In my book it says it does, in the long run and in the short run.

Smash The House

Inflation 0.4% (year end May 2014)
Unemployment 11.8% (May 2014)
ECB interest rate 0.15% (from effect June 11 2014)
Government Spending 2013: Current €51.2 billion, Capital €3.4 billion. Total €54.6 billion
National Debt €176 billion (31 March 2014)

also know the GDP and GNP growth figures if you've prepared for a national income question

MightyMandarin

mcratsix wrote: »

In my book it says it does, in the long run and in the short run.

Oligopoly produces at the lowest point of the AC curve, therefore firms are efficient. Oligopoly has no short run likewise with Monopoly. This is because there are barriers to entry restricting new firms entering.

LimeTimee

Any good website that has the whole course summarised? Like sgcbusiness.com but the equivalent for economics.

a0ifee

Smash The House wrote: »

Inflation 0.4% (year end May 2014)
Unemployment 11.8% (May 2014)
ECB interest rate 0.15% (from effect June 11 2014)
Government Spending 2013: Current €51.2 billion, Capital €3.4 billion. Total €54.6 billion
National Debt €176 billion (31 March 2014)

also know the GDP and GNP growth figures if you've prepared for a national income question

Where could I get the figures for GDP & GNP? Can only find them up to 2012

mcratsix

MightyMandarin wrote: »

Oligopoly produces at the lowest point of the AC curve, therefore firms are efficient. Oligopoly has no short run likewise with Monopoly. This is because there are barriers to entry restricting new firms entering.

Indeed. Still the firm can't really be called efficient if they advertise but whatever, I'll let it go until tomorrow at 12.

Mr. G

kev44 wrote: »

Are interest rates currently high or low? In case we're asked for something topical if capital comes up

Low.

The ECB rate of interest is 0.25%. I would know the consequences of lowering/raising interest rates and the ECB's reasoning behind lowering the interest rate. If interest rates fall, then there is an increased availability of credit so increased spending in the economy, people are less likely to save as return on investment is low, employers have more money as repayments of loans are less so employment is more secure, increased spending as greater availability of credit. It also gets banks lending again.

IMF, ECB and Central Bank, as well as NAMA and the NTMA you should also be familiar with.

NTMA:

The National Treasury Management Agency provides a range of asset and liability management services to Government. These services include borrowing on behalf of the Government and management of the National Debt, the State Claims Agency, the New Economy and Recovery Authority, the National Pensions Reserve Fund, the National Development Finance Agency and the National Asset Management Agency.

NAMA:

NAMA functions as a bad bank, acquiring property development loans from Irish banks in return for government bonds, ostensibly with a view to improving the availability of credit in the Irish economy

I always can never remember the difference.

mcratsix

Mr. G wrote: »

NTMA:


NAMA:


I always can never remember the difference.

Ntma borrows on behalf of the exchequer and runs Nama.

Mr. G

mcratsix wrote: »

Unemployment rate is 12.5% last time I checked. Economic growth for this year is predicted to be up to 3%. Inflation is always low, like 2% maybe. I don't think you'd need to be spot on to get the marks. In my mock I did a question on government aims, and it asked for specific statistics and I made them up and they were fine. Corporation tax rate is 12.5 percent as well

Inflation is very low, specifically 0.39% in May.

http://www.inflation.eu/inflation-rates/ireland/inflation-ireland.aspx

The official measure of inflation is the Consumer Price Index also. And the live register is the official measure of unemployment.

I'll be grand I'd say.

a0ifee

was hoping & praying for oliogopoly but at least I got it in the last part of 2..what a paper say it'll be marked hard though! Had a inkling we'd see supply

kev44

That was such a nice paper! Full elasticity question was great! I did all 4 micro and national income cause i dont think my land question was too good

MightyMandarin

Lovely paper, can see this being marked very hard though. Hopefully the marking scheme won't screw me over.

a0ifee

I wanted to do five but I dawdled with elasticity and spent ages on question 1...


I didnt use graph paper for my diagrams does that matter? I only had one sheet of graph paper my graphs wouldn't fit...

Silver Sniper

kev44 wrote: »

That was such a nice paper! Full elasticity question was great! I did all 4 micro and national income cause i dont think my land question was too good

Haha are you serious? Half the elasticity question was international trade!

kev44

Silver Sniper wrote: »

Haha are you serious? Half the elasticity question was international trade!

Well everything that was in the elasticity question today was in my notes on the chapter.. Either way im delighted i could do it all

JackKele

Silver Sniper wrote: »

Haha are you serious? Half the elasticity question was international trade!

It wasn't anything to do with international trade

Gaw_

Ordinary level was pretty handy. Short questions were a bit more difficult than usual, but manageable. Long questions were about average. I managed to do six of them. Here's hoping for August!

JackH14

Did Anyone do Q8?

For (a) I said that government budget deficit increases national debt as national debt is made up of many years of budget deficit. It was worth 20 marks and I expanded, but I could not think of 4 strong points. Just wondering what everyone else wrote.