!! Economics 2015 ... predictions, guesses and discussion.

expiiplus1

To what extent are you allowed to develop point on top of point in the exam? Could you go from a question about effects of economic growth like this:
Increased demand
Inflation
Increased government spending on capital projects
And there you have three of your four points.

RoRo979

expiiplus1 wrote: »

To what extent are you allowed to develop point on top of point in the exam? Could you go from a question about effects of economic growth like this:
Increased demand
Inflation
Increased government spending on capital projects
And there you have three of your four points.

They are all valid points imo, i wouldnt go past 2 points e.g
1) increased demand for goods/services
2) demand-pull inflation ( i would stop here and new point, but will continue anyway)
3) wage increase demands/ cost of living claim: ( this point is relevant for inflation, but nor much so for economic growth)

expiiplus1

I noticed we were a bit low of the negatives of water meters; So here goes:
Increased business costs (since demand for water is so inelastic in the short run(
This results in cost - push inflation
Unemployment (as firms seek to lower costs other ways)


Anybody got notes on QE or Greece?

RoRo979

on the flip side employment: temp jobs installing and revenue gvt received could be used to hire more workers in civil service.

up Cost of living:
Up wage demands:
Decrease exports: our exports now more expensive

Anybody got notes on QE or Greece?

whats QE and why would knowing Greece help?

expiiplus1

Quantitative easing. It's a technique used to fight deflation across the Eurozone by the ECB. Think open market operations on steroids in order to increase the money supply.

nathan99

GNP has been bigger than GDP for the first time so that could be a possible question

expiiplus1

Are you absolutely sure on that?
According to the CSO:
GDP 2014 Q4: 45,619m
GNP 2014 Q4 39,336m
I do believe that GNP increased by 5.1% versus 4.8% for GDP. Is that what you meant?

Kremin

expiiplus1 wrote: »

Quantitative easing. It's a technique used to fight deflation across the Eurozone by the ECB. Think open market operations on steroids in order to increase the money supply.

Is quantitative easing not used to generate inflation and reduce deflation?

Edit: NVM read your post again, PROTIP: DONT REPLY TO POSTS AT 2am, YOUR BRAIN SHUTS DOWN.

Avengergirl

Oh God....I haven't done a thing in Economics in over a week....I hope my last minute cram session will be enough. :-=/

if832uspx4eogt

I have one week to cram all this course in, can't wait!

expiiplus1

My problem is the bloody statistics - they just keep changing!

Any particular hopes for questions? I'm hoping for four micro, though I've done everything except the EU - and followed the news - so I'm pretty adjustable.

randylonghorn

expiiplus1 wrote: »

My problem is the bloody statistics - they just keep changing!

There's a little man in the Bureau of Muggle Statistics casting spells to make people lose and get jobs just to annoy you, expii!! :cool:

DarraghF197

expiiplus1 wrote: »

My problem is the bloody statistics - they just keep changing!

Any particular hopes for questions? I'm hoping for four micro, though I've done everything except the EU - and followed the news - so I'm pretty adjustable.

I think costs are such great questions! They're due up as well and literally the exact same things come up on them.

I've done all micro, national Income and international trade, as well as all the Economists and so on.

I did all four micro for the mocks, had them only covered, but I might switch to a macro topic, as they can get extremely mean on the marking schemes for questions such as the Markets.

Did a practice mock during the week and did well, I think I was fair on marking myself, maybe a small bit lenient towards myself at times I feel prepared for it, though. Just hope they marked my exam properly in the mocks as that was my only test I've ever got corrected in Economics!

Paddyg96

I have a full week to cram it all!!

Got 79 % in the mocks....If I spend 12 hours a day cramming and doing exam questions should I be on course for an a1??

DarraghF197

I'm a little confused about when to use the economic statistics. People say we should know them, but have they ever been asked? Is it just a sprinkle on top of your answer to make it look nicer?

Also, for, say, stating and explaining the effects of X, it's nearly always the case that it's 2 marks for stating and 3 marks for explaining. I was just wondering, if you have an OK explanation, will you get 2 out of three marks, or is it a hit or miss sort of thing? If so, should you be elaborating a lit on your explanations and writing a couple of lines explaining your point? Thanks in advance

Kremin

DarraghF197 wrote: »

I'm a little confused about when to use the economic statistics. People say we should know them, but have they ever been asked? Is it just a sprinkle on top of your answer to make it look nicer?

Also, for, say, stating and explaining the effects of X, it's nearly always the case that it's 2 marks for stating and 3 marks for explaining. I was just wondering, if you have an OK explanation, will you get 2 out of three marks, or is it a hit or miss sort of thing? If so, should you be elaborating a lit on your explanations and writing a couple of lines explaining your point? Thanks in advance

There is sometimes a question directly on economic statistics like comment on the last 12 months in ireland referring to unemployment, budget, inflation etc...

The question is crazy hard though, I wrote 2 pages for that one part for 20 marks and only got 13 because i didnt have enough stats and information in!

Adding stats into your answers elsewhere shows you didn't just learn off a bunch of answers and you have a very up to date economic knowledge and can understand economics in real life scenarios, which if you read the chief examiner report is what they're always looking for students to do.

the 2-3 split thing, honestly I don't know... Any valid explanation should be suffice as long as you aren't doing say

Title: Inflation will occur
Explanation: There will be inflation.

(repeating/rehashing titles in explanations)

That's my taking on everything anyway- if I'm wrong about anything please correct me !

DarraghF197

Perfect, that makes sense Kremin! Yeah I'll only be doing Micro and National Income and International trade, so I doubt I'd get that difficult of a question. And I have back up questions anyways.

I have mock papers and their marking schemes all have state at 2 marks and explain at 3. Going back over the mock I did and got corrected, the examiner seemed to give me either 0,2,3 or 5 for a point so it seems like the explanation is a hit or miss, which is good!

expiiplus1

If you give a well-reasoned point, even if it's not on the marking scheme do they have to give you full marks for it?

DarraghF197

expiiplus1 wrote: »

If you give a well-reasoned point, even if it's not on the marking scheme do they have to give you full marks for it?

I'm pretty sure you can. On some papers it says something like, "accept any other valid reason". It would be quite unfair if they didn't give you marks just because it wasn't on the marking scheme. It sort of promotes rote learning, and I hope examiners do realise this when correcting.

On my mocks I did anyways. For consequences of low interest rates. I talked about the low interest rates on bones. And how the bonds purchased from QE will have next to no demand because of the lack of return on them. I'm not sure if it was just marks I got because s/he thought my point was interesting or not! I think I made another point that it would increase the MEC, and when I checked on the marking scheme of the same question, that also wasn't on it.

RoRo979

Anything relevant will yield marks im sure. Always describe it with 2 sentences after and an example if possible.

expiiplus1

Can they ask you about the Cournot model in oligopoly?

Kremin

expiiplus1 wrote: »

Can they ask you about the Cournot model in oligopoly?

ive done every year of exam papers and have never seen it come up, not in any books either, so no?

expiiplus1

Do they make accommodations when you are sketching graphs in the exam? Can you request special squared paper? I ask because I went overtime doing the Squeezy problem because I kept sketching points wrong.

Kremin

expiiplus1 wrote: »

Do they make accommodations when you are sketching graphs in the exam? Can you request special squared paper? I ask because I went overtime doing the Squeezy problem because I kept sketching points wrong.

You can ask for graph paper of course, and if they don't have any (which they most definitely should) report it to the sec or something. Everyone is entitled to it.

tornados2111

I'm only looking to pass but I'm still a bit worried. Haven't really done much all year....... What are the key topics to go over? Startin to panic but i should pass if I study the right things I think

Kremin

tornados2111 wrote: »

I'm only looking to pass but I'm still a bit worried. Haven't really done much all year....... What are the key topics to go over? Startin to panic but i should pass if I study the right things I think

Factors of Production, Market Structures, Supply and Demand. 3 pretty much guaranteed questions. National Income or Banking will likely appear too. If you're just looking to pass at this stage you could do it with these chapters.

Welllmade1745

Does anyone else study pretty much just the macro chapters- that's what I've done aswell as the market structure and FOP chapters.??

Kremin

Welllmade1745 wrote: »

Does anyone else study pretty much just the macro chapters- that's what I've done aswell as the market structure and FOP chapters.??

bit risky for short questions no?

Welllmade1745

Kremin wrote: »

bit risky for short questions no?

I'm pretty sure I can answer the short questions on micro to a decent standard with the knowledge I retained from listening In class. I may do more as I have like a 5 day break before the Eco test.

Lc1569

How difficult is it to get an a1 in Economics? I got one in the mocks and I was pretty delighted but I'm afraid the same thing won't happen on the day ðŸ˜