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MARKET STRUCTURES
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Explain 5 key features of an Oligopolistic Market?
Explain 4 methods in which Oligopolists collude?
Explain the shape of the demand curve in oligopoly?
Explain the relationship between the MR curve and the demand
curve?
Explain the long run equilibrium in Oligopoly?
Do customers fare better in oligopoly with price competition or non
price competition?
What are the benefits of non-price competition?
Do you believe the Irish retail market for banking services operates
under Oligopolistic conditions? Explain.
Outline the assumptions underlying a firm in Perfect Competition?
Explain the short run equilibrium of a firm in PC?
Derive and explain the SR supply curve for a firm in PC?
Discuss with the aid of a diagram the impact which the entry of new
firms would have on the SR equilibrium of existing firms, in perfectly
competitive markets, earning SNP's?
Explain 2 reasons why firms in PC tend not to engage in advertising?
Equilibrium position of a firm in PC in the long run?
What is meant by an oligopolistic market? (Assumptions)
Explain the term rigidity of prices?
Distinguish between Price competition and non price competition?
Are firms in Oligopoly more likely to earn normal profit or SNP in
the long run? Explain.
A firm is a monopolist in the home market and exports to perfectly
competitive markets abroad. It seeks to maximise its profits. Explain
with the aid of a clearly labelled diagram, the long run equilibrium of
this price discriminating monopolist?
What is meant by the term Price Taker?
How does Perfect Competition benefit the consumer?
What are the barriers to entry into a monopoly?
What are the assumptions of a firm in monopoly?
Describe the three types of Price Discrimination?
What are the conditions that must exist to enable a firm to practice
price discrimination?
FACTORS OF PRODUCTION
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What is economic rent?
Give two reasons that a firm will demand a factor of production?
How is economic rent controlled?
What is the relationship between the marginal physical product and
the marginal revenue product if markets are perfectly competitive?
Why is MRP important?
Factors that affect MPP?
Factors that affect MRP?
Define enterprise?
Define and give examples of insurable risks?
Define and give examples of uninsurable risks?
Why is enterprise unique?
What is the role of profits in a modern economy?
Do all entrepreneurs earn the same level of profit?
Why are entrepreneurs important to the economy?
Factors which encourage enterprise/entrepreneurship?
Define profit?
Define land?
Characteristic of land?
What are the factors contributing to falling house prices?
What affects the suitability of land for economic activity?
Reasons for high land prices in Ireland?
Factors considered for the location of an industry?
Two ways of measuring unemployment?
Which is least effective, why?
Which is most accurate, why?
Factors affecting supply of labour?
Factors, other than MRP, which influence the supply for labour?
Factors which influence the wage rates paid to different categories of
workers?
How appropriate is MRP for setting wages in the public sector?
Factors affecting the efficiency for labour?
What are the types/causes of unemployment?
What are the costs of unemployment?
What are the arguments in favour of national wage agreements?
What are the arguments against national wage agreements?
Distinguish between the occupational and geographical mobility of
labour?
Outline three policies which could increase either occupational or
geographical mobility of labour in Ireland.
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Define the loanable funds theory
What are the criticisms of the classical theory?
What are the 3 reasons that people hold their wealth in monetary
form?
What are the features of capital?
State and explain why the marginal efficiency of capital may fall?
Why is investment important for Irish economy?
Factors which influence the level of investment in the economy?
Effects of a fall in interest rates?
Factors affecting the level of savings?
Outline ways which the Minister for Finance could reduce the public
sector wage bill?
Define transfer earnings?
State and explain two reasons why investment is considered to be
important for the Irish economy?
Explain how economic rent differs from commercial rent?
DEMAND
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Factors affecting the supply of a good?
Factors affecting the demand of a good?
Factors affecting the elasticity of supply of a good?
Factors affecting the elasticity of demand of a good?
Explain the economic rationale for assuming a persons demand curve
for a normal good slopes downward?
What characteristics must a good have to be called and economic
good?
What goods cannot be called and economic good and why?
What are the assumptions made about consumers?
State the principle of equi marginal returns of consumer behaviour?
State the law of diminishing marginal utility?
Give 5 reasons that will cause a shift in the demand curve?
Define each of the following?
Normal Good
Giffen Good
Inferior Good
What is derived demand?
Distinguish between a movement along a demand curve and a shift in
the demand curve?
Define:
PED
PES
Income Elasticity of Demand
Cross Elasticity of Demand
Unitary Elasticity of Demand
Perfectly Elastic
Perfectly Inelastic
Relatively elastic
Is price elasticity always positive or negative? Explain.
INTERNATIONAL TRADE
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Discuss the economic consequences of a decrease in the value of the
US dollar relative to the Euro.
Why is it becoming more difficult to attract foreign investment to
Ireland?
Define Current Account
Define Capital Account
Outline reasons why MNC's locate in Ireland?
Outline possible reasons why MNC's locate to other countries?
Define Balance of Trade
Define Terms of Trade
Define Invisible Exports
Define Tariffs
How to foreign firms operating in Ireland affect Ireland's balance of
payments?
Discuss the economic effects the Euro currency has on Irish
consumers?
Discuss the economic effects the Euro currency has on Irish exporters
and importers?
Explain four factors which affect the competitiveness of Irish based
firms in international trade?
Discuss the effects an improvement in a countries terms of trade will
have on a countries balance of trade?
Define the law of comparative advantage?
Assumptions of law of comparative advantage?
Sources of comparative advantage?
Importance of exports to Irish economy?
Economic effects of imports on Irish economy?
Is the level of imports likely to vary with the level of economic
activity in Ireland? Explain.
Discuss with an example the law of comparative advantage and
where the terms of trade lie.
State the economic affects on the Irish economy if the UK introduced
the Euro?
Outline the role played by the World Bank?
Outline the role played by International Monetary Fund (IMF)?
Outline the role played by the European Central Bank?
INFLATION
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How is the CPI constructed?
What are the possible uses of the CPI?
Is the CPI and accurate index of changes of the cost of living?
Define price inflation?
Outline the economic consequences of a fall in the rate of inflation
(deflation) in Ireland?
Explain the likely economic effects if the supply of money grows at a
faster rate than a countries production of goods and services?
Explain the likely economic effects if the supply of money grows at a
slower rate than a countries production of goods and services?
Discuss the ways in which money can contribute to the smooth
working of an economy?
NATIONAL INCOME
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Define:
GDP @ current market prices
National Income
Incomes in kind
Transfer Payments
Net factor income from the rest of the world
Outline the effect on the level of employment in the economy if
leakages from circular flow of income exceed injections. Explain.
Discuss the economic consequences of a slower rate of economic
growth in Ireland?
In Ireland at present, would you expect GNP to be greater than, equal
to, or less than GDP? Explain.
Explain what determines the size of each of the components of
national income?
What is meant by the term multiplier?
Explain the variable elements in the multiplier formula?
Explain, with the aid of a digram, the circular flow of income
diagram for an open economy with the main elements of aggregate
demand?
Explain the reasons why it is useful to have National Income
statistics?
Explain the terms and explain the relationship between GDP at factor
cost and GNP at Market Prices?
Discuss the factors which determine National Income?
Give two examples of built in stabilisers in the Irish economy and
justify your choice?
ECONOMIC DEVELOPMENT AND GROWTH
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Define:
Economic Development
Economic Growth
Economic Dualism
What are the main problems facing LDC's in promoting economic
growth and development?
How might governments in LDC's overcome the problems they face?
How might foreign governments and agencies help LDC's overcome
the problems they face?
What are the economic benefits of economic development to LDC's?
What are the economic costs to economic development to LDC's?
What are the steps which could be taken to solve the debt crisis which
LDC's are experiencing?