Economics essay questions and answers pdf

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economics essay questions and answers pdf

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Looking for HSC Economics past papers to practice your skills and apply your knowledge? Broadly speaking, in your exam, you can expect to be assessed on your ability to demonstrate your analytical, problem solving and communication skills to make informed judgements about economic issues.

Top 12 Exam Questions and Answers on Economics

Make sure you understand the essential point of the question. If appropriate, you could try and rephrase the question into a simpler version. Examine the macroeconomic implications of a significant fall in UK House prices, combined with a simultaneous loosening of Monetary Policy. In effect, there are two distinct parts to this question. It is a valid response, to deal with each separately, before considering both together.

It helps to keep reminding yourself of the question as you answer. Sometimes candidates start off well, but towards the end forget what the question was. Bear in mind, failure to answer the question can lead to a very low mark. For clarity of thought, it is usually best for students to write short sentences.

The main thing is to avoid combining too many ideas into one sentence. If you write in short sentences, it may sound a little stilted; but it is worth remembering that there are no extra marks for a Shakespearian grasp of English.

Higher interest rates increase the cost of borrowing. As a result, those with mortgages will have lower disposable income. Also, consumers have less incentive to borrow and spend on credit cards. Therefore consumption will be lower. This fall in consumption will cause a fall in Aggregate Demand and therefore lead to lower economic growth. A fall in AD will also reduce inflation. I could have combined 1 or 2 sentences together, but here I wanted to show that short sentences can aid clarity of thought.

Nothing is wasted in the above example. Quite frequently, when marking economic essays, you see a candidate who has a reasonable knowledge of economics, but unfortunately does not answer the question. Therefore, as a result, they can get zero for a question.

At the end of each paragraph you can ask yourself; how does this paragraph answer the question? If necessary, you can write a one-sentence summary, which directly answers the question. Therefore, as soon as they see the Euro in the title, they put down all their notes on the benefits and costs of the Euro.

However, this question is quite specific; it only wishes to know the impact on fiscal and monetary policy. It is important that we always consider other points of view, and discuss various different, potential outcomes. This is what we mean by evaluation. If the economy is close to full capacity a rise in interest rates may reduce inflation but not reduce growth.

In the short term, demand for petrol is likely to be price inelastic. However, over time, consumers may find alternatives, e.

In the short-term, investment will not increase capacity, but over time, it may help to increase a firms profitability. Time lags. If markets are competitive, then we can expect prices to remain low. However, if a firm has monopoly power, then we can expect higher prices. If a firm is seeking to maximise profits, we can expect prices to rise. However, if a firm is seeking to maximise market share, it may seek to cut prices — even if it means less profit. In economics, we usually assume individuals are rational and seeking to maximise their utility.

However, in the real world, people are subject to bias and may not meet expectations of classical economic theory. For example, the present-bias suggest consumers will give much higher weighting to present levels of happiness and ignore future costs. This may explain over-consumption of demerit goods and under-consumption of merit goods. See: behavioural economics. I really want to know the difference between discussion questions and analysis questions and how to answer them in a correct way to get good credit in Economics.

Analysis just involves one sided answers while Discussion questions involve using two points of view. The evaluation points in this article are really useful! The thing I struggle with is analysis and application. I have all the knowledge and I have learnt the evaluation points like J-curve analysis and marshall learner condition, but my chains of reasoning are not good enough.

I will try the shorter sentences recommended in this article. Like how would you evaluate without just stating the disadvantage? Understand the question Make sure you understand the essential point of the question.

For example: Q. In plain English. Discuss the effect of falling house prices on the economy Discuss the effect of falling interest rates loose monetary policy on economy In effect, there are two distinct parts to this question. Write in simple sentences For clarity of thought, it is usually best for students to write short sentences. What is the impact of higher interest rates? Simple sentences help you to focus on one thing at once, which is another important tip.

Answer the question Quite frequently, when marking economic essays, you see a candidate who has a reasonable knowledge of economics, but unfortunately does not answer the question.

Discuss the impact of Euro membership on UK fiscal and monetary policy? Macro-evaluation Depends on the state of the economy — full capacity or recession? Time lags — it may take 18 months for interest rates to have an effect Depends on other variables in the economy. Higher investment could be offset by fall in consumer spending. The significance of factors. Consider the impact on all macroeconomic objectives. For example, higher interest rates may reduce inflation, but what about economic growth, unemployment, current account and balance of payments?

Consider both the supply and demand side. For example, expansionary fiscal policy can help to reduce demand-deficient unemployment, however, it will be ineffective in solving demand-side unemployment e. However , if confidence is high, higher interest rates may not actually discourage consumer spending. AD falls from AD1 to AD2 However , if there is already a slowdown in the economy, rising interest rates may cause a recession.

AD3 to AD3 Micro-evaluation 1. The impact depends on elasticity of demand In both diagrams, we place the same tax on the good, causing supply to shift to the left. When demand is price inelastic, the tax causes only a small fall in demand. If demand is price elastic, the tax causes a bigger percentage fall in demand.

Time lag In the short term, demand for petrol is likely to be price inelastic. Depends on market structure If markets are competitive, then we can expect prices to remain low. Depends on business objectives If a firm is seeking to maximise profits, we can expect prices to rise.

Behavioural economics In economics, we usually assume individuals are rational and seeking to maximise their utility. Analysis just involves one sided answers while Discussion questions involve using two points of view Reply.

This is a great lesson learnd by me Reply. Really useful! Especially for the CIE exam papers Reply. Our site uses cookies so that we can remember you, understand how you use our site and serve you relevant adverts and content. Click the OK button, to accept cookies on this website. OK and Continue to the site Privacy policy.

Question and Answer Microeconomics - amazonia.fiocruz.br

Economics Paper 3 — Objective Test Questions. Our research has confirm that candidate that uses National Examination Council Economics past questions to prepare for NECO is ten times better than those who do not. Adam Smith. Alfred Marshall. Irving Fisher.

Economics test questions

Get Neco GCE economics answers from this post. Detailed Neco GCE economics answers, neco econs past questions and answer, information about so called neco economics expo or runz online and also the remaining Neco timetable and its time. Continue reading. Here, we will be posting out the Neco economics questions for candidates that will participate in the examination.

Keep checking and reloading this page for the answers. No 6a Economic system is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area. In other words The production of goods and services is based on supply and demand in the general market known as a market economy rather than through central planning known as a planned economy or command economy.

Economics examination questions and answer paper 1 and. Exam , questions and answers. Questions and Answers on Managerial Economics. AS level economics, cambridge examinations compiled. Below is a list of sample essay questions in the subject of Economics View our Essay Writing Service Discuss whether the institutions that supported the Golden Age of capitalism may have been incapable of sustaining growth in the longer term.

WAEC GCE Economics Questions and Answers 2021/2022 (Essay and Objectives)

Make sure you understand the essential point of the question. If appropriate, you could try and rephrase the question into a simpler version. Examine the macroeconomic implications of a significant fall in UK House prices, combined with a simultaneous loosening of Monetary Policy. In effect, there are two distinct parts to this question.

Economics Questions and Answers - Discover the eNotes. Report this Document. Economics MCQ Questions and answers with easy and logical explanations. Economics Test Questions. Human wants are unlimited, but the resources used to meet them are scarce. The following data show test scores on an economics exam for seven college students. Hence you can not start itAdvanced english.

D could be a penalty but could not be a reward. Test Bank - Chapter 3 The questions in the test bank cover the concepts from the lessons in Chapter 3. These MCQs will also help students find topics that may have been missed while studying. D role of labor unions. B income statement, the statement of cash flows, and the statement of net working capital.


Model Paper. Essay Questions. Economics. Answers. 1. 1. I. ½ marks for each correct answer. • Technology. • Management. • Human Capital. •. Division of labor.


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Whereas managerial economics involves application of economic principles to the problems of the firm, Economics deals with the body of the principles itself. Whereas managerial economics is micro-economic in character economics is both macro-economic and micro-economic. But micro economics as a branch of economics deals with both economics of the individual as well as economics of the firm. Under micro-economics as a branch of economics, distribution theories, viz. Economic theory hypothesizes economic relationships and builds economic models but managerial economics adopts, modifies, and reformulates economic models to suit the specific conditions and serves the specific problem solving process. Thus, economics gives the simplified model, whereas managerial economics modifies and enlarges it. Economic theory makes certain assumptions whereas managerial economics introduces certain feedbacks on multi-product nature of manufacture, behavioral constraints, environmental aspects, legal constraints, constraints on resource availability, etc.

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