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Autumn Examinations 2007/2008 at National University of Ireland, Galway: Economics Exam, Exams of Economics

Graphic Era (Deemed to be University)Economics

Information about an economics exam held at national university of ireland, galway during the autumn semester of 2007/2008. The exam covers both microeconomics and macroeconomics sections, with different question requirements and mark distributions. Sections a and b have 20 and 40 marks respectively. Candidates are required to answer one question in section a and two questions in section b. Instructions, exam codes, module codes, and exam durations. It also lists the departments involved.

Typology: Exams

2011/2012

Uploaded on 11/29/2012

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Ollscoil na hÉireann, Gaillimh
GX_____
National University of Ireland, Galway
Autumn Examinat ions, 2007/2008
Exam Code(s)
1BC2, 1BC3, 1BC4, 1BC5, 1BF1, 1FM1
Exam(s)
1st Comm. (French), 1st Comm. (German), 1st Comm. (Spanish), 1st
Comm. (Italian), 1st B.Sc. (BIS), 1st B.Sc. (Fin. Maths. & Ec)
Module Code(s)
EC100
Module(s)
Economics
Paper No.
1
Repeat Paper
External Examiner(s)
Professor Robert Wright; Professor Cillian Ryan
Internal Examiner(s)
Mr. Brendan Kennelly
Dr. Gerard Turley
Dr. Terrence McDonough
Instructions:
There are two Sections to be answered. Section A (20 marks) is
Microeconomics and students are required to answer ONE question.
Section B (40 marks) is Macroeconomics and students are required to
answer TWO questions . All questions within each section carry equal
marks.
Duration
3 hrs.
No. of Answer books
Please use separate answer books for each section.
Requirements:
Handout
MCQ
Statistical Tables
Graph Paper
Log Graph Paper
Other Material
No. of Pages
3
Department(s)
Economics
pf3

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Ollscoil na hÉireann, Gaillimh _GX______ National University of Ireland, Galway Autumn Examinations, 2007/ Exam Code(s) 1BC2, 1BC3, 1BC4, 1BC5, 1BF1, 1FM Exam(s) 1 st^ Comm. (French), 1st^ Comm. (German), 1 st^ Comm. (Spanish), 1 st Comm. (Italian), 1st^ B.Sc. (BIS), 1 st^ B.Sc. (Fin. Maths. & Ec) Module Code(s) EC Module(s) Economics Paper No. 1 Repeat Paper External Examiner(s) Professor Robert Wright; Professor Cillian Ryan Internal Examiner(s) Mr. Brendan Kennelly Dr. Gerard Turley Dr. Terrence McDonough Instructions: There are two Sections to be answered. Section A (20 marks) is Microeconomics and students are required to answer ONE question. Section B (40 marks) is Macroeconomics and students are required to answer TWO questions. All questions within each section carry equal marks. Duration 3 hrs. No. of Answer books Please use separate answer books for each section. Requirements : Handout MCQ Statistical Tables Graph Paper Log Graph Paper Other Material No. of Pages 3 Department(s) Economics

Section A Microeconomics (20 marks) Answer only ONE question. Please answer all parts. Label all diagrams carefully. Define all economic terms used.

  1. (a) What is the law of demand? Identify two exceptions to the law of demand. Explain why the supply curve is upward sloping. Describe a possible exception. (8) (b) Explain the term “price elasticity of demand”. Explain the factors that determine price elasticity of demand. What is the formula for price elasticity of demand? (6) (c) With respect to consumer theory, explain, with the aid of a diagram, how the optimal consumption bundle is reached. In your answer define the budget line and the indifference curve. (6)
  2. (a) What is meant by a market economy? How does it differ from a centrally planned economy? Sketch a diagram of demand, supply and market equilibrium. (8) (b) In relation to the theory of the firm, explain the following terms: i. opportunity cost ii. economic profit iii. marginal revenue iv. normal profit v. fixed costs vi. law of diminishing returns (6) (c) Outline the main differences between perfect competition and monopoly. (6)