Discuss the economic effects which the recent rise in ireiand's population may have on the Irish economy. Outline the effects which a rise in the level of unemployment in Ireland may have on: {i} Government current nances. {it} The Balance of Payments {Currera Account}. {III} Price Ination. Immigration replaced high levels of emigration during the 'Celtie Tiger' period. {t} Discuss THREE reasons why the trend has changed fiom emigration to immigration in Ireland. {It} Discuss the economic consequences [positive and negative} for a country experiencing increased immigration. Explain how specialisation and the division of labour promotes globalisationfinternational trade. The World Trade Organisation {WTO} aims to reduce trade barriers between countries. {i} Outline THREE possible economic advantages of free trade. {It} Explain THREE economic reasons why countries may impose barriers to restrict trade. {iii} State and explain TWO methods of restricting free trade. Adam Smith. author of'The Wealth ofHations' [1116}, explained the reasons for and benets of the trade. Outline FOUR other areas in which he made contributions to economic thought. 5. Discuss the ways in which money can contribute to the smooth working of an economy. Explain the likely economic effects if: the supply of money grows at a faster rate than a country's production of goods and services (ii) the supply of money grows at a slower rate than a country's production of goods and services. (i) Explain what is meant by the term price inflation. (ii) Name the main index used to measure price inflation in the Irish economy. (iii) Outline the economic consequences of a rise in the rate of price inflation in Ireland. 6. Explain the following terms and show the relationship which exists between both: (i) Gross Domestic Product at Factor Cost (ii) Gross National Product at Market Prices. Outline the effects which each of the following could have on the level of GNP at Market Prices. (i) a RISE in the general level of VAT; a REDUCTION in subsidies to first-time house buyers. Explain your answer in each case. Discuss the positive and negative economic consequences which a fall in the level of economic growth (GNP) may have on the Irish economy