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Hello tutors can I have answers in respective order please thank you (a) Explain FOUR assumptions underlying the Law of Comparative Advantage. (b) Ireland relies

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Hello tutors can I have answers in respective order please thank you

image text in transcribedimage text in transcribed
(a) Explain FOUR assumptions underlying the Law of Comparative Advantage. (b) Ireland relies heavily on international trade. Explain THREE factors which affect the competitiveness of Irish-based firms in international trade. Use examples to support your answers. (c) The enlargement of the European Union (EU) to include many new countries will be economically significant for Ireland. Outline the main economic opportunities and challenges for the Irish economy following enlargement of the EU. a) Outline, using appropriate figures, how the Irish economy performed in the past twelve months in each of the following areas: (i) employment; (ii) price inflation; (iii) economic growth; (iv) government spending. (b) In recent years Ireland's National Debt as a percentage of Gross Domestic Product (GDP) has declined Discuss the economic consequences of this development for the Irish Economy. (c) (i) Outline the main sources of government revenue. (ii) Discuss the economic consequences of a government policy to increase public service charges (e.g. road tolls, bin charges, TV, licences) rather than raise tax levels for the Irish economy.(a) Discuss how economic development in less developed countries (LDCs) might be promoted: (i) by their own governments; (ii) by foreign governments / agencies. (b) (i) Discuss THREE economic benefits of economic development to LDCs. (ii) Discuss THREE economic costs of economic development to LDCs. (c) Discuss steps which could be taken to solve the debt crisis which LDCs are experiencing. (a) Explain the following terms which are commonly used in estimating the National Income statistics of a country: (i) Incomes-in-kind; (ii) Transfer Payments; (iii) Net Factor Income from the Rest of the World. (b) The table below shows the levels of National Income, Consumption, Investment, Exports and Imports at the end of Year 1 and Year 2. (For the purpose of this question you may ignore the government sector.) Year National Income Consumption Investment Exports Imports 65,000 64,300 E500 E600 E400 2 65,600 E4,750 E650 E750 Calculate the following, showing all your workings: The level of Imports in Year 2. (ii) The Marginal Propensity to Import. (iii) The Marginal Propensity to Save. (iv) The size of the Multiplier. Explain the economic meaning of this figure. (c) National Income statistics provide important information, but are subject to certain limitations. (1) Explain THREE reasons why it is useful to have these statistics. (ii) Explain THREE limitations as to the use of these statistics

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