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7. (a) Many believe that export-led growth is the way forward for the recovery of the Irish economy. (i) Explain why international trade is essential for the Irish economy. (ii) Discuss three measures which the Irish government could take to improve the competitiveness of Irish-based firms in international markets. (30 marks) (b) (i) Describe the main differences between a developed country and a developing country (LDC). (ii) Discuss three measures which the governments of developed countries could take to promote economic development in developing countries (LDCs) (30 marks) (c) Write a brief account on the role of the International Monetary Fund (IMF) or the World Bank in the world economy. (15 marks) [75 marks] 8. (a) Outline, using appropriate figures, how the Irish economy has performed, in the past twelve months, in each of the following areas: (i) Price levels; (ii) Economic growth; (iii) Government current budgetary position; (iv) Employment/unemployment. (25 marks) (b) By 2036 one in five Irish people will be over 65 years of age, with the greatest increase being in those over 80 years. (i) Outline two possible economic effects of an ageing population on the Irish economy. The number of emigrants from Ireland, in the year to April 2009 was 65,190, up from 45,300 for the previous year. (ii) State and explain three economic consequences of the recent increase in emigration. (25 marks) (c) There has been a sharp increase in the rate of savings in Ireland in the past year. (i) Discuss two factors currently influencing the rate of savings in the Irish economy. (ii) Outline three economic effects which an increase in the rate of savings may have on the Irish economy.5. (a) Given that Gross National Product at Current Market Prices is 6200m, price subsidies E5m, depreciation (12m and indirect taxes (30m. Calculate the value of each of the following: Show all your workings. (i) Gross National Product at Factor Cost; (ii) Net National Product at Factor Cost/National Income. (20 marks) (b) Explain the economic effect which each of the following could have on the level of GNP at Market Prices: (i) a reduction in the general level of VAT; (ii) a reduction in the subsidies paid to farmers. (20 marks) (c) (i) Outline the main uses of National Income Statistics. (ii) State and explain four reasons why care should be taken when using National Income Statistics as a measure of economic performance of a country. (35 marks) [75 marks] 6. (a) It has been suggested that the main commercial (retail) banks in Ireland should be nationalised. (1) Explain the underlined terms. (ii) Outline two possible economic arguments for and two possible economic arguments against the nationalisation of the banks. (30 marks) (b) (i) State and explain what you consider to be the three most important economic aims of the Irish Government. (ii) Outline two examples of possible conflicts between government economic aims/objectives. (25 marks) (c) The economist Milton Friedman was regarded as one of the major thinkers of the monetarist school of economic thought. Outline four features of 'Monetarism'. (20 marks) [75 marks]