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7. (a) (i) Distinguish between the terms "economic development' and "economic growth" with reference to Less Developed Countries (LDCs). (ii) Outline three characteristics of LDCs. (25) (b) Describe three types of foreign aid available to LDCs. (ii) Discuss why foreign aid may not always result in economic growth in LDCs. (25) (c) "The World Trade Organisation (WTO) is the only international organisation dealing with the global rules of trade between nations." (i) Outline two economic benefits claimed for 'free trade". (ii) Outline three reasons why countries might choose to impose barriers to free trade. (25) [75 marks] 8. (a) Explain the relationship between a government Budget Deficit and the National Debt. (20) (b) "The Irish Tax system has evolved over time to reflect changing economic and social conditions and will need to be equally responsive to new developments in the future." (Commission on Taxation Report, 2009) (1) Discuss Adam Smiths' four Canons of Taxation in his book, An Inquiry into the Nature and Causes of the Wealth of Nations (1776). (ii) Outline two other principles which could be considered in a modern tax system. Justify your answers. (35) (c) Outline possible economic consequences of the Irish Government shifting the burden of taxation from direct taxation to indirect taxation. (20) [75 marks]5. (a) The following table shows the level of National Income (Y), Consumption (C), Investment (1), Government Spending (G), Exports (X) and Imports (M) for 2013 and 2014. Y C G X M 2013 E80,000 E10,000 640,000 E100,000 E120,000 2014 E90,000 656,000 E15,000 E34,000 (1 10,000 E? Use this data to calculate the following: (Show all your workings.) (i) The level of Consumption in 2013 (ii) The Marginal Propensity to Consume (MPC) (iii) The level of Imports in 2014 (iv) The Marginal Propensity to Import (MPM). (20) (b) "Ireland heads Forbes' list of the best countries for business." (Forbes Magazine Dec 4 2013) Discuss the economic benefits Multinational Companies (MNCs) can bring to a small economy such as Ireland. (20) (c) Economists use Gross Domestic Product (GDP) and Gross National Product (GNP) as measures of economic activity. (i) Define each of the underlined terms. (ii) Which of these terms do you consider to be a more useful measure of economic activity for Ireland? Explain your answer. (iii) Discuss three limitations of national income statistics. (35) [75 marks] 6. (a) (1) State and explain four current economic aims/objectives of the Irish Government. (ii) Outline two possible conflicts that could arise between some of these Government aims/objectives. (30) (b) Discuss arguments for and against the privatisation of state assets. (20) (c) In The Irish Times (November 2013) the economist Joseph Stiglitz predicted a "lost decade" for the Irish economy, due to the extended period of austerity. (Austerity refers to government measures introduced to reduce a Budget Deficit.) Outline four possible economic consequences for the Irish economy arising from the austerity measures introduced in recent Irish Government budgets. (25) [75 marks]