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7. (i) What economic uses are made of a Consumer Price Index? (ii) Explain how a Consumer Price Index is constructed. Explain the likely economic effects on the Irish economy of a significant increase in the annual rate of price inflation. Outline the economic role played by TWO of the following international banking organisations: (i) The International Monetary Fund (IMF); (ii) The World Bank; The European Central Bank (ECB). 8. The government announced plans to decentralise/re-locate many government departments and state agencies throughout the country. Discuss TWO possible economic advantages and TWO possible economic disadvantages of this policy for the development of the Irish economy. It is argued that the Irish economy is currently experiencing close to full employment (i) Explain the underlined term. (ii) Discuss TWO economic benefits and TWO economic difficulties of a full employment economy in Ireland today. There has been high expenditure in recent years on developing transport and communications infrastructure in Ireland. With the use of examples, outline TWO possible social costs and TWO possible social benefits of these developments.Among Adam Smith's contributions to economic thought, was his Canons of Taxation. State and explain Adam Smith's FOUR Canons of Taxation. Do you consider that these Canons are useful for analysing the taxation system in Ireland today? Justify your answer. Outline possible positive and negative economic consequences of a Government Current Budget Surplus. You are the economic advisor to the Minister for Finance. The Minister is considering raising tax revenue through indirect taxation. Discuss the economic advantages and economic disadvantages of such a policy. b. (i) Explain why international trade is essential for the Irish economy. (ii) Has Ireland, in recent years, tended to have a surplus or a deficit on the Balance of Payments Current Account? Outline the economic consequences of this situation. (30 marks) State and explain how imports into the Euro-zone would be affected by each of the following developments: (i) the US dollar rises in value against the euro; (ii) employment within the Euro-zone increases. Ireland has attracted many multinational companies to establish operations in recent years. There has also been a recent trend for some of these companies to relocate to eastern Europe or Asia. (i) Outline reasons why these multinational companies locate in Ireland. (ii) Outline possible reasons for the current relocation to other regions