Economics Leaving Certificate Exam 2024

What is the main purpose of the adjustments made to the 2024 Leaving Certificate Economics examination papers?

The 2024 economics examination paper necessarily reflects the same structure and format as examination papers of past years.

How many questions must be answered from Section B of the economics paper?

What is the total marks allocation for the economics examination?

Calculators are not allowed to be used during the economics examination.

According to the infographic, what was the value of Ireland's goods exports in Q2 2023?

In the context of the balance of payments, what does a 'surplus' typically indicate?

According to CSO data, the unemployment rate for October 2023 was 4.8%, which may be considered as ______ employment.

A main goal of a government’s economic policy is to ensure full employment.

Provide one way that achieving full employment may conflict with other economic aims of a government.

The European Commission considered a €200 per megawatt hour limit on the price of electricity in response to what?

An economic term for a limit on a price is a price ______.

Energy credits are a government intervention aimed at reducing energy costs for households.

What was the equilibrium megawatt price per hour for electricity during 2022, according to the text?

What does an increase in the capital to labour ratio generally indicate?

When a firm invests in additional capital without increasing its labor force, it is called capital ______.

The demand for labour by a company is solely determined by wage rates.

Define 'Marginal Efficiency of Capital'.

What economic condition often leads to shortages of tickets at events, such as concerts?

A fully labelled supply and demand graph includes clearly marked ______ and ______.

In economics, a shortage indicates that the quantity demanded is less than the quantity supplied at the market price.

Concisely explain, in economic terms, why the Harry Styles Slane Castle concert might have experienced a shortage of tickets.

What is the relationship between a firm’s short run average cost curve and its marginal cost curve?

The part of the short run average cost curve where costs are decreasing is refered as ______ sloping.

Average costs always continuously decrease as output increases in the short run.

Explain the significance of the point where the marginal cost curve intersects the short-run average cost curve.

What is a market failure?

When the government intervenes to address a market failure is called government ______.

Market failures always justify government intervention.

Name one way the Irish government could intervene in the vaping market to overcome market failure.

What is the defining characteristic of price discrimination?

For price discrimination to work, consumers must have different ______ .

Price discrimination benefits all consumers by lowering prices.

Illustrate an example of price discrimination.

What does 'opportunity cost' measure in economics?

An ______ is a benefit that is enjoyed by a third-party as a result of an economic transaction.

Opportunity cost is always a monetary expense.

Name a benefit of Coillte's pledge to add woodland.

In national accounts, what does Net Factor Income from Abroad (NFIA) represent?

Gross Domestic Product (GDP) and Gross National Product (GNP) are always equal for a country.

Concisely define 'net factor income from abroad'.