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'Half of all groceries purchased in a family's weekly shop are imported.' (Irish Independent, June 2012) (i) State one example of a visible import to Ireland - Leaving Cert Economics - Question 7 - 2013

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'Half-of-all-groceries-purchased-in-a-family's-weekly-shop-are-imported.'---(Irish-Independent,-June-2012)----(i)-State-one-example-of-a-visible-import-to-Ireland-Leaving Cert Economics-Question 7-2013.png

'Half of all groceries purchased in a family's weekly shop are imported.' (Irish Independent, June 2012) (i) State one example of a visible import to Ireland. ... show full transcript

Worked Solution & Example Answer:'Half of all groceries purchased in a family's weekly shop are imported.' (Irish Independent, June 2012) (i) State one example of a visible import to Ireland - Leaving Cert Economics - Question 7 - 2013

Step 1

State one example of a visible import to Ireland.

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Answer

One example of a visible import to Ireland is the purchase of foreign cars. These imports are easily identifiable and contribute to the local economy through various channels, including taxes and trade.

Step 2

State and explain two benefits of imported goods for the Irish economy.

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Answer

  1. More Choice for Consumers / Higher Standard of Living: Consumers in Ireland benefit from a wider selection of goods, which can enhance overall quality of life. For instance, imported exotic fruits are not available locally but are accessible through imports.

  2. Raw Materials Unavailable in Ireland: Certain raw materials that are not produced domestically need to be imported to facilitate manufacturing and production within the Irish economy, ensuring industries can operate efficiently.

Step 3

State and explain two reasons why the Irish government may wish to restrict imports.

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Answer

  1. Protect Domestic Employment: The government may impose restrictions on imports to protect local jobs and industries from being undermined by cheaper foreign goods. This helps maintain employment levels within the country.

  2. Prevent Dumping: By restricting imports, the government can prevent foreign companies from dumping low-cost goods into the Irish market, which can harm domestic industries and competition.

Step 4

State and explain two economic factors which people might consider if they were to choose to visit Ireland in 2013.

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Answer

  1. Price / Availability of Competitive Rates: Tourists are likely to consider the cost of travel, including packages that offer competitive rates when deciding whether to visit Ireland. If the rates are favorable, it can encourage tourists to choose Ireland over other destinations.

  2. Quality of Services: The quality of services provided in Ireland, such as hospitality and travel services, can significantly impact visitors' decisions. Ensuring high-quality experiences can lead to positive word-of-mouth and repeat visits.

Step 5

State and explain two advantages for the Irish economy of an increase in tourism.

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Answer

  1. Increased Employment: An influx of tourists can create jobs in the hospitality and service sectors, stimulating job creation and assisting in reducing the unemployment rate in Ireland.

  2. Benefits to Local Businesses: Increased tourism leads to higher sales for local businesses, which boosts the economy by generating income for restaurants, shops, and attractions, thus enhancing the overall financial stability of these local entities.

Step 6

What do the initials MNC stand for?

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Answer

MNC stands for Multi National Company.

Step 7

Name one other Irish MNC.

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Answer

One other Irish MNC is CRH.

Step 8

Discuss two benefits to the Irish economy of Irish MNCs.

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Answer

  1. Employment Opportunities: Irish MNCs create direct employment opportunities, leading to higher employment rates and more job choices for local residents. This, in turn, can lead to increased demand in local markets.

  2. Tax Revenue Generation: The presence of MNCs contributes to tax revenue for the government. As MNCs generate income, this tax revenue is essential for funding public services and infrastructure.

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