Photo AI
Reducing Ireland’s national debt is one of the Irish government’s economic aims - Leaving Cert Economics - Question 8 - 2016
Question 8
Reducing Ireland’s national debt is one of the Irish government’s economic aims. (i) Explain the underlined term. (ii) State and explain two economic advantages of ... show full transcript
Worked Solution & Example Answer:Reducing Ireland’s national debt is one of the Irish government’s economic aims - Leaving Cert Economics - Question 8 - 2016
Step 1
Step 2
State and explain two economic advantages of reducing Ireland’s national debt.
Answer
-
Lower Annual Interest Repayments: Reducing national debt leads to lower interest payments, which can free up government funds for other essential services.
-
Increased Funds for Government Use: With less debt, the government can allocate more funds to infrastructure, healthcare, and education, thus improving public services.
Step 3
State and explain two other economic aims of the Irish government.
Answer
-
Achieve Full Employment: This involves creating job opportunities for all citizens, thus reducing reliance on social welfare.
-
Sustainable Economic Growth: The government aims to foster consistent economic growth that can support future development and improve the standard of living.
Step 4
Step 5
State and explain one possible economic advantage and one possible economic disadvantage of the construction of Metro North for the Irish economy.
Answer
Advantage: Reduced Traffic Congestion: The new metro system may facilitate reduced vehicle traffic on roads, leading to shorter travel times and less pollution.
Disadvantage: Financial Cost of the Project: The funding required for the construction may lead to increased taxes or reallocation of funds from other essential services.
Step 6
State one other example of infrastructure which should be invested in currently and state one reason for your choice.
Answer
Example: Broadband. Reason: Investing in broadband is crucial as it enhances connectivity, supports remote working, and fosters economic growth through improved access to information and services.
Step 7
Suggest one measure which any three of the following could take to protect the environment: Consumers, Businesses, Local communities, Irish government.
Answer
- Consumers: Switch to using public transport to reduce individual carbon footprints.
- Businesses: Implement energy-efficient practices to minimize waste and reduce operational costs.
- Irish Government: Introduce grants for solar energy installations to promote renewable energy use.