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    (Original post by mcl)
    the reply to my dreadful essay was:

    xerriva
    New Member Join Date: Apr 2009

    TSa thread

    I cant post on the thread for some reason so herepost it on my behalf if you want cos i know clements was interested)

    "The market could be dominated by a monopoly that could dictate prices and wages and therefore limit the liberty of other's choice and ability to enter the market and compete"

    this is not how laissez faire works.

    1) First of all, monopoly is a technical term and means single seller. This almost never happens. Oligopoly would've mean far more
    accurate.

    2) in a free market, barriers to entry are extremely low and by definition if someone is charging high prices this doesnt discourage entry it encourages it! because profits rise and entrepeneurs are attracted. this lowers prices and increases freedom

    As for the second from last paragraph: The period of history leading up to the great depression was far from a free market. Federal reserve control of bank lending practices was rife and control of interest rates strong as ever.

    As for the current crisis, the causes are very similar. I wont go into it here, watch this video. http://www.youtube.com/watch?v=TxgSubmiGt8


    yes i am well aware that a monopoly in reality will not function, i do study economics so don't patronise me
    it was rushed and so i know now that's a valid point
    and what are you talking about...... during the great depression hoover's gov did little to intervene??? that was my point

    and this current economic recession: it did originate in the sub-prime markets, there was no regulation of lending by the gov.... so i think my point was essentially valid

    yes my answer is basic
    yes it doesn't go into much detail

    but i'm not sure if you're aware that i have 30 mins... 10 of which is spent planning so it's not going to be 'perfection'

    i'm now aware that it was not 'dreadful' so if you feel the need to put people down and make them feel crap i suggest you don't
    there is nothing wrong with CONSTRUCTIVE criticism...... however your first comment was certainly not

    thanks for the explanation anyway
    lol calm down!!. i thought ur essay was quite good considering the time constraints. it's only one opinion so don't be hung up on that
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    nevermind
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    Its only Oxford...
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    Hi all,

    can someone pls help me with Question 18 of the 2008 TSA past paper.

    The question is;

    The Island Republic of Outlandia has three banks Barkers Floyds and National. Barkers have written cheques worth three million lira to Floyds customers and cheques worth four million lira to National customers.floyds customers have written cheques worth four million to barkers customers and cheques worth five million lira to national customers. National customers have written cheques worth three million lirato barkers customers and cheques worth two million lira to floyds customers

    the banks could settle the debts by:

    A floyds paying one million to barkers and barkers paying one million national bank

    B Floyds paying three million to national bank
    C Floyds paying four million to National Bank
    D Barkers paying one million to National bank
    E Barkers paying four million to National Bank

    This is one of the many questions which I got stuck on, before anyone says it I know I have no hope of passing
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    (Original post by mcl)

    yes i am well aware that a monopoly in reality will not function, i do study economics so don't patronise me
    it was rushed and so i know now that's a valid point
    and what are you talking about...... during the great depression hoover's gov did little to intervene??? that was my point

    and this current economic recession: it did originate in the sub-prime markets, there was no regulation of lending by the gov.... so i think my point was essentially valid

    yes my answer is basic
    yes it doesn't go into much detail

    but i'm not sure if you're aware that i have 30 mins... 10 of which is spent planning so it's not going to be 'perfection'

    i'm now aware that it was not 'dreadful' so if you feel the need to put people down and make them feel crap i suggest you don't
    there is nothing wrong with CONSTRUCTIVE criticism...... however your first comment was certainly not

    thanks for the explanation anyway

    1) wasnt tryna patronise you sorry if it came off like that

    2) not Intervening in the mess the govt created itself isnt a blow for free market capitalism. read more of hayek.

    3) there wasnt regulation of the sub prime lending because the govt was encouraging it!!! watch the video

    Sorry if i was harsh the first time round
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    (Original post by sportychick_91)
    Its only Oxford...

    Ahahahaaaa!
    Thanks for that. It just relaxed me
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    (Original post by mcl)
    you do realise i was answering a question whether i was applying for economics as in straight economics
    and you do realise that comment was unnecessary
    You were asked if you were applying for economics, not whether you were applying for the E&M course...

    plz don't try and patronise me..
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    (Original post by Confused-teen)
    Ahahahaaaa!
    Thanks for that. It just relaxed me
    Good stuff!
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    To re-ask a question asked by someone else earlier, would someone applying for economics be expected to answer the economics based question, or would it be better to answer the question that you feel the most comfortable with?
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    (Original post by emdad16)
    Hi all,

    can someone pls help me with Question 18 of the 2008 TSA past paper.

    The question is;

    The Island Republic of Outlandia has three banks Barkers Floyds and National. Barkers have written cheques worth three million lira to Floyds customers and cheques worth four million lira to National customers.floyds customers have written cheques worth four million to barkers customers and cheques worth five million lira to national customers. National customers have written cheques worth three million lirato barkers customers and cheques worth two million lira to floyds customers

    the banks could settle the debts by:

    A floyds paying one million to barkers and barkers paying one million national bank

    B Floyds paying three million to national bank
    C Floyds paying four million to National Bank
    D Barkers paying one million to National bank
    E Barkers paying four million to National Bank

    This is one of the many questions which I got stuck on, before anyone says it I know I have no hope of passing
    Add up the amount going into and out of each bank and the answer should become clear.
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    (Original post by amy123123)
    GUUYSSSSSSSS-

    Sally is helping her father dig worms for fishing.
    "That's exactly enough," he says as she places a worm in his tin.
    "How many do you need?" she enquires.
    "I use 4 worms on my hook and reckon on having to replace an average of one of these
    each time I cast. I cast 12 times an hour. Today I will fish 5 pools spending an hour at
    the first 4 and an hour and a half at the fifth. I always discard the worms on my hook
    when walking between pools."
    How many worms are in the tin?
    A 66
    B 69
    C 81
    D 86
    E 264

    HELP........... its 81...
    OK. If there are 4 worms on a hook and 1 is replaced with every cast, and a cast is made 12 times an hour, then there must be 4+11= 15 worms used in one hour.

    An hour is spent at the first 4 pools, and all worms are discarded between pools, so 4*15 = 60 worms are used on the first 4 pools.

    On the last pool there are 18 casts so 17+4 worms = 21 worms.

    21+60 = 81 worms

    If you think about it logically, it makes sense that if you start with 4 worms and cast 12 times, you'll only need 11 additional worms.
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    (Original post by Aliison)
    To re-ask a question asked by someone else earlier, would someone applying for economics be expected to answer the economics based question, or would it be better to answer the question that you feel the most comfortable with?
    Answer what you like, infact if you go for a more unorthodox question I would imagine your essay would stand out as opposed to the economics based essays (of which there will be many for admisson tutors to read). Perhaps link back your reasoning to economics based principles within the essay?

    Good luck one and all.
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    (Original post by Parker007)
    Answer what you like, infact if you go for a more unorthodox question I would imagine your essay would stand out as opposed to the economics based essays (of which there will be many for admisson tutors to read). Perhaps link back your reasoning to economics based principles within the essay?

    Good luck one and all.
    thanx 4 that!! i'll just answer the question i feel more comfortable with answering
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    (Original post by Parker007)
    Answer what you like, infact if you go for a more unorthodox question I would imagine your essay would stand out as opposed to the economics based essays (of which there will be many for admisson tutors to read). Perhaps link back your reasoning to economics based principles within the essay?

    Good luck one and all.
    Thanks!! And Good Luck everyone as well
    Don't Fret about the forty/high thirty something mark scores in the Multiple choice. I've heard that 70% is already a good score.
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    (Original post by Confused-teen)
    HANG ON
    now i got x=15 :|

    Could you just do it
    i fink the nerves are getting the better of me!
    Don't know whether this has already been said but I think you then need to find y to get overtime pay.
    Should then work!
    • Thread Starter
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    Hey guys!!

    So tomorrow is the big day and I just want to say:

    Thank your for making this thread really successful!

    Everyone has been getting involved going through solutions to questions and I can't believe how many essays we've had!!

    Hopefully it will be beneficial for all of us and I wish everyone the best of luck on test day!

    Just relax and I'm sure we'll all perform to the best of our abilities.

    Thanks again guys and I'm looking foward to our (vague) chats tomorrow

    All the best,

    Graphix!
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    (Original post by mcl)
    the reply to my dreadful essay was:

    xerriva
    New Member Join Date: Apr 2009

    TSa thread

    I cant post on the thread for some reason so herepost it on my behalf if you want cos i know clements was interested)

    "The market could be dominated by a monopoly that could dictate prices and wages and therefore limit the liberty of other's choice and ability to enter the market and compete"

    this is not how laissez faire works.

    1) First of all, monopoly is a technical term and means single seller. This almost never happens. Oligopoly would've mean far more
    accurate.

    2) in a free market, barriers to entry are extremely low and by definition if someone is charging high prices this doesnt discourage entry it encourages it! because profits rise and entrepeneurs are attracted. this lowers prices and increases freedom

    As for the second from last paragraph: The period of history leading up to the great depression was far from a free market. Federal reserve control of bank lending practices was rife and control of interest rates strong as ever.

    As for the current crisis, the causes are very similar. I wont go into it here, watch this video. http://www.youtube.com/watch?v=TxgSubmiGt8


    yes i am well aware that a monopoly in reality will not function, i do study economics so don't patronise me
    it was rushed and so i know now that's a valid point
    and what are you talking about...... during the great depression hoover's gov did little to intervene??? that was my point

    and this current economic recession: it did originate in the sub-prime markets, there was no regulation of lending by the gov.... so i think my point was essentially valid

    yes my answer is basic
    yes it doesn't go into much detail

    but i'm not sure if you're aware that i have 30 mins... 10 of which is spent planning so it's not going to be 'perfection'

    i'm now aware that it was not 'dreadful' so if you feel the need to put people down and make them feel crap i suggest you don't
    there is nothing wrong with CONSTRUCTIVE criticism...... however your first comment was certainly not

    thanks for the explanation anyway
    I have a feeling the guy is confusing free markets with the idea of a perfect market. Secondly, a monopoly is a completely realistic side effect of a free market, especially if they have some sort of competitive edge for whatever reason. A monopoly is not always a single seller (that's a pure monopoly) and can often be those with a largely dominant share of the market. His second point further leads me to conclude that he has completely confused free market with perfect markets. There is supposed to be low barriers to entry but free markets don't automatically run as smoothly as you seem to imply. And I say this coming from a view that wholly supports free markets. Therefore, please ignore everything he's said.
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    Please tell me what you think, positive or negative. Both especially the later are very helpful.

    In order to be a successful leader, is it better to be loved or feared?


    Defining successful is essential to this question, with different elements coming into the picture. When considering a national leader, efficiency, continued rule, achievement of aims, are what characterizes a successful leader.

    Lord of the Flies serves as a fabulous example of two styles of leadership. That of Ralph who aims at democracy and wants to be loved, and t Jack who leads by tyranny and fear. In this example fear clearly overrides love as being the most beneficial in being the leader of the boys. The reason for this is that under Jack goals are more achievable, such as hunting for animals, as Jack is able to command the other boys far more efficiently.

    This can be shown in reality through the examples of Stalin. Stalin was hugely efficient as a leader and able to achieve his goals effectively, industrializing the USSR quickly through suppression of the free-press and the one party state, instilling fear amongst his those who opposed him such as the Kulaks.

    A modern comparison between the UK and China could also serve as an example. Protest such as that at Didcott and Kingsnorth power stations was achievable as the people did not fear their government. At the same time fear tactics were incredibly successfully used at the anniversary of the Tiananmen Square protests, this suggesting that in keeping public peace and a sustained rule fear is more successful.

    However it is important to also consider the people who are being led. Where people have the power of voting in a democracy being loved is essential for success. This is what voting entail, gaining majority support and being the most favoured and loved candidate. The feared leader in this circumstance will simply fail, as they will not command popular favour in vote. However in a dictatorship fear can be effectively used to enhance the success of a leader.

    In conclusion this would followers of a leader are essential in answering this question, if they are in a democratic society to be loved is essential and to be feared is not suggesting love has greater importance. However in a dictatorship, to be feared allows for greater efficiency, resulting in achievement of aims and reduced protest resulting in continued rule.
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    Does anyone know whether the questions for EP/PPP are different to those for E&M/PPE? I know last year that the TSA was given at interview and the EP questions were all psychology based but will it be the same this year? It says on the TSA website the questions aren't subject specific and on the Oxford website it doesn't say anything about that as far as I can see.
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    (Original post by emdad16)
    Hi all,

    can someone pls help me with Question 18 of the 2008 TSA past paper.

    The question is;

    The Island Republic of Outlandia has three banks Barkers Floyds and National. Barkers have written cheques worth three million lira to Floyds customers and cheques worth four million lira to National customers.floyds customers have written cheques worth four million to barkers customers and cheques worth five million lira to national customers. National customers have written cheques worth three million lirato barkers customers and cheques worth two million lira to floyds customers

    the banks could settle the debts by:

    A floyds paying one million to barkers and barkers paying one million national bank

    B Floyds paying three million to national bank
    C Floyds paying four million to National Bank
    D Barkers paying one million to National bank
    E Barkers paying four million to National Bank

    This is one of the many questions which I got stuck on, before anyone says it I know I have no hope of passing
    I wrote out the names and then added amounts next to each one and subtracted the amounts from others. I ended up with one of them being up 4 and one being down 4, which led me to the answer that floyd pay 4 mil to national? i think that's what I did and can't remember if I was right or not....
 
 
 
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