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Topic: Demand, Supply and Elasticities

  • Discuss how the Singapore government might use the concepts of elasticity of demand and supply to promote economic growth in Singapore.
  • Explain the concepts of price elasticity of demand and income elasticity of demand, indicating why elasticities are different for different products.
  • Discuss how the Singapore government might use the concepts of price elasticity of demand and income elasticity of demand to achieve its economic objectives.
  • Distinguish between price, cross and income elasticities of demand.
  • Explain why the price of oil would increase.
  • To what extent might the recent price changes in the airline industry be explained using demand elasticity concepts?
Singapore Context Economics Essays
  • Discuss the best policy option that the Singapore government could adopt to reduce the adverse impact of the global financial crisis in the year 2008.
  • Evaluate the effectiveness of the Certificate of Entitlement (COE) system and Electronic Road Pricing (ERP) in managing traffic congestion in Singapore.
  • Using the relevant elasticity concepts, account for Singapore�s decision to open the Integrated Resorts.
  • Assess the various policy measures that the Singapore government currently adopts to reduce inequality in income distribution and consider whether new policies will be required.
  • With reference to examples, discuss whether there is a need to change the current policies adopted by the Singapore government in the market for healthcare.
  • Consider whether market-based solutions are the best way for the Singapore government to correct market failure that results from the existence of a negative externality.
  • Explain how Singapore�s balance of payments might have been affected by the global business cycle in recent years.
  • Explain how and why Singapore uses exchange rates rather than interest rates to control inflation.
  • Discuss whether a surge in inflation is more likely to affect the domestic or external sectors of the Singapore economy.
  • Consider whether high household savings is always beneficial to Singapore.
  • Explain the determinants of housing prices in Singapore.
  • Assess the view that the Singapore government should use taxes rather than any other economic policies when dealing with the market failure associated with negative externalities.
  • Analyse the recent sources of inflation in Singapore and assess whether low inflation should be the main macroeconomic objective of the Singapore government.<
  • Explain why Singapore signs FTAs with other countries.
  • Assess the extent to which globalization has changed Singapore�s pattern of trade.
  • Assess the effectiveness of the policies implemented to solve the problem of traffic congestion and the possibility of government failure in implementing these policies in Singapore.
  • Assess whether China�s growth is a threat or a benefit to the Singapore economy.
  • Discuss the view that direct provision by the government is the most effective policy to adopt in tackling the sources of market failure in the healthcare industry in Singapore.
  • Explain the possible impacts that Free Trade Agreements have on Singapore�s economy.
  • Discuss whether a tightening monetary policy is the best policy to maintain Singapore�s favourable current account balance.

Topic: International Trade

  • Explain the causes of a balance of payments deficit on the current account.
  • Discuss the measures a government should adopt to correct its balance of payment deficit on the current account.
  • Explain why trade occurs between developed and developing countries.
  • To what extent do Free Trade Agreements determine the pattern of trade between Singapore and the rest of the world?
  • Discuss whether countries should resort to trade protectionism when faced with an economic crisis.
  • Evaluate the arguments for protectionism in light of the current global economic downturn.
  • Explain whether it is true that the artificially depressed yuan resulted in US� trade deficit.
  • Discuss whether protectionism is the best policy for the US to resolve the unsustainable imbalance in its trade account and fiscal budget
  • Discuss the extent to which Singapore�s network of FTAs will help to achieve her macroeconomic objectives.
  • Explain the possible causes of US�s current account deficit.
  • Discuss whether protectionism is the most effective policy to deal with a balance of payment deficit
  • Using suitable examples, explain any two methods of trade protectionism
  • Discuss whether adopting trade protectionism is the best policy in recent recession.
  • Explain the economic case for free trade for developing countries
  • Comment on the view that globalisation is beneficial to developing countries
  • Discuss whether domestic or foreign factors are more likely to affect the balance of payments of Singapore
  • Explain the impact of globalisation on the components of aggregate demand in an economy.
  • Explain if the pattern of China�s exports is consistent with the theory of comparative advantage
  • Discuss the impact of globalisation on an emerging country like China
  • Discuss the above assessment of the effects of globalization on the American economy
  • Discuss whether globalisation been of benefit to the Singapore economy
  • Discuss appropriate policy measures that the Singapore government may undertake to increase the net benefits of globalisation

Topic: Foreign Exchange

  • What might cause an appreciation of Singapore�s exchange rate level?
  • Explain how macroeconomic problems might result from a depreciation of Singapore�s exchange rate.

Checklist for Economics Essays

  • Did you fully understand the requirements of the essay question?
  • Did you write any irrelevant points/ideas in your essay?
  • Did you meet the thinking requirements of the essay?
  • Did you explain the points clearly?
  • Are the points you raised in your essay generic or contextual?
  • Did you provide adequate examples to illustrate your point?
  • Did you make use of relevant diagrams to explain your points?
  • For essay questions which are based on the Singapore economy, did you provide adequate knowledge of the Singapore context?
  • Did you apply relevant economic concepts and theories in answering the essay question?
  • Did you analyze the issue on hand from a variety of perspectives? (e.g. consumer versus producer, short-term versus long-term, internal versus external)
  • Did you consider both sides of the argument?
  • Did you write an appropriate introduction?
  • Are your paragraphs well-structured and adequately developed?
  • Did you write a well-reasoned conclusion?