Resources

Economics

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.

Economics

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

Economics

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.

Economics

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?