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    2011 TJC Prelim H2 Econs Paper 2

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    Declan Raj
    The document is an economics exam paper consisting of two sections with multiple questions. Section A contains three questions about price elasticity of demand, natural monopolies, and market failure from demerit goods and negative externalities. Section B contains three questions about inflation in Singapore, protectionism, and benefits of globalization for the US and emerging economies.

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    2011 TJC Prelim H2 Econs Paper 2

    Uploaded by

    Declan Raj
    206 views3 pages
    The document is an economics exam paper consisting of two sections with multiple questions. Section A contains three questions about price elasticity of demand, natural monopolies, and market failure from demerit goods and negative externalities. Section B contains three questions about inflation in Singapore, protectionism, and benefits of globalization for the US and emerging economies.

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    Economics Prelim P2

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    The document is an economics exam paper consisting of two sections with multiple questions. Section A contains three questions about price elasticity of demand, natural monopolies, and market failure from demerit goods and negative externalities. Section B contains three questions about inflation in Singapore, protectionism, and benefits of globalization for the US and emerging economies.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    206 views3 pages

    2011 TJC Prelim H2 Econs Paper 2

    Uploaded by

    Declan Raj
    The document is an economics exam paper consisting of two sections with multiple questions. Section A contains three questions about price elasticity of demand, natural monopolies, and market failure from demerit goods and negative externalities. Section B contains three questions about inflation in Singapore, protectionism, and benefits of globalization for the US and emerging economies.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    You are on page 1of 3

    TEMASEK JUNIOR COLLEGE

    Preliminary Examination 2011


    General Certificate of Education Advanced Level
    Higher 2

    ECONOMICS

    9732/02

    Paper 2: Essay Questions

    Additional Materials:

    Tuesday 20 September 2011


    2 hours 15 minutes

    Answer Paper, Cover Sheet

    READ THESE INSTRUCTIONS FIRST


    Do not turn over until you are told to do so.
    Write your name and CG number on all the work you hand in.
    Write in dark blue or black pen on both sides of the paper.
    You may use a soft pencil for any diagrams, graphs or rough working.
    Do not use staples, paper clips, highlighters, glue or correction fluid.

    Answer three questions in total, of which one must be from Section A, one from
    Section B and one from either Section A or Section B.

    Begin each question on a separate sheet of answer paper.


    At the end of the examination, fasten your work for each question in Section A and Section B
    separately.
    The number of marks is given in brackets [ ] at the end of each question or part question.

    This document consists of 2 printed pages.

    TJC 2011

    [Turn Over]

    2
    Answer three questions in total.
    Section A
    One or two of your three chosen questions must be from this section.

    Using the concept of price elasticity of demand, assess with relevant diagrams the usefulness
    of output taxes and subsidies in achieving a more equitable outcome for society.
    [25]

    A regulated natural monopoly achieves allocative and productive efficiency in an equitable


    manner, hence it is better than all other market structures. Discuss.
    [25]

    (a)

    Analyse, with examples, how demerit goods and negative externalities might lead to
    market failure.
    [10]

    (b)

    Assess the need to change the current policies used by the Singapore government in
    dealing with the market failure arising out of demerit goods and negative externalities. [15]
    Section B
    One or two of your three chosen questions must be from this section.

    In December 2010, Singapores inflation rate rose to the highest level in two years, adding
    pressure on MAS to dampen price gains by allowing the Singapore dollar to appreciate further.
    (a)

    Explain the likely causes of inflation in Singapore.

    (b)

    Discuss whether an appreciation of the exchange rate is the best way to achieve price
    stability in Singapore.
    [15]

    [10]

    According to the WTO, restriction of trade is not the cure for economic problems such as trade
    imbalances and high levels of unemployment, but it could easily provoke retaliation, which
    would seriously threaten jobs and growth worldwide.
    (a)

    Explain how and why countries engage in protectionism.

    (b)

    Protectionism is the only viable policy available for a country to reduce both a large trade
    imbalance and high unemployment. Discuss.
    [15]

    [10]

    Globalisation has allowed U.S. firms to capitalize on the rapid growth in emerging markets like
    China, India, and Latin America, and earn much stronger profits than if they had been totally
    dependent on the struggling U.S. economy.
    Discuss the extent to which the US and the emerging economies benefit from such
    globalization.
    [25]

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