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?