Tuition Center Singapore JC H2 H1 Econonics Tuition – Central Economics Problems/Resource Allocation/Market Failure

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Tuition Center Singapore JC H2 H1 Econonics Tuition – Central Economics Problems/Resource Allocation/Market Failure

2007 – 2014 A level H2 Economics compilation of Essays Questions

TYS N2014

There is considerable agreement over the need for governments to provide public goods. There is less agreement over the extent to which markets fail because of imperfect information.

• Explain why markets may fail in the case of public goods and where information is imperfect. [10]
• Evaluate the alternative policies that are adopted by the Singapore government to correct for both of these types of market failure. [15]

TYS N2013

Economics assumes rational decision-making by consumers, firms and government.

• Explain what is involved in rational decision-making both by consumers and by firms. [10]
• Discuss whether rational decision-making by consumers, firms and government always leads to an efficient allocation of resources. [15]

TYS N2012

University education in Singapore throughout the rest of the world is subsidized by national governments rather than left to market forces. During 2010, several governments announced that these subsidies would be cut, stating the need to reduce large fiscal budget deficits as the reason.

Explain why countries subsidize university education and discuss whether reductions in subsidies are justified. [25]

TYS N2011

Consumers and producers are generally assumed by economists to be motivated by self-interest.

• Explain how, according to economists, the pursuit of self-interest can help to address the problem of limited resources and unlimited wants. [10]
• Assess whether the price mechanism will always allocate scarce resources in the most efficient manner for all goods and services in a market economy. [15]

TYS N2010

• Explain why government intervention is advocated in the markets both for public goods and for goods where externalities are present. [12]
• In the UK, entry to national museums and art galleries is free of charge and tickets to see the opera are heavily subsidized. In contrast, in Japan, entry to museums and art galleries comes at a high price and a ticket to see opera is among the most expensive in the world.

Assess the economic case for these two different approaches. [13]

TYS N2009

Governments around the world protect consumers against market failure due to market dominance.

• Analyse, with supporting examples, how market dominance might lead to market failure. [10]
• Assess the extent to which market dominance, rather than any other potential market failure, is the major cause of government intervention in the markets for goods and services within Singapore. [15]

TYS N2008

• Explain why imperfect information and immobility of factors of production may lead to market failure. [10]
• Evaluate policies currently used by the Singapore government to correct these causes of market failure. [15]

TYS N2007

With reference to examples, discuss whether there is a need to change the current policies adopted by the Singapore government to deal with market failure caused by externalities. [25]

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