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Introduction Singapore has a small population of about 5 million people as well as a small geographical area of only 704 km sq. This disadvantaged her in terms of the availability of resources and size of domestic market. Due to these constraints, the Singapore economy has to be open which means that the country is […]
Synopsis: Students are expected to provide detailed illustration of how various protectionistic measures, such as tariff and quota, can be implemented by developed countries to correct the BOP deficit. Adequate limitations of such measures in correcting BOP deficit must be discussed, especially the issue of loss of CA by developed nations. Students are to provide
1) Explain causes of falling interest rates and rising labour productivity briefly Falling interest rates: Since the MAS targets Singapore’s exchange rate as their primary monetary policy tool, they give up control over the interest rate. Two things affect the interest rate in Singapore which has a very open economy with a well-developed financial system:
Intro Explain Market Failure Explain causes of market failure Nature of Singapore economy Body Identify 3 causes of market failure faced in Singapore recently, related to globalisation such as: Explain each cause in detail: Conclusion
Introduction exploiting consumers Thesis: Monopolies exploit consumers, and hence should be disallowed. Antithesis: Monopolies can actually bring benefits to consumers, and should be allowed to persist. Synthesis:
Introduction (i) reduce the consumption of casino gambling (ii) improve inequality in the distribution of income Body
Explain why government intervention is advocated in the market for casinos. Read More »
Intro: Recognize that there are some similarities and differences between how exchange rates are determined in both Singapore and USA. The similarities can be broadly classified as the similar impacts that the free market mechanism has on both exchange rates and the key difference is the different exchange rate systems for both countries. Body: Similarities:
Compare how exchange rates are determined in Singapore and USA. Read More »
Introduction Market failure occurs when the operation of the market fails to achieve economic efficiency in the allocation of scarce resources i.e. it is possible to change the existing resource allocation to make someone better off without making someone else worse off. There are a few causes of market failure including market dominance and imperfect
Explain how market dominance and imperfect information can lead to market failure. Read More »
