economics tutor singapore

Discuss the view that GDP has little value in the assessment of standard of living because it tells us nothing about quality of life.

Define GDP. Define standard of living. Interpret question: GDP data can provide a fairly good assessment of material well- being and hence SOL  if an appropriate statistics  such as  real GDP per head is used. However, need to register some reservations because real GDP per head has measurement & usage problems, it ignore quality of …

Discuss the view that GDP has little value in the assessment of standard of living because it tells us nothing about quality of life. Read More »

In 2007 the rate of Goods and Services Tax (GST) in Singapore rose from 5% to 7%. Incomes also increased in that year. Explain the likely effect of this change in GST on expenditure by consumers on different types of goods.                      

Increase in GST à fall in supply illustrated by a leftward shift of SS (non-parallel shift) Illustrate with a diagram. Explain diagram. Eqm price of goods increase and eqm qty fall, cp. The impact on total expenditure (TR)  may rise or fall depending on the PED of goods. Goods with price elastic demand i.e. PED …

In 2007 the rate of Goods and Services Tax (GST) in Singapore rose from 5% to 7%. Incomes also increased in that year. Explain the likely effect of this change in GST on expenditure by consumers on different types of goods.                       Read More »

Discuss whether the use of tariffs is the best option to reduce both a trade deficit and a budget deficit.            

Protectionist measure –  tariff – Define tariff  and explain how it works : Evaluation: Other policies: – Trade policy : FTAs Evaluation:             – Supply-side policies Evaluation:             – Exchange Rate policy Evaluation:             – Other policies : contractionary fiscal or monetary policy : reduce Y => lower             Purchasing power => reduce consumption (both …

Discuss whether the use of tariffs is the best option to reduce both a trade deficit and a budget deficit.             Read More »

Explain the key macroeconomic aims of the Singapore government and discuss which policy measures might best be used to overcome the most significant macroeconomic problem that is currently being experienced by the Singapore economy.           

Explain and elaborate on the key macroeconomic aims of the Singapore government and explain the consequences of not achieving these aims High level of employment Low inflation Steady rate of economic growth Satisfactory balance of payments position Minimum fluctuations in exchange rate Discuss which policy measures might best be used to overcome the most significant …

Explain the key macroeconomic aims of the Singapore government and discuss which policy measures might best be used to overcome the most significant macroeconomic problem that is currently being experienced by the Singapore economy.            Read More »

Discuss whether the Singapore government adopts appropriate policies to achieve its microeconomic aims.              

This question requires students to analyse, evaluate and discuss the microeconomic aims of the Singapore government while offering different points of view. The appropriateness of the policies especially with regards to achieving the microeconomic aims must be evaluated and analysed. Students anticipating the higher end of the marks are expected to discuss a variety of …

Discuss whether the Singapore government adopts appropriate policies to achieve its microeconomic aims.               Read More »

Discuss the extent to which monopoly is a realistic market structure in Singapore.

The characteristics of a monopoly Show long run equilibrium of a monopoly. (Diagram) Monopolies are bad for the consumer: Explain the negative consequences of a monopoly Therefore consumers are disadvantaged. Monopoly is more beneficial for the consumer: Explain the advantages of a monopoly Monopoly as a realistic market structure in Singapore Students should discuss the …

Discuss the extent to which monopoly is a realistic market structure in Singapore. Read More »