JC Economics essays

Discuss the view that high-speed economic growth will not solve a country’s unemployment problem.        

Introduction: High-speed economic growth may bring about large increases in employment levels but growth alone may not solve the unemployment problem completely. In fact, high-speed growth could sometimes worsen unemployment problems. Body: Thesis: High-speed economic growth will solve a country’s unemployment problem Antithesis: High-speed economic growth will not solve a country’s unemployment problem Conclusion/Synthesis: Whether …

Discuss the view that high-speed economic growth will not solve a country’s unemployment problem.         Read More »

Discuss the effects of globalisation on income distribution within and across countries and the policies a government can adopt to tackle these effects.      

Introduction Define Globalisation: Increasing integration of national economies in terms of financial flows, trade, movement of factors of production, ideas and changes in information and technology. Body Discuss the effects of globalisation on income distribution across and within countries Across countries How Developed countries may experience higher economic growth as compared to Developing countries How …

Discuss the effects of globalisation on income distribution within and across countries and the policies a government can adopt to tackle these effects.       Read More »

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 »

Explain why the objectives of a firm in a perfectly competitive market may be different from the objectives of a firm in an imperfect market structure.

INTRODUCTION: Differences in characteristics : Imperfect information, Number of firms , Barriers to entry à size of market power PC firms àprice takers; imperfectly competitive firms àprice makers DEVELOPMENT: Traditional economic theory: All firms, perfectly competitive firms and imperfectly competitive firms à make their output decision based on same objective of profit maximizing.   Define …

Explain why the objectives of a firm in a perfectly competitive market may be different from the objectives of a firm in an imperfect market structure. 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 »