Explain ped elastic, gt 1, give example cars, jewelry for cars, it faces many close substitutes of modes of transport such as trains and buses. A change in price would lead to a more than proportionate change in quantity demanded. A change in price would lead to a less than proportionate change in quantity supplied. past year question amp answers: meaning, to conquer economics knowledge, exam skills and time management, within the typical time frame of 2 years in junior college jcs , it is a tall order. Feel free to use all the past year exam question papers for your answer modeling needs. Explain ped elastic, gt 1, give example cars, jewelry for cars, it faces many close substitutes of modes of transport such as trains and buses. Extract 1: universal health care extract 2: some health care statistics extract 3: should the provision of health care be to the market? extract 4: the singapore health care system a using table 1, compare the total heath spending in singapore and malaysia.

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2 ii with the help of an example, explain how positive externalities arise in health care. 4 i discuss the case for subsidising the provision of products that generate positive externalities. 8 c the singapore government uses regulation of the supply of health care services instead of relying solely on influencing the demand for them by their citizens. 6 d discuss the view that providing health care free to the user leads to an efficient allocation of an economy’s resources.

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8 question 2 asia’s economics performance and prospects extract 6: world economy still not recovered extract 7: emerging asian economies on the rebound a i using table 2, identify which of the countries shown has the highest and which the lowest gnp per capita. 1 ii explain two other pieces of information, one from table 2 and one not from table 2, that would be useful in assessing living standards in a country such as malaysia. 4 b explain two ways in which foreign direct investment would benefit a country such as china. 4 c explain the likely macroeconomic impact of an increase in investment by smes in asia resulting from government policies to promote their ‘adoption of productivity enhancing modern technologies’. 5 d explain, and comment on, the suggestion in extract 7 that ‘aggressive fiscal and monetary stimulus … works more effectively in asia than elsewhere because households … are more inclined to spend extra income than save it’. 8 e extract 7 explain how the export dependent, emerging asian economies have recovered from recession faster than western economies.

To what extent do you agree with the conclusion that the ‘crisis has reinforced the shift of economic power from west to east’’ 8 government frequently impose indirect taxes in order to influence the pattern of consumers’ expenditure. The effectiveness of such policy measures, however, depends crucially on how consumers respond. A explain with the help of examples the concepts of price elasticity of demand and price elasticty of supply. 10 b discuss the view that government efforts to interfere in the working of the free market through indirect taxation inevitably create more problems than they solve.

15 a explain how the concept of opportunity cost can be used to analyse the basis for trade between two countries. 10 b suppose a country such as singapore were to experience a significant fall in demand for its exports. Discus the advantages and disadvantages of a government decision to respond by reducing the external value of its currency.

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