ACJC 2022 Adapted

Evidence has shown that the workers’ participation rate for skills upgrading workshops is generally low, mainly due to ‘short- sightedness’ by both firms and employees. Firms are worried that trained workers quit to join the competitors. Training subsidies provided are also unevenly distributed to different industries.

(b) Discuss whether free provision for upgrading workshops is the best policy to increase efficiency in the skills training market. [15]

TYS 2019 6a

Globalisation has been a major influence on Singapore’s economic performance. The uncertainty and instability happening around the world in recent years could threaten the economic benefits that globalisation brings.

a) Explain two different factors that have enabled globalisation to occur. [10]

TYS 2022 3b

Street lighting is considered to be a public good. However, there are also negative externalities resulting from the generation of electricity for the lighting on the environment and the effect of bright street lights on wildlife.

b) Discuss the extent to which a government should intervene in the market to ensure that the benefits of street lighting can be obtained while minimising the negative impacts. [15]

TYS 2022 6a

Singapore’s Prime Minister has stated that ‘Globalisation will be under pressure, but it is imperative for countries to cooperate, for businesses to operate across many generations, to tap  resources, to bring skills and talents and experiences together, and then serve markets all around the world.’
a) Explain the benefits and costs of globalisation to Singapore. [10]

TYS 2020 Q4b

The rate of unemployment in more than 50 of the world’s countries, including several European countries, exceeds 10%. Governments face a difficult decision about whether income tax rate cuts are the most effective policy measure to reduce unemployment to more acceptable levels.

b) Discuss whether a reduction in the rate of income taxes is likely to be the best policy measure to reduce high unemployment in a country. [15m]

ASRJC 2021

The Ministry of Education is stepping up its provision of MOE kindergartens and increasing subsidies to provide more affordable and quality early childhood education as research shows that it is crucial for a good start in life.

(a) Explain why some governments deem early childhood education as a merit good that is underconsumed in the market. [10]

TYS 2023 6b

The use of expansionary demand-side policies designed to achieve economic growth or to lower unemployment may lead to undesirable consequences.

b) Discuss whether expansionary supply-side policies would be effective in achieving the macroeconomic policy aims of an economy. [15]

ACJC 2022 Adapted

Evidence has shown that the workers’ participation rate for skills upgrading workshops is generally low, mainly due to ‘short- sightedness’ by both firms and employees. Firms are worried that trained workers quit to join the competitors. Training subsidies provided are also unevenly distributed to different industries.
(a) Explain how the market for skills training may fail.

TYS 2020 Q5

(b) Discuss the policy measures that Singapore’s government should take to address the economic consequences of these population changes on its economy. [15]

JPJC 2024 Prelim Q2a

The price mechanism allocates scarce resources in a free market through its signalling, incentive, and rationing functions. However, it may not always achieve the microeconomic goal of efficiency. Therefore, government intervention is often required to ensure efficient resource allocation.

(a) Explain what is involved in rational decision-making by economic agents such as consumers and producers. [10]

YIJC 2024 prelims Q5

In 2022, Singapore’s economy was impacted by global events such as the ongoing supply chain disruptions caused by the Russia-Ukraine war, which led to increased energy prices and inflation. Additionally, the tightening of global monetary policies by major economies, including the Federal Reserve’s interest rate hikes, put further pressure on Singapore’s export-driven economy.

b) Discuss the policies implemented by the Singapore government to mitigate the adverse consequences brought by the above global events.

RI 2024 Q1b

(b) Discuss the extent to which a minimum wage law is more appropriate than a tightening foreign worker quota policy to reduce income inequality in Singapore. [15]

RJC Q5b

Sustainable economic growth relies on government spending in green energy infrastructure, including solar and wind power, as well as transport systems like electric vehicle networks and high-speed rail. Carbon taxes also play a crucial role in promoting eco-friendly practices.

(b) Discuss whether government spending on green energy infrastructure or taxing carbon is the more appropriate policy to achieve sustainable economic growth. 

2016 TYS 1a

The price of a pair of jeans can be as little as S$20 or as much as S$500

(a) Explain what might cause price elasticity of demand and cross elasticity of demand to be different for different products. [10]

NYJC Q3b

The Monetary Authority of Singapore (MAS) has a unique monetary policy framework that focuses on managing the exchange rate rather than interest rates. This approach has implications for the country's macroeconomic objectives.
(b) Assess whether the use of monetary policy to achieve low inflation will lead to trade-offs in the Singapore economy.