One of the most understated skill to do well for H1 Economics is choosing the right question to do. Unlike H2 Economics where you get to choose 3 out of 6, you only have 1 out of 2. Therefore it is of paramount importance that H1 students choose correctly.

I often get questions like, do I choose the question that is easy and popular or do I be an outlier and choose the difficult and unpopular question? My advice is to choose the easy and popular one and make sure you write better than your friend. Never choose the unpopular question which you only know half the answer over the other one. BECAUSE YOU MAY GO OUT OF POINT AND FAIL!

I reckon that most students do not do well because they are choosing the wrong question and as a result do not score maximum marks. Worse still, some choose and change halfway. In this exercise, we shall exercise your choice so as to avoid such catastrophic errors.

For H1 Economics students, there are only 3 things that can happen.

(Best case scenario) You can do both.

(Action) Choose the one which you have the most examples. Do it and don’t look back.

(50/50 scenario) You can do one.

(Action) Do the one you know obviously… and don’t look back.

(Worst case scenario) You do not know both.

(Action) Choose the one which you have an example. Do it and don’t look back. If you can’t think of an example, choose the one where you can relate to your daily life.

There you go. That’s my strategy.

And now, it’s time to put your choice to the test.

 

Choose 1 out of 2

1. What is the difference between a shift in demand and a change in quantity demanded? Explain the factors shifting demand. [10]
An increase in demand for milk will lead to an increase in price. What are the factors leading to an increase in demand for milk? [15]
2. What is economic growth? Distinguish between actual and potential growth. [10]
“Increasing the labour supply, capital stock, and supporting entrepreneurship and oil exploration are the means of economic growth in the long run.” Discuss this statement. [15]

 

Choose 1 out of 2

1) The Singapore government plays an active role in managing road congestion and promoting education for Singapore citizens.

(a) Using the concept of externalities, explain why the Singapore government intervenes in these two areas. [10]

(b) Discuss the view that the best way for the Singapore government to respond to the market failure in education is to provide it for free at all levels. [15]

2 (a) Explain why the external consequences of inflation may seem to be more important than the domestic consequences for the economy of Singapore. [12]

(b) Discuss whether Singapore’s exchange rate policy is effective to deal with inflation stemming predominantly from a tight labour market. [13]

 

Choose 1 out of 2

1 (a) Explain the economic justification for the government intervention in the provision of public goods. [10]

(b) Discuss, to what extent, should private goods be left entirely to the private sector to achieve an efficient allocation of resources? [15]

2(a) Explain the benefits of free trade to a nation. [10]

(b) Discuss the extent to which the Singapore government uses trade to promote economic growth. [15]

 

Choose 1 out of 2

1(a) Explain, with the use of examples, whether all goods and services that are provided by the government are necessarily public goods. [10]

(b) To control the emissions generated by motor vehicles, Singapore’s National Environment Agency (NEA) regulates the type and quality of fuel that can be used in Singapore. It also sets minimum exhaust emission standards for all vehicles, taking stringent enforcement actions against smoky vehicles on the roads.

Discuss the view that rules and regulations is the best way to tackle the market failure described above. [15]

2(a) Explain how Singapore has benefited from the trend towards globalization. [10]

(b) With globalization, certain problems arise. Identify two key problems for Singapore and discuss the view that supply side policies would be suited to address these problems. [15]

 

Choose 1 out of 2

1(a) Explain why economic theory stresses the importance of efficiency in the allocation of resources. [10]

(b) Discuss whether efficient allocation of resources is only possible with the presence of government intervention. [15]

2) Inflationary pressures in Singapore are rising due to higher property and COE prices. Singapore reduced its growth forecast for 2011 as a faltering US economy and the European debt crisis heightened the risks to global expansion.

(a) Explain how inflationary pressures are a threat to sustained economic growth and improvement in living standards. [10]

(b) Assess the effectiveness of the policy options available to deal with both economic threats facing the Singapore economy. [15]