Hope everybody was able to write well. As usual, the H2 Economics essay questions are local (Singapore) based. May the bell curve work in your favour and good luck for the rest of the remaining exams!
Here are the actual questions.
1. In order for specialisation to be beneficial, it must be accompanied by exchange.
(a) Explain how benefits to the economy can arise from specialisation and exchange. 
(b) Very often these benefits are not fully achieved in domestic and international markets. Discuss the reasons for this. [15m]
2. In 2012 the UK had very poor harvests for grain and potatoes, which are major ingredients of many of the foods of UK consumers and also provide feed for much of Britain’s livestock. At the same time there was a decline in the real incomes of many UK citizens, especially those on low incomes.
Using economic analysis, discuss the impact these events are likely to have had on UK consumers and farmers. [25m]
3. There is considerable agreement over the need for governments to provide public goods. There is less agreement over the extent to which markets fail because of imperfect information.
(a) Explain why markets might fail in the case of public goods and where information is imperfect. [10m]
(b) Evaluate the alternative policies that are adopted by the Singapore government to correct for both these types of market failure. [15m]
4. The following data relate to the Singapore economy in2011.
Private Consumption expenditure $129 billion
Gross Fixed Capital Formation $77 billion
Government Consumption Expenditure $34 billion
Exports of goods and services $531 billion
Imports of goods and services $444 billion
GDP $327 billion
source http://www.singstat.gov.sg/stats/latestdata.html, accessed 30 January 2013
(a) Economies consist of several key sectors such as households, firms, government and the rest of the world. Explain the relative importance of these key sectors of the circular flow of income in determining the national income in Singapore [10m]
(b) Discuss the likely effects on Singapore’s national income and its components when its exchange rate appreciates. 
5. In 2011 Singapore’s GDP at 2005 prices grew by 4.9%, the total population grew by 2.5%, inflation (as measured by the consumer price index) was 5.2% and overall unemployment stood at 1.9%.
source: singstat.gov.sg accessed 30 January 2013
Discuss the limitations of these statistics in both assessing the change in the standard of living in the Singapore economy in 2011 and comparing it with that of other economies. 
6. Since the economic crisis of 2008, rates of economic growth across the world have differed considerably.
(a) Explain the key determinants of actual and potential economic growth. 
(b) Assess the alternative economic policies that the Singapore government could adopt to maintain a sustained rate of economic growth into the future.