2014 A level H2 Economics Review: Macroeconomics Qn 4

The following data relate to the Singapore economy in 2011

$ billion
Private Consumption Expenditure 129
Gross Fixed Capital Foundation 77
Government Consumption Expenditure 34
Exports of goods and services 531
Imports of goods and services 444
GDP 327

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2014 A level H2 Economics Review: Microeconomics Qn 2

In 2012 the UK had a very poor harvests for grain and potatoes, which are major ingredients of many of the foods of UK consumers and also Grainsprovide feed for much of Britain’s livestock. At the same time, there was a decline in real incomes of many UK citizens, especially those on low incomes.

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2014 A level H2 Economics Review: Microeconomics Qn 3

There is considerable agreement over the need for government to provide public goods. There is less agreement over the extent to which markets fail because of imperfect information.

a) Explain why markets fail in case of public goods and where information is imperfect. [10m]

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2013 A level H2 Economics Review: Microeconomics Qn 2

The Urban Redevelopment Authority (URA) announced that prices of private residential properties in Singapore rose by 1.3% in the third quarter of 2011, but the rise in prices has been slowing for eight consecutive quarters. At the same time it reported that the total supply of new private residential properties nearing completion was at a record high.

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2013 A level H2 Economics Review: Microeconomics Qn 1

Economics assumes rationality decision making by consumers, firms, and government.

a) Explain what is involved in rational decision making both by consumers and firms. [10]
b) Discuss whether rational decision making by consumers, firms and government always lead to an efficient allocation of resources. [15]

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