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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