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2010 NYJC Prelims H1 Paper CSQ2: Economic Recovery in Spain and Germany(ai) What happened to the general price level in Spain in 2009? [1]The GPL in Spain was decreasing in 2009 (Deflation).(aii) Using Tables 3 and 4, explain which country performed the worst in 2009. [3]Spain [1m]Unemployment rate was the highest, [1m]Current account deficit as a percentage of GDP is the highest amongst thecountries. (higher than France whereas Germany had a surplus.) [1m](bi) Compare the trends in labour productivity for Spain and Germany between 2007and 2009. [2]• Labour productivity --Rising ,(Spain ), Falling (Germany) [1m]• Difference in the rate of change more pronounced for Germany(decreased by a large percentage from a positive 1% to - 5%.) compared toSpain (increased from around 0.2% to 3 %) [1m](bii)How far does the data in Figure 3 help to explain the changes in the current accountbalance for Spain from 2007 to 2009?[4]YES --- The current account balance of Spain has improved between2007-2009, (the deficit is decreasing). Figure 3 shows that labour productivityof Spain is rising during this period, this implies a positive relationshipbetween current account betterment & labour productivity. This may bebecause with better labour productivity the cost of production decreases,thus helping Spain to make her exports more price competitive & improvingher current account position. [2m]NO —limited information in Fig 3 which only shows overall labour productivitynot the productivity in different sectors (especially export sector).-- Data also shows Current account figures as a percentage of GDP, so
conclusion about absolute value of current account cannot be made.-- Other reasons that affect current account, e.g. exchange ratemovements,Income changes in other countries, etc. [2m](c)Explain how Europe will be affected by the rising oil and food prices faced by theemerging economies. [4]The rising oil & food prices à higher import expenditure for the emergingeconomies. (Pm increases, PEDm
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Page 3 and 4: demand for hotel accommodation. The
Page 5 and 6: Cost/Benefits/$ Welfare loss MSC =
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Page 9 and 10: Price S P 1 P 2 D 1 D 2 Market for
Page 11 and 12: ERP• Works by charging drivers an
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Page 17 and 18: with the large amount of subsidies
Page 19 and 20: (b) With the help of a diagram, ana
Page 21 and 22: Hence as long as the West is willin
Page 23: Marks Scheme:L3( 7 - 8m)L2(4 - 6m)L
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Page 31 and 32: (ii)With reference to the data, ass
Page 33 and 34: L3L2L1EA balanced discussion of the
Page 35 and 36: (b)Explain how a rise in interest r
Page 37 and 38: (d)Consider whether the evidence in
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Page 43 and 44: This will increase SOL of Chinese a
Page 45 and 46: 2. Appreciation is also needed to d
Page 47 and 48: Increase Real output for Asiaproduc
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Page 57 and 58: ConclusionSummarise and link to par
Page 59 and 60: Explain causes ofan increase in pri
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Page 68 and 69: Suggested answer (b)Price elasticit
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3. Antithesis: success of policy do
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EvaluationE2For a reasoned judgemen
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LevelsL3(7m - 10m)L2(5m - 6m)L1(1m
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Subsidies to ConsumersWith governme
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ooEspecially when demand is price i
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Therefore the market is said to be
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(b) INTRODUCTIONTo address the prob
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However, a total ban does not makes
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(7) 2011 IJC Prelim H2 Paper Q3
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Besides the above, an increase in t
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lower standard of living. This is e
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(9) 2011 VJC Prelim H2 Paper Q4Sing
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Explain how policies bring about ac
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ConclusionTo have sustained actual
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full employment, a country also
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è The boost to exports & FDI impro
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(11) 2011 HCI Prelim H1 Paper Q4Inf
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Thesis (3) -Threat to improvement i
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2 different approach to conduct mon
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Trade PoliciesIn the light of an im
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• Real-‐wage unemployment o
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Knowledge, Application, Understandi
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aggregate demand in U.S. and decrea
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Marking SchemeL3Well developed expl
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Conclusion on demand management pol
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E2 For an evaluative assessment bas
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Long run• Provided higher course
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• Exchange rate policy may not be
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economic growth, a fall in demand-d
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Illustration:Assumptions:• Only t
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(18) 2011 DHS Prelim H2 Paper Q1Sin
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Singapore does not specialise c
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As output increases, real national
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oooHigh level of integration in
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2010 IJC Prelim 2010 H2 Paper Q6(a)
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à growing affluence àrise in dema
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