Suggested Answers of BT2 Revision Package - ASKnLearn

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Level Marks DescriptorsL3 9-10 Excellent analysis, coherent structure and good exemplification7- 8 Answer is contextual and has both adequate scope and depth ofanalysis and no major conceptual flaws/errors.L2 6 Answer is contextual and has depth but is lop-sided e.g. did notexplore the use of the 3 concepts adequately.5 Answer is contextual and has adequate scope or breadth but lackingin depth of analysis.L1 4 Answer is contextual but is too superficial; sketchy and lacking incoherence. Have glaring conceptual errors/flaws.3 Too descriptive or generic ( i.e. non-contextualized)0- 2 Mostly irrelevant answer(b) COEs are quotas fixed by the government to control car ownership. Thegovernment intends to introduce a new measure to reduce the number of COEs. Inview of weakening US recovery, analysts are unsure of its impact.Using demand and supply analysis assess the impact of these events on the marketfor COEs and COE revenue collected by the government. [15]Suggested Answer:Demand of COEs is a derived demand for cars. This means that the demand of COEs is aresult of the demand for cars.The weakening US recovery will have a negative impact on Singapore’s economy. A weakereconomic performance will bring about both less wage increment and lower level ofemployment. As a result, consumers maybe more cautious in making purchases like cars.This will lead to a negative impact on the demand for normal goods such as cars. This willcause the demand for cars decrease and thus a decrease in the demand for COEs.Price S 1 P 1 A P 2 B D 1 D 2 O Q s Figure 2: the market for COE Qty
With reference to Figure 2 above, (assuming that ss remain constant), the supply for COEs isperfectly inelastic at Qs, as the quantity is determined by the government. Hence, the price ofthe COEs is determined by the level of demand. Given the decrease in demand in the currentquarter due to reasons given above, the price of COE will decrease from P 1 to P 2 while thequantity remains at Qs. As the PED of cars is elastic (since car is not a necessity and it takesup a large portion of income), the demand for COE is likely to be elastic too.The lower demand will be accompanied by the actual cut in the supply for COEs in light of thenew quota system..Price S 2 S1 P 2 P 1 D 1 O Qs’ Q s Figure 3: the market for COE Qty
Page 1 and 2: ST ANDREW’S JUNIOR COLLEGEH1 ECON
Page 3 and 4: demand for hotel accommodation. The
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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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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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economic growth, a fall in demand-d
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(18) 2011 DHS Prelim H2 Paper Q1Sin
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As output increases, real national
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