Suggested Answers of BT2 Revision Package - ASKnLearn

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Possible non-price determinants of increased demandA rise in income due to economic boom as mentioned in the preamble that the GDPincreased 11.2%. Singaporeans have higher disposable income. The consumers will havehigher purchasing power and higher ability to spend. This causes an increase in demandfor normal goods such as taxis, causing a rightward shift of demand curve.As stated in the preamble, COE prices of cars have seen a sharp increase in 2011. Theimplication is that the prices of the cars have increased and have become relatively moreexpensive. When price of cars increase, this will lead to a fall in quantity demanded forcars. Consumers, given a stronger economy, switch to taking taxis as a substitute for carsand public transportation such as buses and MRT. There will be an increase in demand fortaxis, causing the demand curve to shift right even further.Synthesis (Diagram)Price of taxi (taxi fares)S20S1P2P1D2D10Figure 1: Market for taxisQuantity of taxis
The increase in demand is shown by a rightward shift in demand curve from D1 to D2 andthe decrease in supply is shown by a leftward shift in supply curve from S1 to S2, resulting ina price increase from 0P1 to 0P2.Comment: Students can write an increase in supply with explanations however they need toexplain that the increase in demand dominates the increase in supply to explain an increasein taxi fares for top L3 marksLevel Description Marks3 Well developed explanation of both Demand and Supply factors(4 in total) with clear link to evidence from the pre-amble.7-10Top marks for the synthesis of the effects (net effect on supply)2 Well developed explanation of either determinants of Demand orSupply5-6ORUndeveloped explanation of both Demand and Supply factors1 Only explains either demand or supply determinants withconceptual errors1-4
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ST ANDREW’S JUNIOR COLLEGEH1 ECON
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demand for hotel accommodation. The
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Cost/Benefits/$ Welfare loss MSC =
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more than proportionate fall in qua
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Price S P 1 P 2 D 1 D 2 Market for
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ERP• Works by charging drivers an
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2010 YJC Prelims H1 Paper CSQ1: Hou
Page 15 and 16: quantity transacted increases and h
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 and 24: Marks Scheme:L3( 7 - 8m)L2(4 - 6m)L
Page 25 and 26: conclusion about absolute value of
Page 27 and 28: • Germany’s revival has been bu
Page 29 and 30: ising making labour relatively more
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
Page 39 and 40: The higher spending, translating in
Page 41 and 42: 2010 RI (JC) Prelims H1 Paper CSQ2:
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
Page 49 and 50: Section B: EssaysMicroeconomics:1.
Page 51 and 52: Roads for Cars A X B Other infra
Page 53 and 54: With reference to Figure 2 above, (
Page 55 and 56: Conclusion:The future impact in the
Page 57 and 58: ConclusionSummarise and link to par
Page 59 and 60: Explain causes ofan increase in pri
Page 61: (b) Discuss the view that price con
Page 64 and 65: Take astandConclusionPrice ceiling
Page 68 and 69: Suggested answer (b)Price elasticit
Page 70 and 71: Limitations of non-pricing strategi
Page 72 and 73: Internet broadband connectionFoodEf
Page 74 and 75: 3. Antithesis: success of policy do
Page 76 and 77: EvaluationE2For a reasoned judgemen
Page 78 and 79: LevelsL3(7m - 10m)L2(5m - 6m)L1(1m
Page 80 and 81: Subsidies to ConsumersWith governme
Page 82 and 83: ooEspecially when demand is price i
Page 84 and 85: Therefore the market is said to be
Page 86 and 87: (b) INTRODUCTIONTo address the prob
Page 88 and 89: However, a total ban does not makes
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Page 94 and 95: Besides the above, an increase in t
Page 96 and 97: lower standard of living. This is e
Page 98 and 99: (9) 2011 VJC Prelim H2 Paper Q4Sing
Page 100 and 101: Explain how policies bring about ac
Page 102 and 103: ConclusionTo have sustained actual
Page 104 and 105: full employment, a country also
Page 106 and 107: è The boost to exports & FDI impro
Page 108 and 109: (11) 2011 HCI Prelim H1 Paper Q4Inf
Page 110 and 111: Thesis (3) -Threat to improvement i
Page 112 and 113: 2 different approach to conduct mon
Page 114 and 115: 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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