Suggested Answers of BT2 Revision Package - ASKnLearn

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lower standard of living. This is especially true for developed economies where the birthrates seem to be at record low. However, on the other hand, it seems unlikely thatpopulation will decline at a rapid rate given the modern developments in healthcareservices, as evident by a low infant mortality rate worldwide.Second, prices could have fallen more than the fall in nominal income, resulting in a rise inreal income. This is especially applicable to the situation of a recession when the economymay face periods of deflation as well. It does not necessarily mean that SOL hasdeteriorated when real NY has fallen because real income of the people could haveincreased and they can buy more goods and services than before.In addition to the above quantitative aspects, improvements made in the qualitative aspectscan also bring about higher SOL. These include better quality of goods and services, shorterworking hours, better working conditions, a more politically and socially stable society andhigher quality of lifestyle, which cannot be inferred from the NY figure.The quality of goods and services consumed may have improved even though the NY hasdecreased. Such improvements in products and customer services help bring about a higherlevel of satisfaction which contributes to the well being of the society. For example, althoughNY of a particular country may have decreased, the consumers may still get to enjoy a widerrange and better quality of the goods like hand-phones and laptops etc as the producerscontinue to innovate in the hope of stimulating the economy. This is highly probable giventhe level of high competition in the market. When the level of consumption isdeclining, producers may seek to develop their products instead so that they canretain their market share.Standard of living can also improve if shorter working hours are implemented. For instance,5- day workweek for the civil service recommended by the Singapore government someyears ago has certainly help to improve the quality of life. In addition, quality of life can alsoimprove if the relevant authorities of the country ensure better working and living conditionsin terms of safety and cleanliness.Another aspect that can cause SOL to improve despite a lower NY is a moreenvironmentally friendly community and greener society. This can come about by a higherliteracy rate and society being more aware about green issues. In addition, with a betterenvironment, it helps increase life expectancy, bringing about higher quality of life.Regulation like clamping down on motorists emitting large amounts of fumes can alsohelp bring about a better environment.To conclude, a lower circular flow of income and expenditure does not necessarily mean alower SOL. This is because the figures fall short of being good indicator in measuring thequantitative aspect. In addition, the figures have neglected the qualitative aspect. Other
indicators like the Gini ratio, pollution index and length of working hours should besupplemented to better interpret the statistics especially for standard of living.Alternatively, other indicators like the human development index and measure ofeconomic welfare can be used instead.Level 3For a developed answer that shows a lower NY does notnecessarily mean a lower SOL. Answer should include bothquantitative and qualitative aspects.7-9Level 2For an undeveloped answer that shows a lower NY does notnecessarily mean a lower SOL. Answer should include bothquantitative and qualitative aspects.4-6For a developed answer that shows a lower NY does notnecessarily mean a lower SOL, but the answer only covers oneaspect of SOLLevel 1 Smattering of valid points. 1-3E2 For an evaluative assessment based on economic analysis 3-4E1For an unexplained assessment or one that is not supported byanalysis1-2
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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
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quantity transacted increases and h
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with the large amount of subsidies
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(b) With the help of a diagram, ana
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Hence as long as the West is willin
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Marks Scheme:L3( 7 - 8m)L2(4 - 6m)L
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conclusion about absolute value of
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• Germany’s revival has been bu
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ising making labour relatively more
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(ii)With reference to the data, ass
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L3L2L1EA balanced discussion of the
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(b)Explain how a rise in interest r
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(d)Consider whether the evidence in
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The higher spending, translating in
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2010 RI (JC) Prelims H1 Paper CSQ2:
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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 66 and 67: Possible non-price determinants of
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
Page 90: (7) 2011 IJC Prelim H2 Paper Q3
Page 94 and 95: Besides the above, an increase in t
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
Page 116 and 117: • Real-‐wage unemployment o
Page 118 and 119: Knowledge, Application, Understandi
Page 120 and 121: aggregate demand in U.S. and decrea
Page 122 and 123: Marking SchemeL3Well developed expl
Page 124 and 125: Conclusion on demand management pol
Page 126 and 127: E2 For an evaluative assessment bas
Page 128 and 129: Long run• Provided higher course
Page 130 and 131: • Exchange rate policy may not be
Page 132 and 133: economic growth, a fall in demand-d
Page 134 and 135: Illustration:Assumptions:• Only t
Page 136 and 137: (18) 2011 DHS Prelim H2 Paper Q1Sin
Page 138 and 139: Singapore does not specialise c
Page 140 and 141: As output increases, real national
Page 142 and 143: oooHigh level of integration in
Page 144 and 145: 2010 IJC Prelim 2010 H2 Paper Q6(a)
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à growing affluence àrise in dema
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