Tuition Center Singapore A Level H2 H1 Economics Tuition – Circular Flow of Income/SOL/Indicators

2007-2014 Compilation of A level Essay Questions 

TYS N2014

In 2011, Singapore’s GDP at 2005 prices grew by 4.9%, the total population grew by 2.5%, inflation (as measured by the consumer price index) was 5.2% and overall unemployment stood at 1.9%.

Source: http://www.singstat.gov.sg/stats/latestdata.html, accessed 30 January 2013

Discuss the limitations of these statistics in both assessing the change in the standard of living in the Singapore economy in 2011 and comparing it with that of other economies. [25]

TYS N2014

• Economies consist of several key sectors such as households, firm, government and the rest of the world. Explain the relative importance of these key sectors of the circular flow of income in determining the national income in Singapore. [10]
• Discuss the likely effects on Singapore’s national income and its components when its exchange rate appreciates. [15]

TYS N2012

• How do economists compare the economic performance of different countries? [10]
• Assess the extent to which Singapore’s economic performance is the main determinant of its population’s standard of living. [15]

TYS N2011

‘The Singapore economy is open to the world, in trade and investment. This is both a matter of policy and necessity because of our size and limited resources. In 2008, our trade to GDP ratio was 360%, the highest in the world.’ (Ministry of Trade and Industry, Singapore, 2009)

Discuss whether the openness of the economy is beneficial or harmful to the standard of living in Singapore. [25]

TYS N2009

The relative importance of the components of the circular flow of income for a small and open economy, such as Singapore, is likely to be different from a large and less open economy, such as the USA.

• Explain this statement. [10]
• Assess whether a change in the external value of its currency is more likely to have a larger impact on Singapore or USA. [15]

TYS N2009

Economic measures of the Singapore economy for 2007 indicate that GDP was S$243 billion. The current account on the balance of payments was S$59 billion in surplus.

• Explain how you might use GDP and balance of payments data to measure the performance of an economy. [12]
• Assess whether these economic indicators are the best measures of economic performance and standard of living in Singapore. [13]

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