Revised Microeconomics Notes

Updates
[12/11] Resource allocation: Expanded the initial part on scarcity/resource allocation a little
MF/GI: Additions as follows – point on equity, evaluation on subsidy provision, governmental regulation on imperfect markets.

The old microeconomics summary will still be available here, but updates to the microeconomics notes will be on these files from now onwards.

Part 1: Resource Allocation (75kb)
Part 2: Firms and How They Operate (61kb)
Part 3: Market Failure and Government Intervention (68kb)

International Economics

The section on globalization is rather sparse. You might want to read up on globalization yourself. Alternatively, try this.

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Globalization Summary

copyright Li Kun Man
NB: this set of notes are not CC-Licensed

Missing a section on international labour movements.

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Macroeconomics Essay Outlines 2

NJC Prelims 06
Thanks to Chloe, Iwan and Jun How for helping me look through these.

Q3) In times of recession, a decrease in tax will induce spending and through the multiplier process add to income and create more jobs.
Discuss this argument and consider whether it necessarily implies that it would be better to reduce tax. [25]

Q5)

“China’s economy last year achieved a highly impressive growth rate of around 9%. Domestic consumption and domestic investment continued to form the dominant source of growth. The true inflation rate is probably above 5%. The economy is overheated” (The Straits Times, January 26, 2004)

Discuss the effectiveness of various government policies that could be used to deal with the ‘overheated economy’. [25]

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Cheatsheets: Macroeconomic Objectives

Overviews on the four macroeconomic policies (excluding exchange rates), pretty comprehensive, but additions, corrections and comments most welcome as usual.

Also note that the bottom corner of the window under Consequences that corresponds to external long run effects does not actually refer to the latter (except for BOP), but rather contains points that may be useful to note in discussing the issue.

Inflation (53kb)
Unemployment (44kb)
Economic Growth (40kb)
BOP (40kb)

About Singapore

Updated: 10/11/07

A economics summary thing I did about the things you need to know for Singapore.
Comments, additions and corrections most welcome

Download v3 (58kb)

Economics: Shorthand glossary

Here’s what I hope is a more or less comprehensive glossary of the contractions I use in my notes which I admit may be bewildering at times. The complete glossary after the jump.

RJC JC2 Lecture Test 3 Outline

1. ‘The free market is the most effective way of allocating resources in Singapore.’ Do you agree? [25]

2. Explain the key macroeconomic aims of the Singapore government, and assess whether the Singapore government’s macroeconomic policies have been effective in achieving these aims over the last five years. [25]

Note this is not an officialy provided outline.
Add in evaluative comments yourself. (:
Feel free to discuss/comment.

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Macroeconomics Essay Outlines

Random questions

N2001/0455/3/6b
Comment on the difficulties of comparing living standards between countries. [13]

J2004/0455/4/3c
Analyze the motives that might cause a person to save rather than to spend [6]

J2004/0455/4/3d
What might be the result of a general increase in the level of consumers’ spending in an economy [6]

N1991
a) Explain what is meant by the equilibrium level of national income [10]
b) Analyze the effect on the equilibrium level of income of
i) an increase in the level of savings and
ii) an increase in the level of exports [15]

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Budget and Fiscal Policy

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Macroeconomics, Aims and Issues

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Microeconomics Summary

Please note that updates are no longer being made to this version of the summary. Please refer to the newer version here.

Updated: 24/08/07
Latest Version: 2.0
Changelog: + interrelated supply/demand; + price discrimination

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