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H2 Economics 2011 Essay


H2 Economics 2011 Essay: A Comprehensive Guide to Writing a High-Scoring Paper




H2 Economics is a subject that examines the application of economic concepts and theories to real-world issues and problems. It requires students to write essays that demonstrate their understanding, analysis and evaluation of various economic topics and issues.




H2 Economics 2011 Essay


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One of the most challenging aspects of H2 Economics is the essay paper, which consists of two sections: Section A (Microeconomics) and Section B (Macroeconomics). Each section has three questions, and students have to choose one question from each section to answer. Each question carries 25 marks, and the total duration of the paper is three hours.


In this article, we will provide a comprehensive guide to writing a high-scoring H2 Economics 2011 essay, based on the past papers and examiners' reports. We will also provide some examples of possible essay questions and outlines for each section.


Section A: Microeconomics




Section A covers topics such as market mechanism, market structures, market failure and government intervention. The questions in this section usually require students to explain how markets work, compare different types of markets, analyse the causes and consequences of market failure, and evaluate the effectiveness of government policies.


Some of the common skills that are tested in this section are:


  • Drawing and interpreting demand and supply curves



  • Calculating and interpreting price elasticity of demand and supply



  • Identifying and explaining different types of market structures (perfect competition, monopoly, monopolistic competition, oligopoly)



  • Analysing the behaviour and performance of firms in different market structures (profit maximisation, price discrimination, collusion, etc.)



  • Identifying and explaining different types of market failure (externalities, public goods, asymmetric information, etc.)



  • Evaluating the costs and benefits of government intervention (taxes, subsidies, regulation, etc.)



Some of the possible essay questions for Section A are:


  • Consumers and producers are generally assumed by economists to be motivated by self-interest. (a) Explain how, according to economists, the pursuit of self-interest can help to address the problem of limited resources and unlimited wants. [10] (b) Assess whether the price mechanism will always allocate scarce resources in the most efficient manner for all goods and services in a market economy. [15]



  • Explain how a firm operating in a monopolistic competitive market can achieve both productive efficiency and allocative efficiency in the long run. [10] Discuss whether such a market structure is desirable for society. [15]



  • Analyse the causes and consequences of negative externalities arising from the consumption and production of electricity. [15] Evaluate the effectiveness of different policies that can be used to correct this market failure. [10]



Example outline for question 1(a)




Introduction:


  • Define self-interest, limited resources, unlimited wants and scarcity



  • State that scarcity is the central problem of economics that requires allocation of resources



  • State that economists assume that consumers and producers pursue their self-interest in a free market economy



  • State that this can help to address the problem of scarcity by allocating resources efficiently



Body:


  • Explain how consumers pursue their self-interest by maximising their utility (satisfaction) subject to their budget constraint



  • Explain how producers pursue their self-interest by maximising their profit subject to their cost constraint



  • Explain how the price mechanism coordinates the decisions of consumers and producers by equating demand and supply at equilibrium price and quantity



  • Explain how this leads to allocative efficiency (where marginal social benefit equals marginal social cost) and productive efficiency (where firms produce at minimum average cost)



  • Use diagrams to illustrate the above points



Conclusion:


  • Summarise how the pursuit of self-interest can help to address the problem of scarcity by allocating resources efficiently



  • Acknowledge that this is based on certain assumptions such as perfect information, no externalities, no market power, etc.



Example outline for question 1(b)




Introduction:


Define price mechanism, scarce resources, efficient allocation


State that price mechanism is a system where prices are determined by demand and supply forces


State that efficient allocation is where resources are used to maximise social welfare


State that price mechanism may not always allocate scarce resources efficiently for all goods and services in a market economy


State that this depends on whether there are market failures or not


Body:


Explain how price mechanism can allocate scarce resources efficiently for private goods that have no externalities


Use diagrams to show how equilibrium price and quantity reflect marginal social benefit and marginal social cost


Explain how price mechanism may fail to allocate scarce resources efficiently for public goods that have positive externalities


Use diagrams to show how equilibrium price and quantity are lower than socially optimal level due to free rider problem


Suggest possible solutions such as government provision or subsidies


Explain how price mechanism may fail to allocate scarce resources efficiently for demerit goods that have negative externalities


Use diagrams to show how equilibrium price and quantity are higher than socially optimal level due to external costs


Suggest possible solutions such as taxes or regulation


Conclusion:


Summarise how price mechanism may or may not allocate scarce resources efficiently depending on whether there are market failures or not


Acknowledge that there may be trade-offs between efficiency and equity or other objectives


To be continued...




Section B: Macroeconomics




Section B covers topics such as national income accounting, aggregate demand and aggregate supply, macroeconomic objectives, macroeconomic policies and international trade. The questions in this section usually require students to explain how macroeconomic variables are measured and determined, analyse the performance and problems of an economy, and evaluate the effectiveness and limitations of macroeconomic policies.


Some of the common skills that are tested in this section are:


  • Drawing and interpreting aggregate demand and aggregate supply curves



  • Calculating and interpreting macroeconomic indicators (GDP, inflation, unemployment, etc.)



  • Identifying and explaining different macroeconomic objectives (economic growth, price stability, full employment, balance of payments equilibrium, etc.)



  • Analysing the causes and consequences of macroeconomic problems (recession, inflation, unemployment, balance of payments deficit, etc.)



  • Evaluating the costs and benefits of macroeconomic policies (fiscal policy, monetary policy, exchange rate policy, supply-side policy, etc.)



  • Identifying and explaining different international trade theories (absolute advantage, comparative advantage, terms of trade, etc.)



  • Analysing the effects of international trade policies (tariffs, quotas, subsidies, etc.)



Some of the possible essay questions for Section B are:


  • Explain how a country's national income accounts can be used to measure its economic performance. [10] Discuss the limitations of using national income accounts as an indicator of economic welfare. [15]



  • Analyse how an increase in government spending can affect the macroeconomic performance of an economy. [15] Evaluate the effectiveness of fiscal policy as a tool to achieve macroeconomic stability. [10]



  • Analyse the benefits and costs of free trade for a small open economy. [15] Evaluate the arguments for and against protectionism. [10]



Example outline for question 2(a)




Introduction:


  • Define government spending, macroeconomic performance and economy



  • State that government spending is one of the components of aggregate demand (AD)



  • State that macroeconomic performance can be measured by various indicators such as GDP growth, inflation rate, unemployment rate and balance of payments position



  • State that an increase in government spending can affect the macroeconomic performance of an economy through its impact on AD and aggregate supply (AS)



Body:


  • Explain how an increase in government spending can increase AD and cause a multiplier effect on national income



  • Use diagrams to show how an increase in AD can lead to a higher equilibrium level of output and price level



  • Explain how an increase in government spending can affect AS depending on the type and timing of spending



  • Use diagrams to show how an increase in AS can lead to a higher equilibrium level of output and a lower price level



  • Analyse how an increase in government spending can affect the macroeconomic performance of an economy in terms of GDP growth, inflation rate, unemployment rate and balance of payments position



  • Use examples and data to illustrate the above points



Conclusion:


  • Summarise how an increase in government spending can affect the macroeconomic performance of an economy through its impact on AD and AS



  • Acknowledge that the effects may vary depending on the size, nature and timing of spending as well as other factors such as crowding out effect, automatic stabilisers, exchange rate movements, etc.



To be continued...




Conclusion




In conclusion, this article has provided a comprehensive guide to writing a high-scoring H2 Economics 2011 essay, based on the past papers and examiners' reports. We have covered the main topics and skills that are tested in both Section A and Section B of the essay paper, and provided some examples of possible essay questions and outlines for each section. We hope that this article has been helpful and informative for students who are preparing for the H2 Economics 2011 exam. d282676c82


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