Promotional Exam Econs

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ST ANDREW’S JUNIOR COLLEGE H1 ECONOMICS (8819) JC1 Promotional Examinations Revision Package 2011 Contents Section A: Case Studies 1. 2007 TPJC Prelims H1 Paper CSQ1: China’s Water Woes 2. 2007 GCE A-Level Paper H1 CSQ1: International Tourism (covered in Lecture) 3. 2008 CJC Prelims H1 Paper CSQ1: The Illegal Drug Market 4. 2009 RVHS Year 5 End of Year Exams Paper CSQ1: Challenges of the Agricultural Sector Section B: Essays 1. 2006 SAJC H1 Final Exams: Application of Demand and Supply – Price Control 2. 2008 SRJC H1 Prelims: Market Failure 3. 2008 A Levels H2 Essay: Elasticity of DD and SS 4. 2009 PJC H1 Prelims: Theory of DD and SS, Price Elasticity of DD and SS and Market Failure 5. 2009 HCI H1…show more content…
MSC=MPC +MEC (MEC) to the third party, in this case, ruined crops of farmers, health problems etc. • From Fig 2, MSC is above MPC. Private equilibrium occurs at Qp where MPB = MPC. The socially optimum level, however, occurs at Q*where MSB = MSC. There is an overproduction of the good. At the private output Qp, MSC>MSB and society will be better off if one less unit is produced. For all the additional units produced in excess of Q*, the welfare loss is represented by triangle abc. (c)(i) If you were the Minister for Environment, explain whether the water industry should be privatised. (indicated in the revision package to ignore this qn.) [6] (c)(ii) Evaluate the effectiveness of the current measures taken by the government as mentioned in Extract 1 as well as one other measure to reduce water pollution in China. [8] • Students to be able to comment on the advantages and disadvantages of the current measures taken (i.e. imposing water quality standards, forcing heavily polluting industries to close, expand the use of alternative sources such as rainwater and recycled sewage) and to evaluate. • Students to be able to explain one other measure and to evaluate the effectiveness of those measures (for example, imposing a tax or pollution permits). • Imposing water quality standards - Advantages: Ensure that the current water supply available will be of a

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