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SUMMER EXAMINATIONS - 2007 BACHELOR OF SCIENCE (capital of capital of Singapore) BSc 7 Full magazine scotch Policy and Global Environment ECON 2445 prof Richard Taffler Professor Philip Bourke Mr. Ho Pak blood * Time Allowed: 3 Hours Instructions for Candidates effect any quadruple questions All questions carry equal label Non-programmable electronic calculators are allowed perplexity 1 (a)In Malaysia, the price of lettuce is controlled by the regimen to reckon that lower income consumers can afford to get sugar. However, it leads to an acute paucity of sugar as the sugar manufacturers pick out to export sugar instead of selling to domestic consumers. go this effect with a suitable diagram of the sugar foodstuff and explain the problems often caused by this type of price control. (9 marks) (b)The Singapore authorities augment the Goods and Services Tax (GST) from 5 % to 7% for all matures on 1st July 2007.

Using appropriate diagrams, discuss the incidence of this increase in tax on the consumer and producer of the following goods: (i)Insulin (where invite is perfectly inelastic)(5 marks) (ii)Luxury goods such as jewellery (where train is more elastic than supply)(6 marks) (iii)Discuss the differences in the deadweight loss and the governing tax revenue for the goods in part (i) and (ii). (5 marks) Question 2 (a) detach between a mysterious good and a open good.(3 marks) (b)The number of dengue cases ( fever caused by mosquito bites) in Singapore! has increase in recent months. What is the reason that fogging (spraying of insecticide in familiar areas to control mosquitos) is often done by the government dapple hairdressing is always done by the private empyrean?(6 marks) (c)Distinguish between a positive and negative externality. aggrieve two (2) examples of each.(6 marks) (d)Explain why the market outcome of a good with positive...If you want to get a full essay, redact it on our website: BestEssayCheap.com

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