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H1/H2 Scarcity, Choice & Opportunity Costs Ace Responses

Scarcity, Choice & Opportunity Costs

H1/H2 Scarcity, Choice & Opportunity Costs Ace Responses

Scarcity, Choice & Opportunity Costs - Table of Contents
S/No Questions Question Type 1 : Essay Type Questions for Resource Allocation 1 Explain what is meant by the basic problem of scarcity [10] Question Type 2 : Opportunity Costs 1 You have just obtained your GCE A-Level results. You qualify to enter the University. If you study in the University for 4 years, the tuition fees will cost $40,000. Alternatively, instead of entering the University, you have the option to work as a data entry clerk where you will earn $1,000 per month. What is the economic cost of your University degree? [3] In Britain, the National Health Service (NHS) provides free healthcare to all. What is the opportunity cost of consumption of heathcare to society? Explain your answer. [3] Question Type 3 : Given a scenario and required to illustrate the impact
Challenging Economics Essay ‘A’ Level

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on PPC [10 Examples]
(a) (b) (c) The Singapore government decides to decrease the average retirement age [2] An increase in unemployment in Singapore due to the poor economic outlook [2] The Singapore government increases subsidies to encourage firms to train their workers [2] There is a discovery of new resources within a country [2]
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H1/H2 Scarcity, Choice & Opportunity Costs Ace Responses
(e) (f) (g) (h) (i) (j) There is a war happening in a country [2] The government decides to raise the education level in a country [2] A natural disaster occurs in a country [2] Technological improvement in a country [2] Technological improvement in only Good X [2] Technological improvement in only Good Y [2]
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H1/H2 Scarcity, Choice & Opportunity Costs Ace Responses
Question Type 1: Essay Type