This was covered as Q4 of the Microeconomics component of the Essence Workshop
2023 JPJC Prelims Question
Education serves many key' private and social objectives. The benefits of education accrue not only to individuals, in the form of greater employability and higher wages: but also to society at large.
(a) Explain how the pursuit of self-interest by rational consumers may not lead to an efficient outcome in the education market. [10]
(b) Discuss the view that government intervention in the education market will always lead to efficient and equitable outcomes. [15]
A similar question was tested in the 2023 A Level 9570 H2 A Level Paper 1, question 1f)
Discuss whether equity issues are more important than market failures as a reason for the government to intervene in the market for education. [10]
How the crashcourse attendee in 2023 would have benefited from this coverage
Both the JPJC 2023 Prelims Essay Question and the 2023 A Level H2 Paper 1 question covered the same concept in the same market, which was efficiency and equity in the education market.
This was covered as Q2 of the Microeconomics component of the Essence Workshop
RVHS 2023 Prelims Question
2. Malaysia is introducing an export ban on chicken, in addition to the existing price ceiling to keep chicken prices low domestically. Singapore imports live chickens from only Malaysia and this makes up 34% of its overall chicken supply - the most widely consumed meat here. Concurrently, there are also campaigns encouraging Singaporeans to consume vegan meat for health and ethical reasons.
(a) Explain how the above events will lead to a sharp increase in the price of chicken in Singapore. [10]
(b) Discuss whether the imposition of a price ceiling or an export ban is more effective in bringing about a fall in the price of chicken in Malaysia. [15]
A similar question was tested in the 2023 A Level 9570 H2 A Level Paper 2, Question 2
2a) Explain the different impacts on the prices of vegetables due to bad weather and falls in consumer incomes. [10]
2b) Discuss the effectiveness of different measures that might ensure stability of food prices to consumers.
How the crashcourse attendee in 2023 would have benefited from this coverage
Both the RVHS 2023 Prelims question and the A Level question were similar in that the RVHS question covered the ‘chicken’ market, while the A Level question covered the ‘food’ market in general.
The part a) for both essays covered impacts of non-price factors of demand and supply while the part b) for both essays were measures to ensure price stability in their respective markets.
Students who rehearsed the RVHS 2023 Prelim question would likely have been able to easily apply the same set of skills towards answering the A Level question.