Measures to correct market failures
Assess the view that the Singapore government should use taxes rather than any other economic policies when dealing with the market failure associated with negative externalities. 
What you need to know to attempt this essay question?
As a start, you will define the word ‘tax’ as well as the appropriate policies before explaining the implications of each policy has on the problem of negative externalities. It is also best to give a relevant example to the context of negative externalities and evaluate the pros and cons of the policies in its resolution of the mentioned problem.
- Market Failures
How to apply the knowledge to your exam preparation?
By watching the video first, you will get a good glimpse of the essay requirements and understand the direction of the essay. You will then craft your own outline according to the given points in the video before beginning on the essay. Take note of the amount of time you spend writing the essay, which should be under 30 minutes, given that it is a 15 marks question.
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