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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. [15]

Question Requirements


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.

Chapters

  • Market Failures

Knowledge Application


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.

Simon Ng

Founder, JC Economics & General Paper Tutor at Economics Focus
JC Economics Tutor Simon Ng of Economics Focus has been teaching A Level Economics and A Level General Paper since 2003. Simon set up Economics Focus to assist students in their pursuit of academic excellence at the examination by providing economics tuition for H1 and H2 students. JC1 and JC2 students are inspired by Simon's clear teaching methods that enabled them to comprehend economics terms and concepts. Simon developed the Rational Thinking methodology to aid students to excel in their JC economics essays and CSQs.
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