In 2020, Singapore saw both its population size and its labour force fall. That year brought major changes in several Singaporean markets; some shifted from disequilibrium to equilibrium. Even so, Singapore still managed to raise its exports of goods and services.
(a)[2]
Identify two advantages of a fall in a country’s population size.
(b)[4]
Explain how a market adjusts from disequilibrium to equilibrium.
(c)[6]
Analyse, using a production possibility curve (PPC) diagram, the impact of a reduction in the size of a country’s labour force on its economy.
(d)[8]
Discuss whether or not a rise in exports will benefit an economy.
Worked solution & mark scheme
This 20-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Reduced pressure on resources / food” …