1.

May 2018 - Supply of vanilla ice cream shifted to the left - Price of vanilla rose to $600
per kilogram because of a cyclone in Madagascar which damaged a lot of the plantations
2. Sugary drinks - UK sugar tax shifts the supply curve to the left
3. Low magnitude XED (weak complements): tea and milk, High magnitude XED (strong
complements): smartphones and mobile apps, LV and BMW luggage
4. Second-hand clothing, house-brand goods, margarine, cheap goods
5. Production of hybrid car technology by Toyota, as they are providing free access to their
patents and providing parts to competitors, to increase the use of lower-emission
technology Tesla also o ering free access to electric vehicle patents
6. A 5-a-day programme run in Germany in line with the WHO statement to eat 400 grams
of fruits and vegetables per day
7. For coral harvesting in the Great Barrier Reef, the government quota is set at 200 tonnes
but it is not sustainable
8. National defence, street lighting, roads, public parks, sewer systems, law enforcement
9. During Singapore’s economic restructuring, MOM said “jobs and skills mismatches will
continue to be a challenge”. SkillsFuture is a government program aimed at reskilling the
workforce through training to gain skills that are in demand. Citizens are provided with
credit that can only be used to go to a training programme.
10. Singapore removed regulations on the electricity market, allowing private rms to sell
electricity from Nov 2018, which increases the competition
11. India privatised the coal and oil industry, removing the state's monopoly power and
allowing private rms to join.
12. In 2008 the US spent $220 billion in unemployment bene ts in order to stabilize the
economy during the recession
13. US congress decided not to extend federal unemployment bene ts at the end of 2013,
which means unemployment bene ts would end for 1.3 million people. This forced them to
nd a job, even if it was low paying.
14. Tax Cuts and Jobs Act, implemented by Trump in Dec 2017. Reduced corporate tax from
35 to 21%, resulting in increased investment to expand production capacity and reduced
income taxes
15. UK reducing trade union power, 2015, following a large number of strikes by London
Underground and railways
16. China measured Green GDP for one year, 2004. China GDP 2004: 1.9 trillion USD
Environmental loss 2004: $66 billion, or 3% of GDP
17. Spain: 14% unemployment. Singapore: 2% unemployment
18. Singapore has been restructuring the economy, shifting towards a digital economy aiming
to incorporate technology to increase productivity. One reason for this is slow workforce
growth and a short supply of domestic workers.
19. Singapore air pollution laws, vehicles must meet strict emission standards to be able to
be used
20. In 2012, Japan implemented a tax on all CO2 emissions from fossil fuels at a rate of 289
yen per tonne of CO2. All tax revenue used for reducing CO2 emissions, investing in clean
tech
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 21. EU Emissions Trading System: since 2005, the EU set a cap on the total amount of
greenhouse gas emissions, which can be traded and sold, total cap is reduced over time
to reduce total emissions
22. India price ceiling on bare metal stents, implemented Feb 2017. Prior to the cap, bare
metal stents were selling for 650 USD, now capped at 100 USD
23. UK price oor on carbon, implemented in April 2013. Part of the EU Emissions Trading
System aimed to combat climate change, the current price oor is 18 pounds per tonne of
CO2. Promotes investment in low-carbon electricity generation
24. Vaccinations in Australia - making it mandatory for children to get vaccines to enrol in
school - done through legislation
25. India subsidises gas. Supply of air travel increasing in the UK as more airline companies
are joining
26. Cigarettes have a PED between -0.4 in the USA
27. Low XED (weak substitutes): tea and co ee. High XED (strong substitutes): XED of Coke
and Pepsi has been estimated to be about + 0.7
28. Luxury items - Gucci clothing
29. SG - Low-income Families are eligible to sign their children up for the Financial
Assistance Scheme (FAS). Under the FAS, students enjoy subsidised school fees,
transportation fees, and free textbooks. This increases the a ordability of education in
Singapore, e ectively tackling the underconsumption of pre-tertiary education in
Singapore that is caused by high-income inequality.
30. 2017 - about 20p per litre on sugary drinks in the UK, it has worked as many companies
have changed their recipes to reduce sugar content in their drinks
31. Taxi services, pens, smartphones
32. Nuclear reactors, fresh produce, gold, housing
33. Singapore GST: 7% on all goods and services
34. US agricultural subsidies: $20 billion per year
35. Ensures steady domestic food supply, provides economic stability to farmers, increases
international competitiveness
36. USMCA - US Mexico and Canada Agreement, signed in Nov 2018, allows select products
to be traded tari -free between the three countries, e.g. automobiles, dairy, intellectual
property
37. Tax Cuts and Jobs Act, implemented by Trump in Dec 2017
38. Reduced corporate tax from 35 to 21%, resulting in increased investment to expand
productive capacity
39. Singapore, developing a strong public education system.
40. In mid-2018, in ation in India was rising, nearing 5%. A contractionary monetary policy
was used, increasing interest rates to 6.25% to curb spending and reduce in ationary
pressure.
41. Singapore Grab and Uber. Competition and Consumer Commission Singapore ned Grab
and Uber $13 million for merging in SEA, as it reduced competition in the market
42. Income distribution is worsening, not enough new jobs are being created, and the jobs
that are being created are high-skill jobs, not accessible to those in poverty.
43. Japan has been experiencing periods of de ation since the late 1990s, due to the
declining, ageing population, strict immigration laws, and declining productivity growth.

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 Japan is utilising negative interest rates to make money available for cheaper, buying
back bonds to increase the money supply in the economy, and introducing new visas to
allow blue-collar workers to emigrate to Japan
44. India referred to as the world's fastest-growing major economy has around 7%. Growing
population, privatisation of oil, coal and airline, and tax reform helped increase growth.
45. During harvest season for crops, there is more supply than people will be willing to buy,
and prices decrease
46. Iraq invasion in 2003, oil prices rose $20 to $35 a barrel in 2004, the war disrupted the
extraction of crude oil, reducing the world supply
47. Central banks increase the money supply by printing money to nance the government
budget de cit, which creates in ation.
48. 2008 nancial crisis sent many economies into recession, which increased cyclical
unemployment
49. Jamaica has a 1.8% GDP growth rate. Heavy debt from the failure of state-owned
enterprises in the past, worsened by the nancial crisis, led to high unemployment,
currently around 9%, and slow economic growth.
50. Public education, including university, is free so everyone has an equal opportunity to earn
a high income. Progressive taxes, long term unemployment bene ts help redistribute
income.
51. Barack Obama’s economic stimulus package ended the recession following the 2008
nancial crisis. Cut taxes by $290 billion, spent $220 billion in unemployment bene ts,
and allocated $275 billion to federal contracts to create jobs. Helped build consumer
con dence after the recession and reduce unemployment
52. Liberia: agriculture employs 70% of the population
53. Most foods consumed at home have a low YED - about 0.2
54. Premium cars, boats, jewellery
55. New Zealand's national immunisation schedule, free vaccines o ered to reduce diseases
and illness
56. Indonesia infrastructure investment 2017: $28 billion to build a 30km bridge linking 2
islands
57. Singapore committed to investing 1% of GDP into R&D, Fintech, AI, digital healthcare
58. Jamaica is employing an expansionary monetary policy by reducing interest rates,
currently slashed to 1.25%, in order to stimulate economic growth.
59. Suggested by the IMF to Argentina when they made a deal in 2018. Higher taxes would
allow Argentina to nance some of its debt, and lower government spending prevents
worsening the debt
60. Singapore, US, China - 2%
61. DuPont released harmful chemicals up until 2013 into the Ohio river, known to cause
cancer. Currently facing a lawsuit from the state of Ohio
62. Malaysia -
63. Nov 2015, a 40% excise duty was placed on cigarettes. Legislation Jan 2019, smoking
banned in all eateries. Singapore raised the age from 18 to 19. UK - Smoking cost to NHS
about 3-6 billion pounds a year
64. India GDP: 2.6 trillion USD. France GDP: 2.6 trillion USD. India GDP per capita: 2,000
USD. France’s GDP per capita: 38,000 USD
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65. PUB, Singapore’s national water agency funded and produced NEWater, which is recycled
water, treating used water
66. Developing countries have lower GNP than GDP, as much of their GDP is contributed by
multinational corporations. Bangladesh GDP 2017: 250 billion USD. Bangladesh GNP 2017:
120 billion USD