1) we explored the important topic of productivity and growth. Based on what you have learned from this topic, apply some of the key principles including relevant theoretical premises that can assist in understanding Singapore's significant levels of economic growth and development over recent decades. To support your answer draw on evidence and/or relevant examples.

2)An economy is currently experiencing inflation that exceeds the target rate set by the central bank. Answer the following questions:

a) Explain the process in full detail by which the central bank can bring the inflation rate down.

b) Illustrate this process from a)using the money market model, the loanable finds market model and the Aggregate Expenditure model.

c) Identify and explain costs to an economy that are associated with inflation.

d) Identify and explain the benefits to an economy that stem from having price level stability.

3)

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