Part I: Short Answer Questions

1. Define a recession.
2. Identify and explain two leading indicators of a recession.
3. What is the role of the business cycle in understanding recessions?
4. Explain the term "economic shock" and provide one example relevant to a recession.
5. What are countercyclical policies and how might they be used during a recession?

Part 2: Essay (Country: Singapore)

1. Choose a recent recession (within the past 2 years) from Singapore.
2. Discuss its main causes, how it impacted the economy (e.g., employment, inflation, GDP, GDP Per Capita and how it compares to GDP) of Singapore.
3. Identify the measures taken by the government to mitigate its effects in Singapore.
4. Compare that impact to the impact the Covid-19 pandemic had on Singapore's GDP.
5. Finally, discuss whether these measures were successful or not and explain your reasoning.