Q1. [10 marks] (a) Describe how efficiency and equity are compromised when a poverty reduction policy is implemented. (5 marks) (b) News outlets in Singapore have recently discussed the possibility of governments financially rescuing Singapore Airlines, in the event of a prolonged Covid-19 pandemic. ( https://www.reuters.com/article/us-health-coronavirus-airlines-idUSKBN21D3UW E ) Why is the government bailing out Singapore Airlines or even just giving them a cheap loan? a) What are the main reasons for the government to intervene? (5 marks) Erlit