ANSWER ANY TWO (2) OF THE FOLLOWING FOUR (4) QUESTIONS.

ANSWER ANY TWO (2) OF THE FOLLOWING
FOUR (4) QUESTIONS.

THE ANSWER TO EACH QUESTION MUST BE BETWEEN 800
AND 1,000 WORDS.

IMPORTANT NOTE: There is no “right” or “wrong” answer to a
question. Your answers will be judged based on the quality of your analysis and
reasoning, not whether you “agree” or “disagree” with the propositions in the
questions. A high-quality answer will focus on concepts, arguments, and
evidence (whether qualitative, quantitative, or both), and not on merely
stating opinions that fail to be backed up by analysis. A high-quality answer
will refer not only to the lecture videos but one or more of the suggested
readings and/or additional references your own research turns up. Refer to the
exam writing tips shared previously by the announcement.

   1).  “Voluntary (un-coerced) exchange between two
rational, self-interested individuals is, ipso facto, mutually gainful. But,
the resulting gains from trade may not be fair in terms of their distribution
between the two individuals. The same logic applies to questions around the
fairness of international trade, even when it is free.”  Do you agree or disagree? Discuss critically.

  2).  Lee Kuan Yew, founding leader of Singapore,
said: “I believe what a country needs to develop is discipline more than
democracy. The exuberance of democracy leads to indiscipline and disorderly
conduct which are inimical to development.” Do you agree or disagree? Discuss
critically.

    3). “The benefits
of government intervention to correct market failures must be weighed against
the costs of government failure that result. On balance, it may be better not
to intervene unless the gains clearly and unequivocally outweigh the costs.” Do
you agree or disagree? Discuss critically.

    4). “The fatal
conceit of scientific socialism is the belief that the economy can be treated
as a machine that may be fine-tuned by planners to achieve their desired
objectives and that individuals populating it are like robots, devoid of behavioral
response.” Do you agree or disagree? Discuss critically.