RI_Y5 H2 2023 CT_Paper 1

9570/01/CT/Y5/23 © RI 2023 [Turn over RAFFLES INSTITUTION 2023 YEAR 5 TERM 3 COMMON TEST Higher 2 ECONOMICS 9570/1 June 2023 1 hour 15 minutes Additional Materials: Answer Paper READ THESE INSTRUCTIONS FIRST Write your name, index number and CT class on all the work you hand in. Write in dark blue or black pen on both sides of the paper. You may use a soft pencil for diagrams, graphs or rough working. Do not use paper clips, highlighters, glue or correction fluid. Answer all questions. At the end of the examination, fasten answer script for Section A securely together with this sheet as cover page. The number of marks is given in brackets [ ] at the end of each part question. Name: __________________________ Civics Class: _____________________ _____________________ Section A Marks Economics Tutor: _________________ Question 1 /30 This document consists of 4 printed pages and 2 blank pages. H

9570/01/CT/Y5/23 2 © RI 2023 [Turn over BLANK PAGE

9570/01/CT/Y5/23 3 © RI 2023 [Turn over Section A Answer all questions in this section. Question 1: Hawker Food in Singapore Figure 1: Annual Food Price Index Source: www.singstat.gov.sg Figure 2: Cost Components for the Average Hawker Stall Source: Economic Survey of Singapore, 2015 94 96 98 100 102 104 106 108 110 2019 2020 2021 2022 Hawker food

9570/01/CT/Y5/23 4 © RI 2023 [Turn over Extract 1: Singapore’s Restaurants and Hawkers Singapore is known for its diverse food culture, with a wide variety of dining options ranging from high-end restaurants to humble hawker centres. Restaurants typically operate on a larger scale than hawker food stalls, with higher overhead costs such as r ent, staff salaries, and equipment. Compared to restaurants, the hawker food industry in Singapore is highly fragmented, with more than 110 hawker centres and over 6,000 hawker stalls in Singapore, characterized by many small, independent hawker food vendo rs. Hawker food stalls, especially those located in the heartlands serve mainly the smaller neighborhood community. While they may not have the same potential for cost savings as restaurants, they can still benefit by collaborating with neighboring stalls to purchase ingredients in bulk or sharing food storage equipment like refrigerators. Some tech -savvy hawker vendors have been able to leverage on social media platforms like Instagram to extend their reach to customers. Still, restaurants with multiple locations may be better able to spread their advertising costs across a wider customer base, making it more cost-effective to reach potential customers. Apart from facing competition from restaurants, recent times have also been particularly challenging for hawker food vendors. Supply disruptions caused by the war in Ukraine have caused prices of energy and fertiliser to soar, these have contributed