VJC 2024 JC2 CA1 H2 EC Revision Package (final)

1 2024 JC2 H2 Economics Common Assessment 1 (CA1) Revision Package (2020 – 2023 CA1 Papers) Order: 2023 QP and Suggested Answers, followed by 2022, 2021 & 2020 Name: ____________________ Class: ____________________ TRY THE QUESTIONS, DO NOT SIMPLY READ AND MEMORISE THE ANSWERS

2 2024 H2 CA1 Date: Tue, 5 March 2024 Time: 8am – 10.15am (including 10 min time to switch from Section A to B) Format: • Section A: 1 x CSQ [30m] (Compulsory) • Section B: 1 x Essay [25m] (2 choose 1) Scope: • Book 7: AD-AS Model (note: no circular flow of income) • Book 8: Economic Growth (whole book) • Book 9: Unemployment (whole book) • Book 10: Inflation / Deflation (whole book) • Book 11: BOP (whole book) • Book 12: Fiscal Policy only (only “explain”-type questions; no evaluation of fiscal policy) NOTE: For the 2020-2022 tests, Paper 2’s format is different (3 choose 2 essays); for your CA1 it is 2 choose 1. Important Notes: 1. The format of the papers and scope tested may vary from year to year, so focus on those relevant to your cohort as you prepare for your promotional examination. 2. The H2 Economics syllabus has changed since 2022 (it is now 9570, vs 9757 before 2022) . Differences in the content have been marked out where applicable, but take note that there is some change to the duration of the examinations too. As a guide, you should be spending 1h 15 min on a 30 marks CSQ, and 50 min on a 25 marks essay. There is also some change to the mark allocation for evaluation in essays. It is now E1 (1 to 2 marks), E2 (3 to 4 marks) and E3 (5 marks). 3. The markers’ comments contain very useful information, as they highlight the common mistakes that students made, both in terms of content as well as understanding of question requirements. Read them! 4. This set of materials should be used in conjunction with your notes, tutorial worksheets and Book 0 ‘Economics Learning Guide’ as you revise. 5. Try the questions in this revision package. You may not have sufficient time to write out full responses for every question – for some of them, you can write brief essay outlines with sketches of relevant diagrams. Then, check them against the suggested responses to see: - Have you answered to the question requirements? - Is your response structured in a logical and organised manner? - Have you given rigorous and developed economic explanations? - Have you applied your answer to the given context, or used examples to illustrate? *** Learning takes place through active processing, not simply passive reading *** Skills to take note of (refer to Guide to Economics for more information) Question Dissection Writing Paragraphs Evaluation Command word Content (concepts required) Context given Have I established the two requirements of each question part? Point Explanation (economic) Evidence / Example Link back to question Make clear substantiated judgements, considering: ● Context / Circumstances ● Assumptions ● Root cause ● Time period (ST vs LT) ● Constraints ● Trade-offs ● Severity / Magnitude ● Evidence

2023 Timed Practice QP 3 2023 Timed Practice QP Paper 1: CSQ (1 h 15 min) Answer all questions. Singapore’s road to recovery post pandemic Table 1: Singapore, selected economic indicators (2017 – 2021) 2017 2018 2019 2020 2021 Consumer Price Index (2019=100) 99.0 99.4 100 99.8 102.1 Trade balance (S$ millions) 125,153 146,771 147,216 151,047 167,265 Unemployment rate (%) 2.2 2.1 2.3 2.9 2.7 Real GDP (S$ billions) 4.58 4.75 4.80 4.61 4.96 Source: Singapore Department of Statistics, 2022 Extract 1: Singapore’s economy continues to recover Singapore maintained its forecast for the economy to expand 3 per cent to 5 per cent this year as the city -state's recovery from the pandemic slump continues, although officials flagged possible downside risks to global growth and rising inflationary pressures. The global economic recovery faces risks from mounting price pressures due to supply chain disruptions and rising energy costs amid tensions involving Russia and Ukraine, even as the pandemic appears to abate. For the full year 2021, Gross Domestic Product (GDP) grew 7.6 per cent versus a 4 per cent contraction in 2020. Last year's growth was the highest in a decade. Singapore's economic recovery has been led by the trade -related and manufacturing sectors, but activity in industries exposed to tourism, aviation and consumers are expected to remain below pre- COVID levels even by the end of 2022. However, bolstered by high vaccination rates, Singapore is loosening border measures and easing local restrictions, in moves that will likely support the recovery of lagging sectors. Adapted from Reuters, Feb 2022 Extract 2: Job challenges of today The transformation to digital is radically altering how businesses run and how jobs tasks will be done. New skills will be needed, and new roles have emerged. Research showed that in the six Asia Pacific (APAC) economies surveyed, the total number of worke rs applying digital skills at work will grow from 149 million workers today to 819 million workers in 2025. Within that, countries like Singapore will need 1.2 million more digital workers by 2025 to maintain their competitive edge. The need to

2023 Timed Practice QP 4 close the digital skills gap cuts across the region, with each country facing unique challenges and requiring a different policy approach to address the specific pain points. Another challenge for Singapore’s labour market is the 'Great Resignation', which hit its sunny shores amid the pandemic. Describing the trend of employees voluntarily leaving their jobs en masse, this ongoing global phenomenon has had a wide impact on the global workforce. The definition of a 'good job' is changing. What was a good job in the past, usually one that offered steady compensation and stability and long -term prospects, is no longer considered a good job by those entering the workforce today. Today, employees want financial compensation, but that's not nearly enough. In addition, they are looking for a sense of purpose and alignment with their organisation's values. These unemployed workers are fine with taking their time to gather information on what prospective companies can offer. While most are likely to reshuffle and move among different jobs in the same sector, some are considering switching industries entirely. Technological change, the continued impact of COVID -19, changing demographics in the workforce and social needs are all driving this shift. Adapted from The Business Times, Nov 2022 Extract 3: Should Singapore be concerned about inflation? Singapore’s core inflation rose to a 13-year high of 4.8 per cent in July, beating expectations. Selena Ling, chief economist at OCBC, predicts that inflation will stay high into 2023. While inflation is a concern, it may not necessarily result in an economic slowdown amidst hiking interest rates. "I wouldn't say that a recession is even on the cards for Singapore yet. Mainly because we still have manufacturing, electronics and trade that are very resilient. And if you look across the region, with the reopening of economies, domestic consumption levels are relatively strong. I think inflation really depends on whether it is demand pull or cost push. Demand pull inflation is actually not that bad a thing because it means that the global economy is recovering, and demand is actually picking up.” explained Ling. As the global economy recovers from the pandemic, the war between Russia and Ukraine is also contributing to the inflation in Singapore. Uncertainty over energy supplies from Russia has sent oil prices soaring above US$100 a barrel, driving up inflation worldwide and indirectly putting resource- scarce Singapore’s economic outlook at risk by pushing up production co