TMJC 2024 J2 H2 EC MYE

_________________________________________________________________________ H2 ECONOMICS 9570 25 June 2024 3 hours Additional materials Answer Booklets _________________________________________________________________________ READ THESE INSTRUCTIONS FIRST Begin each section on a new answer booklet. Section A, B and C are to be submitted separately. Section A: Case Study Answer the compulsory case study question. Begin this section on a 12-page answer booklet. Section B : Essay Question Attempt one out of two essay questions. Begin this section on a 4-page answer booklet. Section C : Essay Question Attempt one out of two essay questions. Begin this section on a new 4-page answer booklet. The number of marks is given in brackets [ ] at the end of each question or part question. _________________________________________________________________________________ This document consists of 7 printed pages and 1 blank page. TAMPINES MERIDIAN JUNIOR COLLEGE JC2 MID-YEAR EXAMINATION

2 Tampines Meridian Junior College 2024 JC2 Mid-Year Examination H2 Economics Section A Answer all questions in this section. Question 1: Economic issues in China and Singapore Extract 1: China wants to curb steel production In the first half of 2021, Chinese steel mills have churned out nearly 12 per cent more crude steel compared to the same period in 2020, according to Wood Mackenzie, a global provider of data and analytics for the energy transition. The steel sector is one of the biggest polluters in China, producing around 10 per cent to 20 per cent of carbon emissions in the country. Steel production requires large inputs of coke (a sort of coal) which is extremely damaging to the environment. Coke ovens emit air pollutants such as naphthalene that is highly toxic and can cause cancer. Beijing has targeted the industry as part of its bid to reduce carbon emissions and reach net-zero by 2060. It will be “virtually impossible” for China to produce less steel this year compared to last year, Rohan Kendall, head of iron ore research at Wood Mackenzie, said at the Singapore Iron Ore Forum. However, an executive at Chinese steelmaker Hesteel, said steel mills must pay more attention to lowering their production in order to abide by government policy, especially state -owned mills. China says it is committed to continuing production cuts in steel, and its mills in steelmaking city Tangshan have reportedly lowered output after being warned of punishments if they overproduce. But not everyone agrees that the government will have its way. It is very difficult for the authorities to control production given the number of private and state-owned mills in China, said Zhuang Bin Jun, a former business development group manager at Fortescue Metals. Source: www.cnbc.com, 1 August 2021 Table 1: China’s macroeconomic indicators 2018 2019 2020 2021 Real GDP growth (%) 6.75 5.95 2.24 8.45 Inf