JPJC H1 Prelim 2024 QP

JURONGPIONEERJUNIORCOLLEGEJC2PreliminaryExamination2024 ECONOMICS8843/01Higher 1 26August2024 Paper1 3hours Additional Materials:AnswerBooklets READTHESEINSTRUCTIONSFIRST Two answer booklets will beprovidedwiththis questionpaper. Youshouldfollowtheinstructions onthe front cover of the answer booklet. If you need additional answer paper, ask theinvigilator for acontinuationbooklet. Answer allquestions. Thenumberofmarksisgiveninbrackets[]attheendofeachquestionorpartquestion. If there are part questions you did not attempt, please write the question number and part in themargins beforeyousubmit your answers. (i.e. if didnot complete2b,indicate2binthemarginoftheanswerscriptthatyousubmitforquestion2.) Thisdocumentconsistsof 8printedpages.

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3 Question1: RiceandFoodSecurity Extract 1: Worldfoodpriceshit recordhighin2022 Food prices surged after Russia's invasion of Ukraine in February last year on fears ofdisruptions to Black Sea trade. Russia and Ukraine are major exporters of wheat, corn,barley and sunflower oil via the Black Sea, and Moscow's invasion of its neighbour hasstalled Ukrainian exports. The disruption caused by Russia's invasion of Ukraine raisedconcernsof shortages, sent theU.N. foodagency'saveragepriceindextothehighestlevelon record. The Food and Agriculture Organisation's (FAO) food price index tracksinternational prices of themost globallytradedfoodcommodities, averaged143.7pointsin2022, up 14.3%from2021, andthehighest sincerecordsstartedin1990, theagencysaidon Friday. The index had alreadygained28%in2021fromthepreviousyear astheworldeconomyrecoveredfromtheimpactofthepandemic. Source:adaptedfromReuters,6January2023 Figure1: WorldFoodPriceIndex Source:https://tradingeconomics.com/world/food-price-index Extract 2: Thailand had sought rice price pact with Vietnam to boost 'bargainingpower' Thailand and Vietnam were in talks on a pact to raise the price of their rice exports toimprove farmer incomes (profits), a Thai government official said on Friday. AgricultureofficialsfromThailandandVietnam, theworld'ssecondandthirdbiggestriceexporters,metin Bangkok onFridaytodiscussjoint measurestosupport their farmersandriceindustriesandmanagegrowingproductioncosts. Thericepricehadbeenlowfor morethan20yearswhilethecostofproductionhadbeenincreasing. Source:adaptedfromReuters,27May2022 Extract 3: Global riceshortageisset tobethebiggest in20years FromChinatotheU.S.totheEuropeanUnion,riceproductionisfallinganddrivinguppricesfor morethan3.5billionpeopleacrosstheglobe, particularlyinAsia-Pacific.Theglobal ricemarket isset tologitslargest shortfall intwodecadesin2023. At theglobal level,themostevidentimpactoftheglobal ricedeficithasbeen,andstill is,decade-highriceprices. Source:adaptedfromhttps://www.cnbc.com/2023/04/19,accessed2June2024

4 Extract 4: Strainedricesupplies Inthesecondhalf of last year, swathsof farmlandintheworld’slargestriceproducerChinawere plagued by heavy summer monsoonrainsandfloods. Theaccumulatedrainfall inthecountry’sGuangxi andGu