RVHS_H1_Econs_P1_QP

1 This document consists of 9 printed pages and 3 blank pages [Turn over ECONOMICS 8843/01 Paper 1 10 September 2024 3 hours Additional Materials: Answer Booklet READ THESE INSTRUCTIONS FIRST Answer all questions. The number of marks is given in brackets [ ] at the end of each question or part question. Answer Question 1 and Question 2 on separate booklets. You can ask for an additional booklet if you need more than one for a question. For each Answer Booklet: Write your name, centre number and index number on the first page of all Answer Booklets that you hand in. Write clearly and use capital letters. For each booklet, use both sides of the paper. Write in dark blue or black pen. HB pencil may be used for graphs and diagrams only. DO NOT WRITE ON ANY BARCODES. Write the number of the question you are responding to in the first margin. Question Part 1 ai 1 aii If the question you are responding to also contains parts, for example 1a, write the question part in the second margin. Do not tear out any part of the Answer Booklet. All work must be handed in. If you have used any additional booklet, please insert it inside the first Answer Booklet. RIVER VALLEY HIGH SCHOOL JC 2 Preliminary Examinations in preparation for General Certificate of Education Advanced Level Higher 1

2 © RVHS 2024 8843/01 Answer all questions. Question 1: Global Impacts on Prices and the Renewable Energy Surge Table 1: Indices of selected primary commodity prices All Primary Commodities Food Petroleum Weights Year 100.0 27.8 26.6 2016 100.0 100.0 100.0 2017 113.3 103.8 122.7 2018 127.7 102.5 155.6 2019 117.0 99.4 142.9 2020 105.9 101.1 96.3 2021 161.5 128.4 156.3 2022 215.9 147.4 231.4 Source: www.imf.org, 7 December 2023 Extract 1: Businesses in Singapore squeezed by soaring petrol and supply expenses amidst Ukraine invasion Businesses across various sectors are facing increasing pressure as Russia’s invasion of Ukraine further disrupts global supply chains and pushes up prices for fuel and key food ingredients significantly. With Russia being one of the world’s top three oil producers, fears of supply problems have driven up global oil prices. The conflict has also sparked fears about global grain production and the supply of edible oil. Russia and Ukraine together account for more than a quarter of global wheat exports , while Ukraine alone makes up almost half of the exports of sunflower oil. Both are key commodities used in many food products. Such concerns have sent basic commodity prices soaring, mirroring the crisis in energy markets. Meanwhile, already-strained global supply chains have come under further stress. Food manufacturers, wholesalers