HCI H2 Prelim 2024 P2 QP

© Hwa Chong Institution 2024 9570/02/S/C2 Prelim 2024 HWA CHONG INSTITUTION JC2 Preliminary Examinations Higher 2 CANDIDATE NAME CT GROUP 23 CENTRE NUMBER INDEX NUMBER ECONOMICS Paper 2 ESSAY Additional Materials: Answer Booklet(s) 9570/02 9 September 2024 2 hours 30 minutes READ THESE INSTRUCTIONS FIRST Write your name, CT group, Centre and Index numbers clearly on every answer booklet that you hand in. Write in dark blue or black pen on both sides of the answer paper. You may use a soft HB pencil for any diagrams, graphs or rough working. Do not use staples, paper clips, highlighters, glue or correction fluid and tape. Answer three questions in total, of which one must be from Section A, one from Section B and one from either Section A or Section B. Write all your answers in the 12-page booklet and subsequent 4-page booklets (where required). Start each question on a new page in the answer booklet. Indicate the questions you attempted on the cover page of the 12-page booklet. Do not tear out any part of this booklet. All work must be handed in. If you have used any additional 4- page booklets, please insert them inside the 12–page answer booklet. The number of marks is given in brackets [ ] at the end of each question or part question. You are advised to spend several minutes reading through the questions before you begin writing your answers. You are reminded of the need for good English and clear presentation in your answers. This document consists of 3 printed pages and 1 blank page. [Turn over

2 © Hwa Chong Institution 2024 9570/02/S/C2 Prelim 2024 Answer three questions in total. Section A One or two of your three chosen questions must be from this section. 1 Museums are important cultural institutions that enrich communities and benefit even non-visitors. They often rely on government subsidies to keep ticket prices affordable to as many segments of society as possible. However, as some museums prosper and attract large crowds, there is growing debate over reducing subsidies to reallocate funds elsewhere. (a) Explain why museums are not public goods but the government considers it necessary to intervene in the market for museums. [10] (b) Discuss whether reducing subsidies for museums is justified. [15] 2 The global semiconductor market experienced a shortage caused by supply chain disruptions and increased electronic device consumption during the Covid- 19 pandemic. Semiconductors are crucial inputs for electronic devices. To prevent supply disruptions from key sources like China, the United States (US) government introduced the Chips and Science Act, offering subsidies for