NYJC 2024 Prelim H1 Econ QP

NANYANG JUNIOR COLLEGE 2024 JC2 Preliminary Examination H1 ECONOMICS Paper No: 8843 /01 28 th August 202 4 Time : 0800 - 1100 hrs Wednesday Duration : 3 hours 00 min INSTRUCTIONS TO CANDIDATES Do not turn over this paper until you are told to do so. Write your name, class and the name of your Economics tutor in the space provided on the answer booklet. You are required to answer ALL questions. The number of marks is given in the brackets at the end of each part question. Write your answers on the answer booklet provided. If you use more than one answer booklet, slot the additional booklets into the first booklet. Please start each case study on a fresh page. You are advised to spend several minutes reading through the questions and data before you begin writing your answers. There are 8 printed pages including this cover page.

2 JC2 H1 Economics 8843/01 Answer all questions Question 1: Impact of Russia-Ukraine War on Various Industries Table 1: Prices of Meat, Cereal and Dairy between 2016 to 2022 FAO Meat Price Index FAO Cereal Price Index FAO Dairy Price Index 2016 91.0 88.3 92.6 2017 97.7 91.0 108 2018 94.9 100.8 107.3 2019 100.0 101.6 102.8 2020 95.5 103.1 104.8 2021 107.9 131.2 139.6 2022 118.8 154.7 159.5 Source: Adapted from the Food and Agriculture Organisation of the United Nations (FAO) Extract 1: World food prices hit new record on impact from Ukraine war Global food prices have struck a new high, soaring at the fastest monthly rate in 14 years after the war in Ukraine hit the supply of grains and vegetable oils, in a shift likely to do the greatest harm in poorer countries around the world. March’s food price index from the Food and Agriculture Organisation of the United Nations (FAO) rose to its third record high in a row, jumping 34 per cent from the same time last year . The index was 12.6 per cent higher than in February, a rise that the organisation described as a “giant leap”. According to estimates from the FAO and the Ukrainian government, 20 to 30 per cent of land in Ukraine producing winter grains, corn and sunflower will remain unplanted this spring or will be unharvested in July and August. Russia and Ukraine are important exporters of grains and sunflower oil, accounting for about 30 per cent of global wheat trade. Russia has continued shipping wheat since it invaded its neighbour in February, but western sanctions have complicated payments and transportations, leading to supply uncertainties. Food price inflation had already taken root before the Ukraine war started, after poor harvests around the world last year on the back of bad weather and a sharp rebound in post -pandemic lockdown demand. If the shortage of food commodities persists, the global number of undernourished people could increase by 8 million to 13 million, with the most pronounced increases