TJC_H1_ECONS_QP

TEMASEK JUNIOR COLLEGE Preliminary Examinations 2017 General Certificate of Education Advanced Level Higher 1 ECONOMICS Paper 1 8819/01 Tuesday 29 August 2017 3 hours Additional Materials: Answer Paper, Cover Page READ THESE INSTRUCTIONS FIRST Do not turn this page over until you are told to do so. Write your name and CG number on all the work you hand in. Write in dark blue or black pen on both sides of the paper. You may use a HB pencil for any diagrams or graphs. Do not use staples, paper clips, highlighters, glue or correction fluid. Section A Answer all questions. Section B Answer one question. Begin each question on a separate sheet of answer paper. Fasten your work for Section B and the cover page together. Write the question that you attempted for Section B on the cover page. Hand in your answer to each question separately . The number of marks is given in brackets [ ] at the end of each question or part question. This document consists of 8 printed pages. Temasek Junior College Economics © TJC 2017 [Turn over

2 Section A Answer all questions in this section. Question 1 Real Estate Bubbles and Cooling Measures Figure 1: Singapore Residential Property Price Index Source: Urban Redevelopment Authority, Singapore Extract 1: Public housing: A pillar of nation-building A hallmark of the public housing programme has been Singapore’s policy of home ownership. Started in 1964, the Home Ownership for the People Scheme gives home-owning citizens a tangible asset and stake in the country, and promot es rootedness and a sense of belonging among Singaporeans, thus contributing to the overal l economic, social and political stability of Singapore. Today, 82% of the population is housed in Housing a nd Development Board (HDB) estates, and the estates (comprising flats and a comprehensi ve range of facilities) have become a common point of emotional reference for the vast ma jority of Singaporeans. This "HDB Experience" has played an important role in bonding Singaporeans, in the same way that National Service and the education system have crea ted common experiences among Singaporeans of all races and from all walks of life. Source: Civil Service College, retrieved Aug 2017 Extract 2: New HDB flats have remained affordable: HDB To keep flats affordable for Singaporeans, the HDB has disbursed S$1.6 billion in Additional CPF Housing Grants (AHG) to close to 83,000 househo lds since 2006. It has also given out S$297.61 million in Special CPF Housing Grants (SHG ) since 2011 to almost 20,000 households, as of November 2015.

3 ©TJC 2017 [Turn over HDB gave this update in a media statement on Sunday (Jan 3). Eligible first-time buyers currently enjoy up to S$80,000 in housing grants, c omprising the AHG of up to S$40,000 and the SHG, also up to S$40,000. More than 80 per cent of Singapore’s res