YJC_H1 Econs Prelim 2008 _ Question Paper_

□ This□question□paper□consists□of□ 7□printed□pages.□ □ YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE □ YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE □ YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE □ YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE □ YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE □ YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE □ YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE □ YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE □ YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE □ YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE □ YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE □ YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE □ YISHUN□JUNIOR□COLLEGE□YISHUN□ JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE□YISHUN□JUNIOR□COLLEGE □ YISHUN□ JUNIOR□ COLLEGE□ PRELIMINARY□EXAMINATION□2008□ □ H1□ECONOMICS□□ 8816/01 □ □ □ 19□AUGUST□2008□ □ TUESDAY□ □□1400h□–□1700h□ Additional□materials□:□ Answer□booklet□ □ □ □ □ □ □ □ □ □ □ □ □ □ □ TIME□□□□ 3□hours□ □ □ READ□THESE□INSTRUCTIONS□FIRST□ □ Write□your□name□and□CTG□on□all□the□work□you□hand□in.□ Write□in□dark□blue□or□black□pen□on□both□sides□of□the□paper.□ You□may□use□a□soft□pencil□for□any□diagrams,□graphs□or□rough□working.□ Do□not□use□highlighters□or□correction□fluid.□ □ □ Section□A□ Answer□ all □questions.□□□ Section□B□ Answer□ one □question.□□□ □ At□the□end□of□the□examinations,□hand□in□Section□A□and□Section□B□ separately .□ The□number□of□marks□is□given□in□brackets□[□]□at□the□end□of□each□question□or□part□question.□ □ You□are□reminded□of□the□need□for□good□English□and□clear□presentation□in□your□answers.□ □ □ □ □ □ □ □ □ □

□ 8816/01/YJC08□ 2□ Section□A□ Answer□ all□ questions□in□this□section.□ □ Question□1□□ Oil□and□Petrol□□ □ Extract□1:□Rising□demand□fuelling□global□energy□crisis□ With□oil□prices□approaching□US$100□(S$144)□a□barrel ,□the□world□is□headed□towards□its□third□energy□ shock□in□a□generation.□But□today’s□surge□is□different□from□previous□oil□crises,□with□broad□and□longer- lasting□global□implications.□□ Just□as□in□the□energy□crises□of□the□1970s□and□1980s ,□today’s□high□prices□are□causing□anxiety□and□ pain□for□consumers□and□igniting□wider□fears□about□t he□impact□on□the□economy.□But□unlike□past□oil□ shocks,□ which□ were□ caused□ by□ sudden□ inter