YJC_Prelim 08 H2 Econ Paper 1

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□ □ □ □ □ H2□ECONOMICS□□ 9732/1□ □ PAPER□1□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□19□AUGUST□2008□ □ □□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□TIME:□2□HR□15□MIN□ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ 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.□ □ □ Answer□ all□ questions.□ □ At□the□end□of□the□examinations,□fasten□all□your□work□securely□together.□ The□number□of□marks□is□given□in□brackets□[□]□at□the□end□of□each□question□or□part□question.□ □ □ □ □ This□question□paper□consists□of□ 7□printed□pages□

□ 2□ 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□differe nt□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□the□im pact□on□the□economy.□But□unlike□past□oil□shocks,□ which□ were□ caused□ by□ sudden□ interruptions□ in□ exports□from□ the□ Middle□ East,□ this□ time□ prices□ have□ been□steadily□increasing□as□demand□for□petrol□grow