What are TWO indices that measure quality of life?
Human Development Index (HDI), CUHK's Quality of Life Index, Mercer’s Quality of Living Survey
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15
Explain why HK is known to be an “externally oriented economy”
our economy relies on global trade and working with people and companies from around the world
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15
Identify three ways to measure quality of life from an economic perspective.
Unemployment rate, inflation, median income, GDP, GDP / capita
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20
Explain the difference in HK's rankings on two different quality of life indices.
HDI: focuses on health, education, and income (HK does well), but Mercer's Quality of Life index includes measure like housing.
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10
Identify the four pillar industries in Hong Kong.
Financial services, Trading & logistics, Tourism, Professional (and producer) services
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10
Provide TWO examples of sub-industries under "professional services"
Lawyers, Accountants, Engineers
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10
Define quality of life.
Individuals’ level of satisfaction in relation to the different aspects of their lives
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baam
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15
HK's median income per month is...
HK$18,000
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20
Trading & logistics remains the most important pillar of HK's economy. Suggest ONE argument supporting and ONE argument opposing this statement.
Trading & logistics = still largest component of GDP; but HK less important as container ports services have steadily declined.
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lifesaver
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25
The government will distribute HK$5000 in digital vouchers (i.e. via Octopus, Alipay, Payme) to boost our local economy. To what extent do you think it'll be effective in improving HK's economy?
Effective: vouchers so cannot save money and need to spend, Ineffective: one-off impact only, elderly might struggle to use it
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lifesaver
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25
HK's minimum wage is currently at HK$37.50. Explain whether this is sufficient to live decently in HK based on your research of expenses in HK.
Assuming we work 9 hours / day (22 days a week), this person makes just HK$7,500. It might prove insufficient based on some of our cost assumptions.
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10
HK's unemployment rate is currently at... (round to the nearest whole number)
