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Economics

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    Basic Economics
  •   Study   Slideshow
  • What does GDP stand for?
    Gross Domestic Product
  •  15
  • GDP is made up of two components. What are they?
    Goods and Services
  •  15
  • What affects prices in a country?
    Inflation
  •  10
  • Inflation affects our ________ of living.
    cost
  •  5
  • Singapore's inflation rate has not exceeded _________% in 2020.
    1
  •  15
  • Singapore' GDP in 2020 is about $_________ billion.
    300
  •  15
  • There are two measurements used when we want to have an indication of how well or badly the population is doing. They are the _____________ and _____________.
    mean and median
  •  15
  • Another word for mean is ______________.
    average
  •  5
  • The term used to describe the two income groups being apart is the ______________ _____________.
    Income Gap
  •  10
  • 73% of Singapore's wealth is owned by ___% of top income earners.
    20
  •  15
  • Who is Singapore's richest man?
    Li Xiting
  •  20
  • __________ _____________ of Amazon is the world's richest an.
    Jess Bezos
  •  20
  • When interest rates on savings are low, people tend to __________ their money. (1) spend or (2) save
    (1) spend
  •  5
  • Every bank needs to keep a certain percentage of savings in the bank without investing the money. What is this called? Clue - FRB
    Fractional Reserve Banking
  •  20
  • When you buy a home, you need to pay _____% in cash.
    5
  •  10
  • What is commonly known as plastic?
    credit cards
  •  10