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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
  • Singapore's maximum income tax rate is ______%.
    22%
  •  15
  • For every $1 donated to charities, you get $_________ deducted from income tax.
    $2.50
  •  15
  • For every $1 of course fee paid, income tax will deduct $______ off your income tax.
    $1
  •  15
  • What percentage of income is put into CPF?
    20%
  •  15
  • What does CPF stand for?
    Central Provident Fund
  •  10
  • Which organisation in Singapore collects taxes?
    Inland Revenue Authority of Singapore (IRAS)
  •  15
  • How much do employers contribute to an employee's CPF? Answer in percentage.
    17%
  •  15
  • CPF is made up of 3 accounts, they are the Special, Medisave & the ____________ account.
    ordinary
  •  15
  • What is the meaning of meritocracy? Explain it in your own words.
    You are rewarded based on how well you do.
  •  20
  • Is Singapore a Welfare State? Yes or No?
    No
  •  10
  • In 2019, Singapore was ranked number _______ as the easiest place to do business.
    2
  •  10
  • For how many years was Singapore named as the most expensive city in the world?
    5
  •  10