Economy Lecture Review

The ____ ___________ is the indicator that measures income inequality in a country.

Governments promote economic growth, but they also have to balance that with regulating the economy to ensure ______.

Answer explanation

Equality means each individual or group of people is given the same resources or opportunities. 

Equity recognises that each person has different circumstances and allocates the exact resources and opportunities needed to reach an equal outcome.

Which of the following is not a feature of the new economy?

• Increasing reliance on digital technology

• A lack of government regulation

• More focus on short-term contract work over long-term employment

Economic growth can be measured by 

(you can choose more than one answer):

• Gross Domestic Product (GDP)

• Unemployment rate

• Income tax rates

• GINI coefficient

Which of the following is a feature of capitalism?

• The government controls the flow and allocation of resources

• Firms are strictly governed by regulations

• Prices are determined by the free market

A key issue with cryptocurrency is that...

• it is being used for criminal activity.

• it is still not yet an established form of currency.

• it is a pyramid scheme.

Singapore is neither fully​ (a)   nor (b)   . It is thus a (c)   economy, as with many nations in the world today.

• capitalist
• socialist
• mixed

Which countries make up the 4 Asian Tigers?

• Malaysia, Singapore, South Korea, China

• Singapore, South Korea, Japan, China

• Hong Kong, China, Japan, Taiwan

• Taiwan, Hong Kong, Singapore, South Korea

The gig economy is characterised by short-term and _________ work.

In response to a sluggish economy, a lack of good jobs and the COVID-19 pandemic that has been affecting their physical, economic, and mental well-being, many young people in China have begun participating in this phenomenon.

• 996 work culture

• Quiet hiring

• Bossism

• Lying flat