According to the Text, Singapore and Hong Kong Are Classified

question 37

True/False

According to the text, Singapore and Hong Kong are classified as industrially advanced countries (IACs).

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Definitions:

Highest Quintile

The top 20 percent segment of a population sorted by income, wealth, or another metric.

Total Income

The accumulation of all sources of revenue, including wages, salaries, interest, dividends, and other earnings.

Income Distributions

The way in which total income is divided among the owners of different factors of production or households in an economy.

Household Income

The total amount of money earned by the members of a household, contributing to the household's economic position.