1
Q
UK GDP
A
£2.96 trillion;
2
Q
UK HDI
A
0.929
3
Q
UK Gini coefficient
A
0.3457
4
Q
UK inflation rate (now and recent high)
A
Now: 3.2% (CPI) Recent high: 11.1% in October 2022
5
Q
UK current interest rate (now and recent high/post 2008 low)
A
Now: 5.25% Recent low: 0.5% in March 2009
6
Q
UK house price rate increase/decrease
A
0.2% decrease London last 10 years: 119% increase in house prices UK average last 10 years: 73% increase
7
Q
UK example of demand pull inflation
A
Rising house prices
8
Q
UK example of cost push inflation (Ukraine and fertilisers?)
A
In August 2022, UK food prices were 12.8% higher than a year before due to increases in the cost of fertiliser, mostly produced by Ukraine
9
Q
UK unemployed people
A
1.4 million
10
Q
UK unemployment rate
A
0.042
11
Q
Real-wage inflation - adjusting wages for inflation
A
Teachers’ pay increased by 5% between 2019 and 2023 despite falls in the previous 10 years
12
Q
Migration stats pre and post Brexit
A
Post brexit: net immigration of 672,000 2023
13
Q
Unemployment rate London vs the north
A
East Midlands 2023: 5.1% London 2023: 3.8%
14
Q
Youth unemployment
A
16-24 years: 13%
15
Q
UK current account deficit
A
£5.1 billion
16
Q
UK income tax rates
A
Up to £12,570: 0% £12,571 to £50,270: 20% £50,271 to £125,140: 40% Over £125,140: 45%
17
Q
UK average salaries in London vs the north
A
North east: £31,000 London: £44,000
18
Q
UK corporation tax rates
A
0.25
19
Q
Tax cuts
A
Liz Truss proposed £30 billion in tax cuts
20
Q
Level of FDI per year into the UK
A
£2 trillion
21
Q
UK fiscal deficit
A
£121 billion
22
Q
UK national debt
A
£2.65 trillion
23
Q
UK government expenditure per year
A
£1.2 trillion
24
Q
GBP exchange rate with USD
A
£1:$1.26
25
UK Electricity Price (GBP/Megawatt per hour
2020: £45 September 2022: £580
26
UK inactivity rate
22.2% / 20.6 million people of working age economically inactive
27
Percentage of those inactive due to long term sickness
0.07
28
UK secondary education completion rate
0.93
29
Supply side policies — Northern Powerhouse project
£39 billion for Northern Powerhouse Rail project Initial £300 million to be invested into education in the north
30
Supply side policies — Elizabeth Line
Completion of Elizabeth line expected to cost £18.6 billion 600,000 passengers take the Elizabeth line every day between Tuesday and Thursday
31
UK inflation rate level aim
0.02
32
Examples of UK quantitative easing
2009: £200 billion
33
Examples of direct and indirect taxation
Direct tax: income tax Indirect tax: £9.27 per litre excise tax on beer
34
Invention and benefits of containerisation
1956 Containerisation has caused ships in the North-West Arctic passage to save $80,000 in fuel, and carry 25% more cargo
35
Stats on increase of mobile usage
By 2014, the world had 96 mobile phone subscriptions and 40 internet users for every 100 inhabitants
36
Number of TNCs
77,000 worldwide
37
Apple and the countries they have production stages in
Manufactures most of its products in China through outsourcing partners such as Foxconn
38
Greece exporting shipping
Greek shipping services worth roughly $14 billion/7% of GDP
39
Greece ICT exports then vs now
2021: $5.5 billion/6.25% of exports 1995: $5 billion/25% of exports
40
China ICT exports
2021: $190 billion
41
Greece ICT imports
2021: $4 billion
42
Examples of trade areas
EU customs union established in 1968, 27 members
43
Example of regional trade area
North American Free Trade Agreement (now the United States-Mexico-Canada Agreement)
44
Examples of tariffs
US tariff on Chinese computer chips set to rise to 50% by 2025 Trump levied import tariffs on steel in 2018, which benefited Louisiana-based steel manufacturers
45
Examples of subsidies to domestic firms
China has provided $41 billion in cotton subsidies Whereas the US has only provided $7 billion in subsidies to domestic cotton firms
46
Examples of trade creation
UK imports increased by 20% from 2021 to 2022 as the average tariff rate decreased by 3%. When the UK joined the EU in 1973 it had a comparative advantage over Germany (EU Member State) in the insurance market. However, as a non-member of the EU, the EU had placed a tariff on UK insurance products.After the UK entered the EU, the tariffs on UK insurance were abolished and German consumers could now consume the lower priced UK insurance
47
Examples of trade diversion
Whilst in the EU, the UK imported lamb meat from France. Before they joined the EU in 1973 they imported lamb meat from New Zealand, which is the world's second largest lamb exporter, exporting $250 million worth of lamb meat a year. Therefore Britain missed out on importing from the more efficient New Zealand
48
UK financial account
£8.750 billion financial account surplus December 2023
49
Example of a floating exchange rate
USD
50
Example of a fixed exchange rate
$1 = 2 Barbadian dollars
51
Example of a managed exchange rate
Japanese Yen
52
Forex reserves
China has the world's largest forex reserves, worth over $3.4 trillion as of 2022
53
Marshall Lerner
US saw a high dollar index of 105 in June 2023, but exports were at a lower than average $250 billion
54
Stat about foreign unit labour costs
It costs $3.72 to make a denim shirt in Bangladesh
55
Stat about US labour costs
Whereas it costs $13.22 to make a denim shirt in the US
56
UK poverty levels
Absolute (60% of median household): 18%
57
Wage that defines extreme poverty
Below $1.90 a day, set by World Bank
58
Malaysia Gini coefficient
0.39
59
Malaysia GDP per capita
11100
60
Rural poverty Malaysia
0.12
61
Urban poverty Malaysia
0.045
62
Rural population Malaysia
7.5 million
63
Urban population Malaysia
26 million
64
Percentage of rural Malaysians employed in agriculture
0.22699999999999998
65
Percentage of Malaysians that complete secondary education
97.9% despite it not being mandatory
66
Stat about road infrastructure in Jakarta
$1 billion is lost every year due to poor traffic circulation in Jakarta, Indonesia
67
(Level of FDI into South Africa)
SA receives 13% of all of China's FDI
68
(Impact of FDI into SA)
From 2011 onwards FDI stocks fluctuated to a large extent and exhibited a downward trend. Poverty levels declined drastically since the early 2000s however since 2011 poverty levels have been on an upward trajectory (36% to 38% between 2010 and 2020)
69
UK HDI
0.804 in 1990 to 0.929 by 2021
70
NHS waiting times
Median waiting times stand at 14.5 weeks and only 58% of people are being treated within 18 weeks
71
Savings rate in sub-Saharan Africa (Harrod Domar)
In sub-Saharan Africa in 2014 28.9% of people aged 15 and above had an account with a financial institution
72
Botswana primary product dependency
Main export of diamonds
73
Botswana price volatility
Botswana over 80% reliant on export of diamonds
74
Ghana and debt
Ghana has approached the IMF for a loan 17 times since independence in 1957
75
Madagascar micro finance
$19 million worth of loans in 2020
76
China and industrialisation/urbanisation (Lewis model)
1950: 13% urban population 2010: 45% urban population
77
China GNP agriculture
GNP produced by agriculture from 45% in 1950 to 29% in 1985
78
buffer stock
India has 34 tons of wheat and 33 tons of rice
79
Sri Lanka tourism
2022: $68 million worth of projects and Tourism accounts for 4.9% of GDP
80
Madagascar tourism
In 2019, tourism accounted for 6.7% of GNP in Madagascar A railway in Northern Madagascar began operation in July 2003
81
Fairtrade schemes
21.3% workers in agriculture in Fairtrade schemes Increases commodity prices by 20% in coffee industry
82
Debt relief
The HIPC and related Multilateral Debt Relief Initiative (MDRI) programs have relieved 37 participating countries of more than $100 billion in debt
83
Aid
10.4% of worldwide aid goes towards education and healthcare
84
Government investment needed from aid
0.31 doctors per thousand in South africa, compared to 0.058 per thousand in Chad
85
Military expenditure and corruption as a hindrance to growth and development
Military Expenditure in Somalia increased to $115.10 million in 2022 from $111 million in 2021
86
2008 crisis and asymmetric information
Mortgages loaned to households with poor credit scores and many homeowners defaulted on mortgage payments in 2007 after house prices dropped in 2006
87
2008 crisis and moral hazard
Banks believed they were too important to fall as they would be bailed out so they took more risks
88
2008 crisis and externalities
Banks did not have enough liquidity (cash reserves) and some defaulted
89
Market bubble
Tulip mania 1637: prices increased 12-fold
90
LIBOR scandal
2012: banks were falsely inflating or deflating their rates so as to profit from trades or to give the impression that they were more creditworthy than they were
91
Bailout for UK banks in 2008/09
£137 billion spent on banks such as Royal Bank of Scotland and Lloyds Bank
92
French supertax (Laffer curve)
2012: 75% levy on earnings in excess of €1 million a year —> meagre returns and many wealthy investors leaving the country
93
Greek government bond yields
Reached 36% in February 2012
Economics Theme 4
flashcards
Decks in class (23)
# Cards
-
4.1.1- Globalisation27
-
4.1.2- Specialisation And Trade12
-
4.1.3- Pattern Of Trade8
-
4.1.4- Terms Of Trade12
-
4.1.5- Trading blocs and the WTO39
-
4.1.6- Restrictions On Free Trade34
-
4.1.7- Balance of Payments37
-
4.1.8- Exchange Rates36
-
4.1.9- International competitiveness18
-
4.2.1- Absolute and relative poverty12
-
4.2.2- Inequality27
-
4.3.1- Measures Of Development24
-
4.3.2- Factors influencing growth and development26
-
4.3.3- Strategies influencing growth and development67
-
4.4.1- Role Of Financial Markets31
-
4.4.2- Market Failure In The Financial Sector13
-
4.4.3- Centrals Banks Role11
-
4.5.1- Public expenditure19
-
4.5.2- Taxation11
-
4.5.3- Budget Deficits26
-
4.5.4- Macroeconomic Policies In Global Context17
-
Application macro93
-
macro application use75
