AHH

Question 1

What are relative unit labout costs?

Answer 1

The total wages in an economy divided by output.

It is a measure of international competitiveness.

This provides a number that indicates the labour costs for each unit of output produced.

Rise in producitivity = low cost per unit

IT IS ESSENTIALLY THE LABOUR COST PER UNIT OF OUTPUT

Question 2

What are relative export prices?

Answer 2

Measure of international competitiveness.

If they are rising in the UK relative to other countries, then the UK is becoming less competitive. If they are falling in the UK, it is becoming more competitive

Question 3

UK india FT agreement?

Answer 3

Tariff Reductions: India agreed to cut tariffs on 90% of British goods, including a reduction in whisky tariffs from 150% to 40% over ten years.

Trade Increase: The deal is expected to boost bilateral trade by £25.5 billion ($34 billion) annually by 2040.

Market Access: Enhanced access for UK sectors such as aerospace, medical devices, and food products.

Question 4

UK–US Trade Agreement

Answer 4

Tariff Reductions: US tariffs on British car exports reduced from 27.5% to 10%, with steel and aluminium tariffs eliminated.

Save thousands of jobs in UK car industries.

Question 5

£ - $

Answer 5

1 Pound sterling equals
1.34 United States Dollar