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George's Econ > CONTEXT > Flashcards

CONTEXT Flashcards

1
Q

what is the gini coefficent for the uk as a %

A
  • 0.35

0 is perfect equity

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2
Q

what is the GDP per capita in the UK

A
  • £33,500
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3
Q

whats the rate of growth of GDP in 2020, 2021 & 2022

A
  • -10.5% in 2020 (due to pandemic)
  • 9% (recovery)
  • 4%
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4
Q
  • what is the UKs HDI value
  • whats the UKs population
A
  • 0.9
  • 68 million
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5
Q

what is the total amount of QE that has occured in the UK to date

A
  • £895 billion
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6
Q

what is the value of the trade deficit as a % of GDP

A
  • 2.5 % of GDP
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7
Q

what is the fiscal deficit in the UK as a % of GDP

A
  • 4.2% of GDP
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8
Q

what is national debt as a % of GDP

A
  • 98%
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9
Q
  • what is underlying inflation rate in uk
  • what is target rate
A
  • 3.2%
  • target = 2%
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10
Q
  • what is unemployment rate in the uk
  • what is the target rate
A
  • 3.8 %
  • target = 5%
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11
Q

what is the base rate in the UK

A

5.25 %

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12
Q

in 2021 what was import expenditure

A

£640 billion
£48 billion in food and drink (46% of total food and drink consumed)

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13
Q

how much oil was imported in 2021

A

36 milllion tons (80% of oil used)

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14
Q

whats the tax free allowance

A

£12,570

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15
Q

How much is the china EV battery making injecting into UK

A

£1bn in gigafactory (in total can attract £2bn)
makes 6000 firect jobs

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16
Q

what are 3 specific causes of the UK CA deficit

A
  • high domestic consumption relative to production (66% of AD is consumption)
  • depreciation of the pound (kwasi/truss budget pound crashed 20-30% overn night)
  • structural issues (manufactoring sector declined by 18% of GDP)
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17
Q

what percentage of components of AD make up AD in UK

A

65% consumption
18% investment
21 % goverment spending
net exports -4%

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18
Q

USA china tariff

A
  • tariff on chinese electrical cars goes from 25% to 100% (chinese electrical vehicle imports gonna be double the price)
  • tariffs increasing on semi-conductors, solar panels, batteries
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19
Q

difference in comp advantage between china and US for electric cars

A
  • china firm BYD can sell electric car for $10,000
  • costs ford $100,000 per car
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20
Q

Growth rate in UK and exiting recession

A

Uk exit recession as grow by 0.6% in 1st quater of 2024 (joint fastest growing economy in G7)
^caused pound to increase to £1.25 to the $ (investors buying more £)

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21
Q

How much did the economy shrink by in the 2023 recession

A

in last 2 quarters we fell by 0.1% and 0.3%

22
Q

examples of deglobalisation

A
  • increase in protectionism (us china tariffs)
    apple is considereing moving production from china to india (as india bigger market)
23
Q

the rana plaza disaster in bangladesh

A

1,134 dead, 2000 injured
^poor conditions, poor pay
generated accord of fire and building safety in bangladesh ^fashion brands have to contribute to inspections and remedation in industry
140,000 safety improvements made

bangladesh is 2nd largest exporter of clothes behind china

24
Q

what country has the highest level of debt as a percentage of GDP

A

japan with 260 %

25
Q

what are the top 3 countrys in the euro union that contribute towards economic output

A

germany
france
italy

26
Q

How much is the global black market worth

A

$2-10 trillion

27
Q

How much is jaguar landrover planning on investing into UK

A

plans to invest £15 bill over 5 years to upgrade its factorys producting electric vehicles

28
Q

how much is the global black market worth

A

$10 trillion

29
Q

inflation target implimentation

A

introduced in 1997, inflation was rarely outside target rate in next 25 years

30
Q

what was the annual growth rate in 2023

A

0.1%

high intrest rates, high personal taxation, cuts to goverment spendin

31
Q

whats the annual growth forecast for 2024

A

0.8%

32
Q

whats the UKs output gap

A

negative output gap of -0.1%

small

33
Q

whats GDP in the UK
What are the components

A

£2.5 trillion (80% services, manufacturings 14%, argriculture 1%, construction 5%)

34
Q

whats the rate of unemployment in UK
whats natural rate of unemployment

A

4.3% unemployment increased by 0.1% from last quarter
natural rate is 3.5%

35
Q

whats the economic inactivity rate In uk

A

22%

36
Q

whats the base rate and whats the average lending rate

A

5.25%
6.25%

37
Q

whats income and corp tax

A
  • income, 20%, 40%, 45% (frozen till 2029)
  • corp 25%
38
Q

whats debt as % of GDP in ivory coast

A

52.5%

39
Q

whats central bank base rate in ivory coast

A

3.5%

40
Q

whats the ivory coast HDI ranking

A

170 out of 189
0.54

41
Q

whats the ivory coast corruption perceptions index value

A

105 out of 180 countries

42
Q

% of workforce in agriculture in ivory coast

A

65% of workforce in agriculture
cocoa ivory coasts biggest export
^40% of global cocoa production

43
Q

whats ivory coast gini-coefficent

A

0.42

44
Q

whats the inflation rate in ivory coast

A

3.6%

45
Q

whats GDP per capita in ivory coast

A

$2,143

46
Q

what was the UK debt to GDP ratio in 2007 and 2009

A

in 2007 it was 35%
in 2009 it was 60%

47
Q

what is japans debt to GDP ratio

A

260%

48
Q

Give examples of firms within all markets structures

A

perfect = market stalls
very comp market = fast food
monopolistic & contestable = taxis
oligopoly = comp = supermarkets, non-comp = uk energy
monopoly power = google search

49
Q

give examples of firms that use each objective

sales and prof

A

prof max = apple
sales max = amazon

50
Q

give an example of where gov regulate monopolies

A

RPI in uk train industrey
performance targets in GP’s

George's Econ (8 decks)

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