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A Level Economics application > macroeconomics > Flashcards

macroeconomics Flashcards

Useful facts about the UK and global economy to use in essays

1
Q

how many rulings has the WTO made since 1995

A

350

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2
Q

how much of Argentina is in poverty

A

50%

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3
Q

average yearly rate of return on assets

A

5.3%

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4
Q

access to internet - UK

A

95%

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5
Q

access to internet - India

A

30%

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6
Q

yearly energy consumption - UK

A

2764 kg oil per person

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7
Q

yearly energy consumption - India

A

673 kg oil per person

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8
Q

population in agriculture - India

A

44%

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9
Q

life expectancy at birth - India

A

63

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10
Q

India Corp. tax in 1990

A

dropped from 50% to 40%

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11
Q

how much aid did Kenya recieve from the UK in 2016

A

$650 million

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12
Q

what % of women work in Iran

A

17%

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13
Q

what % of women work in Tanzania

A

79%

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14
Q

what happened in Bangladesh in 1971

A

liberation war and a cyclone

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15
Q

how much debt relief did the world bank give Burundi in 2009

A

$883 million

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16
Q

how much did the IMF give to support Greece in the European credit crisis

A

$146 billion

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17
Q

what was the result of Denis Healey’s policies

A

financial crisis in 1976 and had to borrow $3.9 billion from IMF

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18
Q

how much does the Japanese government spend on pensions

A

10% GDP

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19
Q

how much does the Botswana government spend on pensions

A

less than 1% GDP

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20
Q

what proportion of Botswana’s population is under 15

A

1/3

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21
Q

how much does the Botswana government spend on education

A

7.8% GDP

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22
Q

who was Addy Wagener

A

Wagner’s law is that an increase in incomes leads to a larger increase in demand for government goods and services so public expenditure is income elastic.

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23
Q

evaluation of Wagner’s law

A

some public services are inferior e.g. public transport

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24
Q

what proportion of Denmark’s population trusts the government

A

50%

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25
Q

what proportion the US population trusts the government

A

18%

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26
Q

how does poor health affect productivity in the UK

A

UK firms lose £77 bn a year

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27
Q

what is Chinas national debt

A

$5 trillion

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28
Q

what is the US national debt

A

$ 20 trillion

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29
Q

what is the UK’s national debt

A

$ 1.7 trillion

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30
Q

informal jobs in India

A

90%

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31
Q

how much of south africa is in poverty

A

1/4

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32
Q

south africa Gini Coeficient

A

0.63

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33
Q

UK minimum wage

A

£7.70 an hour

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34
Q

National living wage

A

£8.21 an hour

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35
Q

UK annual growth rate in 2018

A

1.4% which is the lowest rate since the recession

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36
Q

UK quarterly growth Q4 2018

A

0.2%

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37
Q

UK chance of a recession in 2019

A

BoE says 25%

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38
Q

UK forecast growth from 2019

A

1.2%, 1.4%, 1.6%, 1.6%, 1.6%

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39
Q

UK output gap

A

OBR estimates positive output gap of 0.2% GDP

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40
Q

UK real GDP per capita

A

£29,000

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41
Q

UK total GDP

A

£2 trillion

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42
Q

UK GDP breakdown - services

A

79%

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43
Q

UK GDP breakdown - manufacturing

A

14%

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44
Q

UK GDP breakdown - construction

A

6%

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45
Q

UK GDP breakdown - agriculture

A

1%

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46
Q

UK unemployment

A

3.9%

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47
Q

UK NRU

A

estimated by OBR as 4%

48
Q

UK youth unemployment

A

11%

49
Q

Greece youth unemployment

A

39.9%

50
Q

Greece unemployment

A

18.4%

51
Q

UK long term unemployment

A

1.1%, 26% of unemployed

52
Q

global growth

A

3.3% in 2019 - falling due to China slowdown, political uncertainty and trade tensions

53
Q

China growth

A

expected to moderate to 6% by 2020, fiscal stimulus, trade tensions weakening exports

54
Q

India growth 2018

A

7%

55
Q

US growth

A

3% in 2018 but expected to moderate to 2.5 in 2019, full employment

56
Q

Impact on EU countries of no-deal Brexit

A

15% decline in exports to UK

57
Q

impact on the UK of no-deal brexit

A

2% reduction in GDP according to OECD analysis (leading to recession)

58
Q

UK consumer confidence

A

very weak due to Brexit although retail figures are robust

59
Q

UK inflation

A

1.9%

60
Q

UK core inflation

A

1.8%

61
Q

UK producer price inflation

A

2.4%

62
Q

UK inflation expectations

A

2.7% so wage growth should remail high

63
Q

UK wage growth

A

3.4%

64
Q

UK current account deficit

A

4.4% GDP

65
Q

UK productivity

A

19% below G7 average and 18% below pre - crisis trend

66
Q

Eurozone growth

A

1%

67
Q

pound to euro exchange rate pre Brexit vote

A

£1 = €1.30

68
Q

pound to euro exchange rate now

A

£1 = €1.16

69
Q

pound to dollar exchange rate pre Brexit vote

A

£1 = $1.50

70
Q

pound to dollar exchange rate now

A

£1 = $1.30

71
Q

impact of weak pound

A

cost push inflation but no impact on exports

72
Q

causes of UK current account deficit

A

weak productivity and investment, wage growth, Eurozone economy slowdown

73
Q

UK budget deficit

A

2% GDP and forecast to fall to 0.8% by 2023

74
Q

UK national debt

A

83% GDP and forecast to fall to 74% by 2023

75
Q

bond yields for UK government borrowing

A

1%

76
Q

UK corporation tax rate

A

19%

77
Q

UK corporation tax rate in 2010

A

28%

78
Q

UK VAT

A

20%

79
Q

UK Gini coefficient

A

0.34

80
Q

UK Gini Coefficient in 2010

A

0.36

81
Q

UK base rate

A

dropped to 0.25 in 2016 raised to 0.5 in 2017 then raised to 0.75 in 2018

82
Q

UK average lending rate

A

1%

83
Q

UK average mortgage rate

A

1.75%

84
Q

UK quantitative easing

A

£435bn

85
Q

main challenges currently facing the UK

A

US interest rates rising, weakening investment, poor confidence and China slowdown

86
Q

positives about UK economy

A

labour market doing well, surge in renewables, creative industries

87
Q

when was the last time the UK had a budget surplus

A

2001

88
Q

when was the last time unemployment was this low

A

1975

89
Q

UK average household debt

A

£58,540

90
Q

WTO forecast for 2019 trade growth

A

2.6%

91
Q

exports as a percentage of Germanys GDP

A

50%

92
Q

exports as a percentage of UK GDP

A

30%

93
Q

reasons for Germany slowdown

A

Trump America first, Volkswagen ‘diesel gate’, derivative of china economy, uncertainty surrounding brexit - car sales were hit first in 2008, electric vehicles

94
Q

UK real wage growth

A

1.5%

95
Q

UK national productivity fund

A

£31bn

96
Q

UK supply side policies of education

A

£400m school funding in 2019, more funding for maths and computer science, apprenticeships levy, ‘T’ levels, subsidies/grants for adult training

97
Q

UK supply side policies for Health

A

increase funding for NHS by £20.5 bn above inflation by 2023

98
Q

UK National Roads Fund

A

£28.8 bn between 2020 and 2025

99
Q

cost of crossrail

A

£18bn

100
Q

expected cost of HS2

A

£60bn

101
Q

spending on digital infrastructure

A

£16bn

102
Q

personal allowance since Jan 2019

A

£12,500

103
Q

personal allowance in 2010

A

£6,500 (just under)

104
Q

Investment Allowance

A

£1m

105
Q

UK deregulation supply side policies

A

cut £10bn red tape, Theresa May + planning permission, 1 in 3 out

106
Q

Proportion of UK population rlin regions poorer than EU average

A

3/4

107
Q

UK GDP in 1976

A

$232 bn

108
Q

Percentage of international trade driven by TNCs

A

80%

109
Q

UK trade to GDP ratio

A

Rose from 36% to 64% from 1972 to 2016

110
Q

Proportion of world population who live outside the country in which they were born

A

3%

111
Q

FDI to America in 2016

A

$144bn

112
Q

Investment % GDP

A

15%

113
Q

Consumption %GDP

A

61%

114
Q

G %GDP

A

23%

115
Q

net trade %GDP

A

-1%

116
Q

%GDP from financial sector

A

14%

A Level Economics application (3 decks)

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