Micro: Evaluation & Application Flashcards by Jayeola Ilimezekhe

How many UK workers are on Zero Hour Contracts (ZHC)?

1.18 million

Example: McDonald’s offers ZHC and guaranteed weekly hours.

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What is the Labour Party’s policy regarding Zero Hour Contracts?

Aim to ban ZHC.

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What is the National Minimum Wage (NMW) in the UK for 2023?

£10.42

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What will the National Minimum Wage (NMW) be in 2024?

£11.44

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What breaches occurred regarding the National Minimum Wage?

Tesco failed to pay £5mn to 80,000 workers; Pizza Hut failed to pay £1mn to 10,000 workers.

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What was the median income for men in the UK in 2023?

£34,632

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What was the median income for women in the UK in 2023?

£25,532

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What is the gender pay gap in the UK?

Women earn 91p for every £1 men earn.

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What was the decline in private-sector trade union membership in 2022?

Dropped by 152,000 to 2.4mn.

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What was the decline in public-sector trade union membership in 2022?

Dropped by 48,000 to 3.84mn.

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What was the trade union density in 1995 and 2022?

Declined from 33% (1995) to 22.3% (2022).

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What percentage of working-age adults in working households lived in poverty in 2021/2022?

64%

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What was the percentage of working-age adults in working households living in poverty in 2020/2021?

61%

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How many households were in fuel poverty in 2023?

8.8mn households (10% definition).

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What government support exists for fuel poverty?

Energy Price Cap and support packages.

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How many people were in food poverty in 2021/2022?

4.7mn people (7% of population).

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What percentage of those in food poverty are children?

12%

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What is the government response to food poverty?

Free School Meals (FSM) for ~2mn pupils.

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What was the Gini Coefficient in 2022?

0.357 (up from 0.344 in 2021).

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What does the Gini Coefficient measure?

Income inequality (0 = perfect equality, 1 = perfect inequality).

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What are some examples of AI usage by Amazon?

Warehouse automation, drone delivery, and electrifying its fleet.

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What is the impact of AI on productivity?

Increases productivity but may lead to structural unemployment and skill gaps.

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What market does BYD operate in?

Produces taxis and buses globally.

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What percentage of car parts does BYD produce in-house?

75%

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What is the price of BYD's vehicles compared to Tesla's?

£22,400 (half of Tesla’s £45,000).

What was the issue in the Ford Pinto Scandal?

Design flaws led to fires in rear-end collisions.

What was Ford's response to the Pinto Scandal?

Chose to pay lawsuits rather than recall cars.

What was the issue in the Toyota Prius Scandal?

Faulty brakes led to recalls and lawsuits.

What is the UK Vape Ban policy?

Restrict new vape flavours and require plain packaging.

What is the aim of the UK Vape Ban?

Reduce youth vaping (20% of 11-17-year-olds tried vaping in 2023).

What is the principle of the UK Emissions Trading Scheme (ETS)?

Cap and trade system to reduce emissions.

What is the goal of the UK Emissions Trading Scheme (ETS)?

Contribute to net-zero by 2050.

What is the UK Sugar Tax policy?

Soft Drinks Industry Levy (2018).

What impact did the UK Sugar Tax have?

Reduced sugar consumption but revenue now goes to general tax pot.

What is the UK Plastic Packaging Tax?

£200/tonne tax on plastic with less than 30% recycled material.

What is the aim of the UK Plastic Packaging Tax?

Boost recycled plastic use by 40%.

What is Ben and Jerry’s CSR goal?

Ethical sourcing, carbon neutrality by 2025.

What is Apple's CSR goal?

Carbon neutrality by 2030, removing plastic from iPhone boxes.

What was Octopus Energy's pre-tax profit in 2023?

£283mn (up from £165.7mn loss in 2022).

What is Octopus Energy's strategy?

Vertical integration and renewable energy investments.

What is first-degree price discrimination?

Example: eBay’s bidding system.

What is the impact of first-degree price discrimination?

Converts consumer surplus into producer surplus.

What is second-degree price discrimination?

Example: Uber’s surge pricing.

What is the impact of second-degree price discrimination?

Charges higher prices during peak demand.

What is third-degree price discrimination?

Example: Cinema tickets (adult £10.79, child £7.99).

What is the impact of third-degree price discrimination?

Segments market to maximise profits.

What is OPEC's role?

Controls global oil supply and prices.

What impact does OPEC have?

Acts as a cartel to influence oil prices.

What type of market is Spotify in?

Non-contestable oligopoly.

What was Spotify's revenue in Q3 2023?

€3.4bn.

What was Spotify's operating income?

€32mn.

What is the UK productivity gap compared to G7?

16% lower productivity.

What are the causes of the UK productivity gap?

Low R&D investment, poor management, skill shortages.

What is an example of negative interest rates?

Japan (-0.1%).

What is the impact of negative interest rates?

Encourages lending and spending.

What was the cumulative quantitative easing (QE) in the UK by November 2020?

£895bn.

What is the impact of quantitative easing (QE)?

Lowers long-term bond yields and mortgage rates.

What was the value of UK exports to the EU in 2023?

£43.6bn.

What was the value of UK imports from the EU in 2023?

£77.8bn.

What was the trade deficit with the EU in 2023?

£31.6bn.

What was the tariff resolution between the US and UK in 2023?

Tariffs on aerospace products resolved.

What is the tariff on Australian wines in China?

218% tariff.

What is the value of Norway’s Sovereign Wealth Fund?

$1.6tn.

What is the goal of Norway’s Sovereign Wealth Fund?

Ensure oil revenues benefit future generations.

What is Rwanda's GNI per capita?

$2,410.

What is a challenge faced by Rwanda?

High government debt (68% of GDP).

What was the issue in the LIBOR Scandal (2012)?

Banks manipulated benchmark interest rates.

What was the impact of the LIBOR Scandal?

Loss of credibility in LIBOR as a benchmark.

What was the scenario in the 2022/2023 stress test?

Bank rate rises to 6%, UK GDP falls by 5%.

What was the result of the 2022/2023 stress test?

All UK banks passed the stress test.

What policies were implemented for Norway’s EV nudges?

70% off toll roads, free parking for EVs.

What was the impact of Norway’s EV nudges?

Increased EV adoption.

What example illustrates food waste nudges?

Supermarkets use fun signs like “Pick me, I’m single” on bananas.

What is the impact of food waste nudges?

Reduces food waste.

What is the market share of Hello Fresh and Gousto?

77%.

What was the price increase for Hello Fresh in 2023?

13% to £33.98.

What was the price increase for Riverford?

24% to £41.55.

How many people used food banks in 2023?

3mn people.

What was the increase in food bank usage year-over-year?

38% YoY.

What is the CEO pay ratio in the UK?

CEOs earn 118x more than average workers.