Real life examples

Question 1

What factor is driving the surging demand for electric vehicles?

Answer 1

Environmental awareness

Notable example includes Tesla’s growth forecast from 2022 to 2025.

Question 2

What caused global wheat supply disruptions in 2022?

Answer 2

Ukraine war

The conflict significantly affected agricultural exports.

Question 3

What is the price elasticity of demand for cigarettes in Australia?

Answer 3

Relatively inelastic

This remains true even after tax increases.

Question 4

What is an example of cross elasticity in the beverage market?

Answer 4

Coca-Cola vs. Pepsi pricing wars

This illustrates competitive pricing strategies in the USA.

Question 5

What intervention does New York City implement regarding rent prices?

Answer 5

Rent controls

This policy is ongoing to help limit rent increases.

Question 6

What are India’s minimum support prices for farmers?

Answer 6

Annual policy for wheat and rice

Aimed at providing financial support to farmers.

Question 7

What negative externality is associated with Beijing?

Answer 7

Air pollution from factories

This has been a persistent issue affecting public health.

Question 8

What positive externality was observed during the COVID-19 pandemic?

Answer 8

Government subsidies for vaccines

These subsidies were vital in global vaccination efforts from 2020 to 2022.

Question 9

Which company historically held a monopoly in the diamond industry?

Answer 9

De Beers

Although historical, it is still referenced in discussions of monopoly power.

Question 10

Which two companies dominate the global aircraft manufacturing industry?

Answer 10

Boeing and Airbus

This represents an oligopoly market structure.

Question 11

What economic event contributed to Qatar’s GDP boom in 2022?

Answer 11

Hosting the FIFA World Cup

This event had a significant positive economic impact.

Question 12

What issue has Venezuela faced in relation to its GDP reporting?

Answer 12

Hyperinflation and unreliable GDP reporting

This has been a major concern since 2017.

Question 13

What was a notable economic consequence of COVID-19 lockdowns in the US?

Answer 13

Aggregate demand slowdown

This slowdown occurred during 2020.

Question 14

What supply-side constraints has the UK faced post-Brexit?

Answer 14

Supply-side constraints affecting trade

This issue has been ongoing since 2020.

Question 15

What economic challenge has Japan been struggling with?

Answer 15

Low inflation and deflationary pressures

This issue has been ongoing.

Question 16

What are Argentina’s inflation rates characterized by from 2022 to 2025?

Answer 16

Extremely high inflation rates

This has led to significant economic instability.

Question 17

What was the purpose of the US Inflation Reduction Act in 2022?

Answer 17

Increased government spending

This act aimed to address inflation concerns.

Question 18

What fiscal measures did the UK implement after the 2008 financial crisis?

Answer 18

Austerity measures

These measures were in effect from 2010 to 2015.

Question 19

What action did the ECB take to combat inflation in 2022?

Answer 19

Raising interest rates

This action was aimed at controlling inflation through monetary policy.

Question 20

What monetary policy action did the Federal Reserve take post-pandemic?

Answer 20

Aggressive rate hikes

This occurred during 2022 to 2023.

Question 21

What economic phenomenon is associated with the ‘Celtic Tiger’?

Answer 21

Ireland’s investment in education and tech

This investment has been ongoing since the 1990s.

Question 22

What is a key aspect of Singapore’s economic success?

Answer 22

Deregulation and infrastructure investment

These strategies have supported ongoing economic growth.

Question 23

What trade conflict involved tariffs on electronics and steel?

Answer 23

US-China trade war

This conflict lasted from 2018 to 2020.

Question 24

What has been the impact of Brexit on UK-EU trade relations?

Answer 24

Significant changes and challenges

This has been ongoing from 2020 to 2024.

Question 25

What has caused the Turkish lira's depreciation since 2021?

Answer 25

Economic mismanagement ## Footnote This has led to significant currency instability.

Question 26

What currency appreciated during European financial crises from 2010 to 2015?

Answer 26

Swiss franc ## Footnote This appreciation was a response to economic uncertainty.

Question 27

What has characterized Germany's current account since the 2000s?

Answer 27

Consistent current account surplus ## Footnote This reflects Germany's strong export economy.

Question 28

What chronic issue does the USA face regarding its current account?

Answer 28

Large current account deficit ## Footnote This has been a long-standing economic issue.

Question 29

What has driven Rwanda's rapid development since post-2000?

Answer 29

Government-led investments ## Footnote This development strategy has yielded significant growth.

Question 30

What initiative supports India's rural electrification?

Answer 30

Saubhagya Scheme ## Footnote This initiative has been active from 2017 to 2022.

Question 31

What company has invested in manufacturing plants in India from 2022 to 2025?

Answer 31

Apple ## Footnote This investment aims to expand Apple's manufacturing capabilities.

Question 32

What is the aim of China's Belt and Road Initiative in Africa?

Answer 32

Infrastructure investments ## Footnote This initiative has been ongoing since 2013.

Question 33

What type of loans did the IMF and World Bank provide to Sri Lanka during its economic crisis?

Answer 33

Financial loans ## Footnote These loans were provided during the crisis from 2022 to 2023.

Question 34

What debt relief measure was taken for Zambia in 2022?

Answer 34

Debt forgiveness under the G20 Common Framework ## Footnote This measure aimed to alleviate Zambia's financial burdens.

Question 35

What notable expansion did Amazon undertake during COVID-19?

Answer 35

Global footprint expansion ## Footnote This expansion occurred from 2020 to 2022.

Question 36

What has been a significant outcome of globalization for Vietnam?

Answer 36

Rise as a manufacturing hub ## Footnote This rise has been notable from the 2010s to the 2020s.