REAL LIFE SITUATIONS [2023-2024]

Question 1

[SUBSIDY] When did the IMF criticize Kenya’s president Ruto for continuing oil subsidies

Answer 1

January 2024

Question 2

[SUBSIDY] When did the 15k Filipino farmers receive a seed subsidy in Kalinga?

Answer 2

January 2024

Question 3

[SUBSIDIES] Describe what occurred: “IMF criticises Kenya’s president (Ruto) for continuing fuel subsidies”

Answer 3

The gov re-introduced the subsidy despite lack of funds to pay oil marketers (with the Treasury yet to pay $55.6 million).

The subsidy reduced the prices:
- Petrol: $1.36 -> $1.34
- Diesel: $1.34 -> $1.27

Question 4

[SUBSIDY] Describe what happened: “Philippines (Kalinga): 15k rice farmers receive seed subsidy”

Answer 4

Directly provided the seeds – Boosts rice production🍙🌾

Question 5

[TAXES] When did South Africa install a new vaping tax?

Answer 5

MAY 2023

Question 6

When did Argentina tax the acquisition of foreign currency?

Answer 6

July 2023

Question 7

Why did South Africa introduce a new vaping tax?

Answer 7

• To increase retail price (by around ~100%)
• due to the large health problem in low-income households

Question 8

When did Nigeria’s president install a temporary increase in minimum wage? [PRICE FLOOR]

Answer 8

Feb 2024

Question 9

When did Mexican retailer maintain their price limits for key staples?

Answer 9

Dec 2023

Question 10

Mexican retailers to maintain price limits on key staples (Price Ceilings)

Answer 10

To make sure the staple food stays available to the people, the government and firms struck an agreement to maintain a price ceiling

Question 11

Nigeria’s president installs a temporary increase in Minimum Wage (Price Floor)

Answer 11

Made before an indefinite labor strike, the average worker an additional 25,000 naira [($32) -> $71.]

But a civil servant said that this wage still can’t afford a bag of rice.

Question 12

Burberry shares slide on slowdown in luxury demand (PED) — NOV 2023

Answer 12

(btw PED can be related to the others)

Burberry shares slide on slowdown in luxury demand (PED) — NOV 2023

Burberry shares decline due to a slowdown in luxury demand, indicating a potential shift in price elasticity of demand (PED) for luxury goods.
• The article attributes the share slide to a dip in Chinese demand for high-end products, suggesting changes in consumer preferences affecting the elasticity of demand for luxury items.
• Global economic conditions, especially in China, impact the luxury sector, showcasing the influence of external factors on PED.

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Question 13

What year did the Australian economists announce a new tax model?

Answer 13

Feb 2024

Question 14

Australia new carbon tax model

Answer 14

• Economists Ross Garnaut and Rod Sims propose a fossil fuel production tax to fund Australia’s transition to a carbon-free energy model.
• The tax, combined with subsidies, could support up to half the cost of new carbon-free production plants for iron, aluminium, or fuel.

Question 15

[TAX] Colombia junkfood law

Answer 15

Colombia released an ad valorem tax on highly processed food that will slowly increase by 5% each year until 2025

Question 16

When did Colombia propose a new junk food law

Answer 16

NOV 2023

Question 17

[SHORTAGE] Major cities in the UK saw a huge rise in rent in the last of three years

Answer 17

• Lots of competition for living in those areas
• prices of rent made higher due to shortage (demand > supply or supply < demand)

Question 18

[Tax] Manchester 1 pound per night tourist tax

Answer 18

APRIL 2023:

• From Saturday (1 April) tourists will have to pay a £1 tax to stay in Manchester – the first city in the UK to impose a tourist tax on visitors.
• Overnight guests in city centre hotels or holiday apartments will be charged £1 a night, per room, as part of a new scheme which officials hope will raise £3m a year.
• Branded the City Visitor Charge, the fee is the first to be introduced in the UK and will help to fund the new Manchester Accommodation Business Improvement District (ABID), which aims to “improve the visitor experience” and “support future growth of the visitor economy” over the next five years.