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Macroeconomics (Unit 2 & 4) > Statistics (2017) & Examples > Flashcards

Statistics (2017) & Examples Flashcards

(64 cards)

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1
Q

What is the UK Annual Growth Rate?

A

2.1%

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2
Q

What is the UK Output Gap?

A

Negative output gap of -0.35%, small

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3
Q

What is the UK Annual Forecast Annual Growtth?

A

1.9% (2017), 1.6% (2018)

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4
Q

What is the UK GDP per Capita?

A

£30,000

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5
Q

What is the Total UK GDP?

A

Approx. £2 trillion

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6
Q

What is the Breakdown of the UK’s GDP?

A

Services 79%
Manufacturing 14%
Construction 6%
Agriculture 1%

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7
Q

What is the UK Full Employment Rate?

A

4.5% unemployment

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8
Q

What is the UK Unemployment Rate?

A

4.77%

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9
Q

What is the Youth Unemployment Rate?

A

11.9%

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10
Q

What is the UK Long Term Unemployment Rate?

A

1.3%

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11
Q

What has happened to the UK’s Consumer Confidence?

A

Recently has fell

due to concerns about uncertainty over Brexit, or the future over the Current General Election

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12
Q

What are the UK Income Tax Bands?

A

0 - £11.5K = 0%
£11.K - £45K = 20%
£45K - £150K = 40%
£150K + = 45%

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13
Q

What is the CPI Inflation Rate?

A

2.3%

Has risen highly from last year

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14
Q

Which countries have Low Interest Rates?

A

UK - 0.25%
Eurozone - 0%
Japan - negative

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15
Q

Which countries have High Interest Rates?

A

South Africa - 7.7%

Russia - 9.25%

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16
Q

Which Countries have High House Prices?

A

UK

USA

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17
Q

Which countries have a Negative Wealth Effect?

A

China

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18
Q

What countries have High Real Disposable Income?

A

USA
UK
Australia

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19
Q

What countries have Low Real Disposable Income?

A

China
Brazil
Russia
Argentina

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20
Q

What countries have Low Income Tax?

A

UK

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21
Q

What countries have High Consumer Confidence?

A

USA

Australia

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22
Q

What countries have Low Consumer Confidence?

A

UK (recently)
Russia
Brazil

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23
Q

What countries have High Business Confidence?

A

USA

Australia

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24
Q

What countries have Low Corporation Tax?

A

UK

Ireland (lowest rate is 12.5%)

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25
What countries have High Corporation Tax?
USA (up to 35%)
26
What countries have Fiscal Expansion taking place?
China Japan Hong Kong USA
27
What countries have Austerity taking place?
``` UK Spain Greece Italy France Portugal ```
28
What countries have a Weak Exchange Rate?
Euro UK Pound (recently) Brazil Real Russia Ruble
29
What countries have a Strong Exchange Rate?
US Dollar Australian Dollar YEN
30
What Commodities have High Prices (affecting SRAS)?
Oil Gas/Electricity Fertilisers Metals
31
What countries have been in a Financial Banking Crisis (a cause of recession)?
USA UK Eurozone (Spain, Italy, Greece) This is mainly due to 2009
32
What countries have an Increased Interest Rate?
Russia | South Africa
33
What Countries saw a big Oil Shock?
UK | 2009 and 2012
34
What countries are experiencing Stagflation?
``` South Africa Brazil Russia Venezuela Argentina Turkey Nigeria ```
35
What countries have experienced Demand Pull Inflation?
China India USA
36
What countries have experienced Cost Push Inflation?
Brazil Japan UK (high oil and commodity prices, weak pound)
37
What countries have Experienced an Inflationary Spiral?
Argentina | wage spiral
38
What countries have experienced Cyclical Unemployment?
Greece Italy Brazil
39
What countries have experienced Structural Unemployment?
UK (e.g. people having good degrees, but not being able to find jobs)
40
What country has experienced Bad Deflation?
Japan It started in the 1990s and they haven't got out of it
41
What countries have a High GINI Coefficient?
Nigeria Angola South Africa Their GINI coefficients are all >0.6
42
What countries have a Low GINI Coefficient?
Norway Denmark Sweden
43
What countries have a high Absolute Poverty?
African Nations (eg Ethiopia) China India
44
What countries have a high Relative Poverty?
UK | USA
45
What Policies can be used to Redistribute Income?
Progressive Income Tax UK Transfer Payments Making the minimum wage equal the living wage Government Spending on Education + Health
46
What countries have cut their Interest Rates?
``` UK Brazil Russia India South Africa ```
47
What countries increased their Interest Rates?
USA | Nigeria
48
What countries engage in Quantitative Easing?
``` USA UK Japan Denmark Sweden Switzerland ```
49
What countries have high Fiscal Expansion?
Japan | China
50
What countries have increased Austerity?
``` UK Ireland Greece Spain Portugal ```
51
What has the UK Cut Taxes on?
Income Tax | Corporation Tax
52
What has the UK Increased Taxes on?
VAT
53
What countries Benefit from Globalisation?
``` China Japan India South Korea Taiwan Thailand ```
54
What countries Lose Out from Globalisation?
African nations | South America
55
What are some Examples of Protectionism?
Russia's sactions on the EU, EU's sactions on Russia Anti-Dumping Tariffs -- EU + USA
56
What countries are in a Current Account Deficit?
UK | USA
57
What countries are in a Current Account Surplus?
Singapore Norway Netherlands
58
What countries have a Fixed Exchange Rate?
UAE Bolivia (there has been big discussion as to whether they should go to an exchange rate)
59
What countries have a Floating Exchange Rate?
UK
60
What countries have a Managed Exchange Rate?
China
61
What countries have seen Successful Market-Based Approaches?
India China Botswana Lesotho
62
What countries have seen Failed Market-Based Approaches?
Nigeria Angola (increase in oil sales + FDI) (abs. poverty and income inequality is very high)
63
What countries have seen Successful Interventionist Approaches?
Rwanda | Ethiopia
64
What countries have seen Failed Interventionist Approaches?
Zimbabwe Burundi Zambia (a lot due to corruption)

Macroeconomics (Unit 2 & 4) (3 decks)

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