Economic (Facts and Statistics)

Question 1

China GDP

Answer 1

$18.5 trillion (2024)

Question 2

China GDP Rank

Answer 2

2nd

Question 3

GDP by sector

Answer 3

Agriculture: 7.1%
Industry: 38.3%
Services: 54.6%

Question 4

net export

Answer 4

Net exports: 3.22%

Question 5

China Inflation (CPI)

Answer 5

1.69% (2024)

Question 6

China boasts the world’s largest high-speed rail network, covering how much

Answer 6

38,000 kilometres

Question 7

China HDI

Answer 7

0.788 As of 2021

Question 8

Corruption in China

Answer 8

Central Commission for Discipline Inspection (CCDI) has led to high-profile anti-corruption campaigns, targeting both “tigers” (senior officials) and “flies” (lower-level bureaucrats). 42 index

Question 9

For example, in 2020, despite the challenges posed by the COVID-19 pandemic FDI

Answer 9

$163 billion

Question 10

State Intervention and state-owned enterprises

Answer 10

generated 40% of China’s GDP of US$15.97 trillion in 2020

Question 11

Central African Republic GDP

Answer 11

$2.32 billion 2019

Question 12

CAR GDP rank

Answer 12

163rd (nominal, 2019)

Question 13

CAR GDP by sector

Answer 13

agriculture: 43.2%
industry: 16%
services: 40.8%

Question 14

Population below the poverty line

Answer 14

66% on less than $1.90/day

Question 15

CAR Exports and Imports

Answer 15

$113 million (2017 est.)
$393 million (2017 est.)

Question 16

CAR Foreign reserves

Answer 16

$304 million

Question 17

According to the World Bank, CAR’s trade-to-GDP ratio

Answer 17

stood at around 40% in 2019, reflecting the limited scale of international trade relative to the size of the economy

Question 18

CAR Corruption

Answer 18

Transparency International’s Corruption Perceptions Index 2020, CAR scored 18 out of 100

Question 19

CAR Financial

Answer 19

With less than 1% of the total population holding a bank account, access to financial services is extremely limited in the CAR. Microfinance accounts only for 1% of the total credit facilities, serving 0.5 percent of the population.

Question 20

CAR investment

Answer 20

Central African Republic (CAR) Ministry of Transport and Civil Aviation has plans to invest $523 million into transport infrastructure that potentially allows for private sector investment.

Question 21

Five big problems of the Resource curse

Answer 21

Dutch disease focuses on how exporting a large number of lucrative resources will lead to appreciation and other goods and services being uncompetitive

Enclave effects focus on labour and investment. primary goods have little to no knowledge and economic spillover or effects and actually, employ less labour than industrial sectors.

Financial volatility- this change can heavily impact government debt and finance. (Business/FDI confident)

Government Failure- corruption and continuous reinvestment in the same industry and human capital. (Because it is the most lucrative for the government in the short term)

Prebisch-Singer Hypothesis

Question 22

Sovereign Wealth Fund two function

Answer 22

Reduce Fluctuation for government and financial institutions to provide a cushion for future periods when either resource prices or supplies decline significantly or suddenly. Pula Fund (4.1bn)/safeguard against budgetary deficits.

Diversification and investment- The Nigeria Infrastructure Fund is expected to secure investments in the infrastructural development of the country in areas such as agriculture and other government-directed projects. (2.56bn) Nigeria Sovereign Investment Authority

Question 23

HSBC profit and capital reserve

Answer 23

31bn and 113bn

Question 24

Minsky Hypothesis

Answer 24

Prolong financial stability, banks become complacent and higher levels of risks for lending/ speculative bubble. excessive borrowing

Question 25

Northern Rock

Answer 25

Failed in 2007, the good part bought by virgin money

Question 26

Credit Crunch

Answer 26

A situation in which there is a sudden reduction in the availability of credit or loans from financial institutions to businesses and consumers. Reduced investment and in the case of the 2008 financial crisis leads to a further decrease in house pripricesd the value of assets for banks.

Question 27

Stress test

Answer 27

e.g. fall in real GDP by 5%

Question 28

UK Bond Yield

Answer 28

3.95%

Question 29

countercyclical buffer

Answer 29

The idea behind the countercyclical capital buffer is as follows: in times of excessive credit growth, banks are required to build up an additional capital buffer. This buffer generally increases the loss-absorbing capacity of banks. In times of crisis, banks are explicitly allowed to use up the buffer and to use it to mitigate losses. This is aimed at preventing a credit crunch.

Question 30

Failure of Dynamic efficiency in monopoly

Answer 30

Thames Water involved only 15 out of 83 works in the area which needed to have their capacity increased now. Report of high E.coli in water

Question 31

Supermarket shares

Answer 31

27.4% Tesco 14.8% Sainsbury 13.7%ASDA

Question 32

Price War

Answer 32

Prosecco prices falling due to Lidl and Aldi competition 2017

Question 33

non-price competition

Answer 33

Tesco Club Card Brand Loyalty, increase preference and decrease elasticity

Question 34

Failed Merger

Answer 34

Soon after the merger, multitudes of Nextel executives and mid-level managers left the company, citing cultural differences and incompatibility. Sprint was bureaucratic; Nextel was more entrepreneurial. Nextel was attuned to customer concerns; Sprint had a horrendous reputation in customer service. (communication)

Question 35

When looking at a micro question understand the question, look at all the PED, XED and YED. Then look at the producer side, then probably price decrease, due to this change in demand or supply, less supernormal profit or deterioration of profit, leading to shutdown, as there is less producer surplus. Probably less investment or something along the lines of this. If there is a demand increase then the economic scale Evaluation is probably talking about XED is shit or whatever

Answer 35

OK

Question 36

Productivity

Answer 36

output per hour worked increased by 0.3% in Quarter 2 2023 to 2022

Question 37

UK National Income Rise

Answer 37

On 1 April 2024, the UK's National Minimum Wage (to apply to workers aged 21 and over) rises by 9.8% to £11.44 per hour.

Question 38

Relative Productivity in G7 in the UK

Answer 38

4th

Question 39

Economic Inactivity in the UK

Answer 39

22% and over 3 million of them is due to medical problem

Question 40

Working Poverty in UK

Answer 40

62%

Question 41

China and UK GNI

Answer 41

37 32.4

Question 42

Successful Merger

Answer 42

Disney purchased the animation studio Pixar for 7.4 billion dollars.

Question 43

Monopoly power on search engine

Answer 43

As of February 2024, Google dominates the top search engines, with a market share of 91.62%.

Question 44

Google on not allocative efficient and achieving supernormal profit

Answer 44

Google Ads Cost Per Lead Has Increased for 91% of Industries YoY

Question 45

Cabbage Girl on Protectionism

Answer 45

Trade Secretary Liz Truss have warned against “green protectionism”, Chancellor Rishi Sunak is looking at a carbon border adjustment tax, which will slap levies on goods arriving from abroad. Such taxes aim to prevent wealthy countries such as the UK from outsourcing their carbon emissions to the developing world by bringing in cheap imports produced with – known as “carbon leakage”.

Question 46

Carrot Boy in Protectionism

Answer 46

Donald Trump imposed tariffs on steel (25%) and aluminium (10%) from most countries

Question 47

Contestability

Answer 47

Dyson entering the electric car market

Question 48

UK Growth rate

Answer 48

0.1

Question 49

UK Unemployment

Answer 49

4.2%

Question 50

UK Wage growth

Answer 50

5.6%

Question 51

UK Inflation

Answer 51

3.2%

Question 52

UK Interest rate

Answer 52

5.2%

Question 53

UK National debt

Answer 53

98.6%

Question 54

Current Account Deficit

Answer 54

3.3%

Question 55

UK GDP and Service Component

Answer 55

3 trillion and 79%

Question 56

Gini Coefficient

Answer 56

0.357

Question 57

Corp Tax

Answer 57

25%

Question 58

Training Scheme

Answer 58

The national retraining scheme has been integrated with the government’s new £2.5bn national skills fund.

Question 59

US Drug and Pharma monopoly

Answer 59

Americans paid $460 billion for prescription drugs

Question 60

Investment by Monopoly

Answer 60

Roche biggest drug companies invest 30.9% of revenue