Exam Technique / Evaluation / Statistics

Question 1

Possible ideas to evaluate with

Answer 1

Elasticity, LR and SR, winners / loser, assumptions, time, external costs

Question 2

Example of a country that relies on primary product

Answer 2

Chile - copper

Question 3

Example of a country that is unequal

Answer 3

Brazil - gini of 0.49

Question 4

Example of avoidance of tax

Answer 4

India as they have self declared income

Cayman Islands - avoidance of cooperation tax

Question 5

Example of when consumer confidence was low

Answer 5

Financial crash 2008

COVID

Question 6

Example of a corrupt government

Answer 6

Guinea, also extremely unequal ( small elite group )

Question 7

Export/ import England

Answer 7

Export - financial services

Import - oil (crude petroleum)

Question 8

Example of a blocked merger

Answer 8

Sainsbury and Asda

Question 9

Example of where tariffs have been applied

Answer 9

China and America

Question 10

Real GDP growth 2020 and 2021

Answer 10

Dropped 9.5% in 2020

Recovered 6.8% in 2021

Question 11

Unemployment in 2020/21

Answer 11

5.1% —> 4.2%

Question 12

Job vacancies in 2021

Answer 12

Record high of 1.2 million by the end of 2021

Question 13

Youth unemployment

Answer 13

11% of 16-24 year olds were jobless

Question 14

Long term unemployment

Answer 14

410,000 people out of work for more than a year

Question 15

Inflation stats

Answer 15

CPI = 5.5% , expected to reach 8%

Wage inflation = 4.3% at the end of 2021

Question 16

Income stats

Answer 16

Real income per capita = 43,000
Mean disposable income - 36,000 in 2020-21
Median disposable income 30,000 in 2020-21

Question 17

Government finance stats

Answer 17

Fiscal deficit: biggest post war deficit of 12.5% in 2020 and 11.9% in 2021
National debt is above 2 trillion and above 100% of GDP
tax burden - 37% of GDP
Corporation tax rising from 19-23k ( for companies with profits > 250k)

Question 18

Interest rate stats

Answer 18

BoE rate -0.5%
Mortgage interest rates - fixed 2.4% , variable 2.1 %
Size of QE - total worth of 895 billion

Question 19

Housing stats

Answer 19

74% of people have a fixed mortgage
House prices rose 10% in 2021
Household saving ratio rose sharply in the pandemic to 25% but has now dropped to 19 %

Question 20

Recent currency values

Answer 20

pound vs dollar = stable

Pound vs euro = recent appreciation for euro

Question 21

Commodity prices

Answer 21

Fall at times of no shocks e,g 2010-2016
Very high now due to Russia
Very high during finical crisis due to countries not wanting to trade in order to become less interdependent

Question 22

Policies to deal with climate change in the UK

Answer 22

Discussed - carbon tax,
Ban on sale of new petrol and diesel cars
Subsidies on sale of electric cars
Post brexir the UK has its own pollution permits program