Global Factbook Flashcards
Importing tomatoes from _ into UK (by sea) causes less environmental damage than growing them at home
Spain
In which year did the UK remove capital controls?
1979
Where do Nissan (Japanese company) have a car manufacturing plant in the UK?
Sunderland
UK saw a decline in cost efficiency of _ industries and hence reduced manufactured exports
Steel Works
From 1995 to 2005 US share of trade in hi-tech goods went down by _
10%
UK have a corporate tax rate of _
20%
_ of UK exports went to IMF classified emerging economies in 2014
11%
UK suffered from _ unemployment as primary industries shrank
Structural
The UK can’t place high emergency tariffs on Chinese steel because they are in the _
EU
Steel production makes up _ of the UK’s economic output
0.1%
End of the 1980s UK economy boomed with spending and inflation, widening _
Deficit
Recession in UK in 2009 and _ led to improvement in current account deficit
1992
UK post-2010 used contractionary policy and successfully kept exports and imports _
Stable
A reverse effect of the J-Curve can be seen from 1996-2001 where revaluation in the UK made the current account go from £-2.5 billion to £0.5 billion and then get worse down to _ billion
£-6
UK gov plans to further reduce the household _ cap
Benefits
In UK government plan to introduce a National Living Wage (NLW) for workers aged 25 and over, to reach _ by 2020
£9
UK reforms are increasing the rigour of GCSEs and A levels, including in _ and science
Maths
Thatcher’s privatisation and trade union reforms met serious opposition in the _
1980s
UK government plan on cutting corporation tax to 19% in 2017 and then again to _ in 2020
18%
UK gov plan to cut a further £10 billion of _
Red tape
In the late 1960s UK government allowed per _ person to be taken abroad
£50
From 2004-2005 HMRC measured that the top _ of the UK had 93% cumulative wealth
50%
_ is more unevenly distributed in the UK than income
Wealth
Gini-coefficient in the UK rose from _ to 0.38 from 1974-2010
0.26
Britain during the times of colonialism, suppressed the Indian _ industry to protect industry in Lancashire
Cotton
Country’s not colonised by UK such as Afghanistan and _ developed much slower than India
Thailand
UK in _ benefited from a decline in terms of trade
1992
Income tax + National Insurance + VAT raise _ of all receipts
3/5
Income tax raises _ of all government receipts
1/4
UK has a progressive tax system with (Personal Tax Allowance i.e. 0% (£11,000), 20% (£43,000), 40% (£150,000) and _)
45%
UK VAT standard raised from 17.5% to _, Home energy 5%, Food 0%
20%
In 1988 indirect revenues were 25% higher than direct tax. In 2014 they were 13% lower mostly due to lower incomes are the financial crisis. Between 2010-15 income tax has been cut and VAT raised. Overall the structure has become less _ (UK)
Progressive
The effect on tax revenue from a fall from the maximum income tax bracket of _ to 40% was not noticeable
45%
NMW is _ adult (increased in 2015 and said to benefit 1.4 million low-paid workers) (UK)
£6.70
NLW in UK is _
£7.20
EU on average collects more tax than the UK, meaning _ inequality after tax is worse in the UK
Income
_ New Labour reforms changed catchment system to giving pupils more choice
1997
2010 Conservative party established academy and free school models (government funded education, provided by _ sector) reducing productive inefficiency
Charitable
New Labour allowed patient to choose _ rather than have one allocated
GP
Conservative party made it such that provision of _ opened up to private and charitable sector, so GPs have competitive choice where to send patients (increased internal markets)
Hospitals
In UK largest item of public expenditure is social protection, second is _
Health
In UK size of public sector greater as a proportion of GDP than other free market economies like US or Japan but lower than that of _
Sweden
In UK more than half of _ expenditure is on state pension
Benefit
Government expenditure in UK rose between 1939 and 1945 due to _
WWII
In UK public spending settled at a high value with the creation of _ 1945-1951
Welfare State
In UK Thatcher sought to reduce state size and increase _ sector between 1982 and 1989
Private
In UK Blair increased spending on Health and _ from 2001 to 2007
Education
Public spending increased in UK because of recession during _ 07-08
Financial crisis
2011 Cameron cut public spending to reduce fiscal deficit and reduce size of the state to be able to cut _
Taxes
In UK public sector _ fell between 1975 and 1985 due to a slowdown in investment in new housing, leading to increases in house prices due to lack of supply
Investment
In UK fiscal austerity measures in 2010 saw gov cut public sector _ by 1/4
Investment
UK government able to double size of National Debt while almost halving average rate of interest paid on debt, showing post financial crisis gov had no problem financing its _
Deficits
In UK government spending as a % of GDP = _ 2014
44%
In UK aging population puts upward pressure on _
Government Spending
UK had to bail out Lloyds TSB and RBS during _
Financial Crisis
In UK government 2010 used automatic stabilisers to correct fiscal deficit, post-2010 used fiscal _ and saw low growth as a result
Austerity
In UK national Debt during wartime rose above _ of GDP
250%
UK cut public expenditure in 1931 to defend exchange rate value of _
The Pound
The UK Coalition government has a target of allocating _ of GDP to overseas development assistance (ODA)
0.7%
China joined WTO in _
2001
China alleviated from extreme poverty with high _ this century
Growth
1995 to 2005 China’s share of trade in hi-tech goods went up by _
12%
In China _ growth prevented current account deficit
Export led
Chinese currency pegged to dollar, making effects of _ null
Devaluation
_ intervention in China (Ex manipulation) proved effective for an extended period of time
Government
In China 2015 _ GDP spent on Infrastructure and 7,000 miles of railway network build so far
9%
From 1990 to 2005 China contributed more than _ to global poverty reduction
3/4
2002-2007 China’s national mean income rose by 74.4% but Gini also rose by _
5.1%
Yemen, who got 97% of their export earnings through fossil fuels, had relatively constant labour productivity beneath _ US$ from 2000-11. China rather went from 5k to 15k US$
12k
Mexico are dependent on Texas’ _ goods
Manufactured
In USA End of 20th century saw workers displaced in the electrical machinery industry, owing to the growth in _ electrical markets
Asian
End of Bretton-Woods system in _ meant removal of capital controls
1971
2012 Coca-Cola who have HQ in US made _ of profits outside US
70%
In US 2002 _ tariffs ruled illegal by WTO in 2003
Steel
2011 US government raise a quota on duty-free _ to protect domestic producers
Sugar
After sugar quota 2011 price rose _ per pound above average
¢30
US imposed _ tariff on Chinese steel
522%
Hawley-Smoot act passed by Hoover raised import _
Tariffs
Mexico saw their low _ account deficits take a turn for the worst when private financing withdrew during the financial crisis
Current
In 19th century US used deficit to finance _ improvements, after they used it to finance consumption and gov. borrowing
Infrastructure
Tax cuts for high income earners under _ in the 2000s saw cuts in revenues paid by those individuals, however justified on grounds that this would increase tax revenues through encouraging more work
Bush
_ coefficient significantly higher for US than it is for France or Sweden (as public expenditure is lower)
Gini
US government spending % of GDP _ 2014
38%
US has free market approach to health care, provided by private organisations unlike in _
EU
USA took _ approach to fiscal deficit after financial crisis
Automatic
From 2010-unit _ costs in Finland rose much faster than other countries in the Eurozone
Labour
In 2015 labour costs in Finland were 20% more than Germany and 15% more than _
Sweden
Finnish government had little room to increase government spending due to being over allowed budget deficit or raise _ due to financial crisis
Taxes
Between 2007 and 2014 in Finland labour productivity fell by _, also falling relative to US and Eurozone countries
4.4%
In Finland Nokia’s inability to innovate meant it was acquired by Microsoft in _
2013
Finland can’t devalue currency because part of _
Eurozone
Finland government spending % of GDP _ 2014
58%
_ Brazilian population lived in absolute poverty in 2010
8%
_ Brazilian population lived in absolute poverty in 2013
4,8%
Brazil had a Gini-coefficient of 0.55 in _
2013
Key drivers of inequality in Brazil include _ differences, race-discrimination and access to technology
Education
Brazilian gov increasing _ and boosting national income to alleviate inequality
NMW
In Brazil there are _ million children in work
7
Black _ worker earns 41% of white worker’s wage
Brazilian
Brazil had its 1st Female President in _
2011
In Brazil _ for 15+ fell from 20% in 1991 to 10% in 2008
Illiteracy
Brazilian _ emissions stand at 2.2 metric tons per capita in 2011
C02
In Brazil _ energy used was renewable in 2006, in 2012 this went down to 44%
47%
Brazilian HDI in 1980 was 0.545 and placed _
66th
Brazilian HDI in 2014 was 0.755 and placed _
75th
Brazilian GNI/Capita in 2000 was _ PPP
$8,490
GNI/Capita in 2015 was _ PPP
$14,750
In Ivory Coast _ of people living on under $3.10 in 2008
55%
In Ivory Coast key drivers of inequality include 2002 _, limited access to technology, AIDS and primary product dependency
Civil War
In Ivory Coast gov raising awareness for _, trying to operate free healthcare and committed to Millennium Development Goals to alleviate inequality
AIDS
In Ivory Coast _ female adults receive secondary education in 2013
14%
Women got equal rights in _ in Ivory Coast
2000
In Ivory Coast GNI/Capita in 2000 was _ PPP
$2,250
In Ivory Coast GNI/Capita in 2013 was _ PPP
$3,090
In Ivory Coast GNI growth in 2013 was _
8%
