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Economics Theme 3 > Globalisation > Flashcards

Globalisation Flashcards

1
Q

Why is Purchasing Power Parity better to measure development?

A

It is all measured in same currency and is not distorted by the exchange rates

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2
Q

How many were lifted out of absolute poverty in china?

A

800 million

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3
Q

how much of china’s GDP went on investment spending?

A

40%

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4
Q

How many people in India do not have a toilet?

A

60%

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5
Q

What did oil prices dramatically fall to in 2014?

A

45$ per barrel

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6
Q

what is the formula for an index number?

A

(value to b converted/value of base) x100

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7
Q

what is the formula for a real number?

A

(Nominal value/price index)x100

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8
Q

How much does WTO account for in world trade?

A

97%

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9
Q

What is China investing in in the UK?

A

Hinkley Point Nuclear Station

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10
Q

What is India investing £15bn into?

A

Tata for Jaguar Landrover

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11
Q

What is a free trade area?

A

No trade barriers but countries have their own policies

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12
Q

what is a common market?

A

Internally free trade and a single unified trade policy for outside members

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13
Q

what is a single market?

A

A free movement of people and capital

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14
Q

What is trade creation?

A

Moving from higher costs to low costs

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15
Q

what is trade diversion

A

Moving from lower costs to higher costs

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16
Q

why do countries use trade protectionism?

A

to protect domestic industries, avoid a trade deficit or in retaliation of another protectionist.

17
Q

give examples of protectionist policies?

A

Tariffs, Quotas, subsidies, low exchange rates, regulations (depending on PED of products)

18
Q

How much did China’s BRI cost?

A

$3.6 trillion

19
Q

what are the concerns for the BRI?

A

Loaning to developing countries drags them into debt e.g. Malaysia or Kenya .

20
Q

how much of global trade would the RCEP agreement crate?

A

40% of world trade

Economics Theme 3 (6 decks)

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