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A Level Economics application > macroeconomics > Flashcards

macroeconomics Flashcards

Useful facts about the UK and global economy to use in essays

1
Q

how many rulings has the WTO made since 1995

A

350

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2
Q

how much of Argentina is in poverty

A

50%

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3
Q

average yearly rate of return on assets

A

5.3%

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4
Q

access to internet - UK

A

95%

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5
Q

access to internet - India

A

30%

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6
Q

yearly energy consumption - UK

A

2764 kg oil per person

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7
Q

yearly energy consumption - India

A

673 kg oil per person

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8
Q

population in agriculture - India

A

44%

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9
Q

life expectancy at birth - India

A

63

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10
Q

India Corp. tax in 1990

A

dropped from 50% to 40%

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11
Q

how much aid did Kenya recieve from the UK in 2016

A

$650 million

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12
Q

what % of women work in Iran

A

17%

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13
Q

what % of women work in Tanzania

A

79%

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14
Q

what happened in Bangladesh in 1971

A

liberation war and a cyclone

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15
Q

how much debt relief did the world bank give Burundi in 2009

A

$883 million

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16
Q

how much did the IMF give to support Greece in the European credit crisis

A

$146 billion

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17
Q

what was the result of Denis Healey’s policies

A

financial crisis in 1976 and had to borrow $3.9 billion from IMF

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18
Q

how much does the Japanese government spend on pensions

A

10% GDP

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19
Q

how much does the Botswana government spend on pensions

A

less than 1% GDP

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20
Q

what proportion of Botswana’s population is under 15

A

1/3

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21
Q

how much does the Botswana government spend on education

A

7.8% GDP

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22
Q

who was Addy Wagener

A

Wagner’s law is that an increase in incomes leads to a larger increase in demand for government goods and services so public expenditure is income elastic.

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23
Q

evaluation of Wagner’s law

A

some public services are inferior e.g. public transport

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24
Q

what proportion of Denmark’s population trusts the government

A

50%

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25
what proportion the US population trusts the government
18%
26
how does poor health affect productivity in the UK
UK firms lose £77 bn a year
27
what is Chinas national debt
$5 trillion
28
what is the US national debt
$ 20 trillion
29
what is the UK's national debt
$ 1.7 trillion
30
informal jobs in India
90%
31
how much of south africa is in poverty
1/4
32
south africa Gini Coeficient
0.63
33
UK minimum wage
£7.70 an hour
34
National living wage
£8.21 an hour
35
UK annual growth rate in 2018
1.4% which is the lowest rate since the recession
36
UK quarterly growth Q4 2018
0.2%
37
UK chance of a recession in 2019
BoE says 25%
38
UK forecast growth from 2019
1.2%, 1.4%, 1.6%, 1.6%, 1.6%
39
UK output gap
OBR estimates positive output gap of 0.2% GDP
40
UK real GDP per capita
£29,000
41
UK total GDP
£2 trillion
42
UK GDP breakdown - services
79%
43
UK GDP breakdown - manufacturing
14%
44
UK GDP breakdown - construction
6%
45
UK GDP breakdown - agriculture
1%
46
UK unemployment
3.9%
47
UK NRU
estimated by OBR as 4%
48
UK youth unemployment
11%
49
Greece youth unemployment
39.9%
50
Greece unemployment
18.4%
51
UK long term unemployment
1.1%, 26% of unemployed
52
global growth
3.3% in 2019 - falling due to China slowdown, political uncertainty and trade tensions
53
China growth
expected to moderate to 6% by 2020, fiscal stimulus, trade tensions weakening exports
54
India growth 2018
7%
55
US growth
3% in 2018 but expected to moderate to 2.5 in 2019, full employment
56
Impact on EU countries of no-deal Brexit
15% decline in exports to UK
57
impact on the UK of no-deal brexit
2% reduction in GDP according to OECD analysis (leading to recession)
58
UK consumer confidence
very weak due to Brexit although retail figures are robust
59
UK inflation
1.9%
60
UK core inflation
1.8%
61
UK producer price inflation
2.4%
62
UK inflation expectations
2.7% so wage growth should remail high
63
UK wage growth
3.4%
64
UK current account deficit
4.4% GDP
65
UK productivity
19% below G7 average and 18% below pre - crisis trend
66
Eurozone growth
1%
67
pound to euro exchange rate pre Brexit vote
£1 = €1.30
68
pound to euro exchange rate now
£1 = €1.16
69
pound to dollar exchange rate pre Brexit vote
£1 = $1.50
70
pound to dollar exchange rate now
£1 = $1.30
71
impact of weak pound
cost push inflation but no impact on exports
72
causes of UK current account deficit
weak productivity and investment, wage growth, Eurozone economy slowdown
73
UK budget deficit
2% GDP and forecast to fall to 0.8% by 2023
74
UK national debt
83% GDP and forecast to fall to 74% by 2023
75
bond yields for UK government borrowing
1%
76
UK corporation tax rate
19%
77
UK corporation tax rate in 2010
28%
78
UK VAT
20%
79
UK Gini coefficient
0.34
80
UK Gini Coefficient in 2010
0.36
81
UK base rate
dropped to 0.25 in 2016 raised to 0.5 in 2017 then raised to 0.75 in 2018
82
UK average lending rate
1%
83
UK average mortgage rate
1.75%
84
UK quantitative easing
£435bn
85
main challenges currently facing the UK
US interest rates rising, weakening investment, poor confidence and China slowdown
86
positives about UK economy
labour market doing well, surge in renewables, creative industries
87
when was the last time the UK had a budget surplus
2001
88
when was the last time unemployment was this low
1975
89
UK average household debt
£58,540
90
WTO forecast for 2019 trade growth
2.6%
91
exports as a percentage of Germanys GDP
50%
92
exports as a percentage of UK GDP
30%
93
reasons for Germany slowdown
Trump America first, Volkswagen 'diesel gate', derivative of china economy, uncertainty surrounding brexit - car sales were hit first in 2008, electric vehicles
94
UK real wage growth
1.5%
95
UK national productivity fund
£31bn
96
UK supply side policies of education
£400m school funding in 2019, more funding for maths and computer science, apprenticeships levy, 'T' levels, subsidies/grants for adult training
97
UK supply side policies for Health
increase funding for NHS by £20.5 bn above inflation by 2023
98
UK National Roads Fund
£28.8 bn between 2020 and 2025
99
cost of crossrail
£18bn
100
expected cost of HS2
£60bn
101
spending on digital infrastructure
£16bn
102
personal allowance since Jan 2019
£12,500
103
personal allowance in 2010
£6,500 (just under)
104
Investment Allowance
£1m
105
UK deregulation supply side policies
cut £10bn red tape, Theresa May + planning permission, 1 in 3 out
106
Proportion of UK population rlin regions poorer than EU average
3/4
107
UK GDP in 1976
$232 bn
108
Percentage of international trade driven by TNCs
80%
109
UK trade to GDP ratio
Rose from 36% to 64% from 1972 to 2016
110
Proportion of world population who live outside the country in which they were born
3%
111
FDI to America in 2016
$144bn
112
Investment % GDP
15%
113
Consumption %GDP
61%
114
G %GDP
23%
115
net trade %GDP
-1%
116
%GDP from financial sector
14%

A Level Economics application (3 decks)

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