Micro: Evaluation & Application Flashcards

1
Q

How many UK workers are on Zero Hour Contracts (ZHC)?

A

1.18 million

Example: McDonald’s offers ZHC and guaranteed weekly hours.

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2
Q

What is the Labour Party’s policy regarding Zero Hour Contracts?

A

Aim to ban ZHC.

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3
Q

What is the National Minimum Wage (NMW) in the UK for 2023?

A

£10.42

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4
Q

What will the National Minimum Wage (NMW) be in 2024?

A

£11.44

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5
Q

What breaches occurred regarding the National Minimum Wage?

A

Tesco failed to pay £5mn to 80,000 workers; Pizza Hut failed to pay £1mn to 10,000 workers.

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6
Q

What was the median income for men in the UK in 2023?

A

£34,632

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7
Q

What was the median income for women in the UK in 2023?

A

£25,532

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8
Q

What is the gender pay gap in the UK?

A

Women earn 91p for every £1 men earn.

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9
Q

What was the decline in private-sector trade union membership in 2022?

A

Dropped by 152,000 to 2.4mn.

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10
Q

What was the decline in public-sector trade union membership in 2022?

A

Dropped by 48,000 to 3.84mn.

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11
Q

What was the trade union density in 1995 and 2022?

A

Declined from 33% (1995) to 22.3% (2022).

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12
Q

What percentage of working-age adults in working households lived in poverty in 2021/2022?

A

64%

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13
Q

What was the percentage of working-age adults in working households living in poverty in 2020/2021?

A

61%

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14
Q

How many households were in fuel poverty in 2023?

A

8.8mn households (10% definition).

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15
Q

What government support exists for fuel poverty?

A

Energy Price Cap and support packages.

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16
Q

How many people were in food poverty in 2021/2022?

A

4.7mn people (7% of population).

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17
Q

What percentage of those in food poverty are children?

A

12%

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18
Q

What is the government response to food poverty?

A

Free School Meals (FSM) for ~2mn pupils.

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19
Q

What was the Gini Coefficient in 2022?

A

0.357 (up from 0.344 in 2021).

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20
Q

What does the Gini Coefficient measure?

A

Income inequality (0 = perfect equality, 1 = perfect inequality).

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21
Q

What are some examples of AI usage by Amazon?

A

Warehouse automation, drone delivery, and electrifying its fleet.

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22
Q

What is the impact of AI on productivity?

A

Increases productivity but may lead to structural unemployment and skill gaps.

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23
Q

What market does BYD operate in?

A

Produces taxis and buses globally.

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24
Q

What percentage of car parts does BYD produce in-house?

A

75%

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25
Q

What is the price of BYD’s vehicles compared to Tesla’s?

A

£22,400 (half of Tesla’s £45,000).

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26
Q

What was the issue in the Ford Pinto Scandal?

A

Design flaws led to fires in rear-end collisions.

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27
Q

What was Ford’s response to the Pinto Scandal?

A

Chose to pay lawsuits rather than recall cars.

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28
Q

What was the issue in the Toyota Prius Scandal?

A

Faulty brakes led to recalls and lawsuits.

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29
Q

What is the UK Vape Ban policy?

A

Restrict new vape flavours and require plain packaging.

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30
Q

What is the aim of the UK Vape Ban?

A

Reduce youth vaping (20% of 11-17-year-olds tried vaping in 2023).

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31
Q

What is the principle of the UK Emissions Trading Scheme (ETS)?

A

Cap and trade system to reduce emissions.

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32
Q

What is the goal of the UK Emissions Trading Scheme (ETS)?

A

Contribute to net-zero by 2050.

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33
Q

What is the UK Sugar Tax policy?

A

Soft Drinks Industry Levy (2018).

34
Q

What impact did the UK Sugar Tax have?

A

Reduced sugar consumption but revenue now goes to general tax pot.

35
Q

What is the UK Plastic Packaging Tax?

A

£200/tonne tax on plastic with less than 30% recycled material.

36
Q

What is the aim of the UK Plastic Packaging Tax?

A

Boost recycled plastic use by 40%.

37
Q

What is Ben and Jerry’s CSR goal?

A

Ethical sourcing, carbon neutrality by 2025.

38
Q

What is Apple’s CSR goal?

A

Carbon neutrality by 2030, removing plastic from iPhone boxes.

39
Q

What was Octopus Energy’s pre-tax profit in 2023?

A

£283mn (up from £165.7mn loss in 2022).

40
Q

What is Octopus Energy’s strategy?

A

Vertical integration and renewable energy investments.

41
Q

What is first-degree price discrimination?

A

Example: eBay’s bidding system.

42
Q

What is the impact of first-degree price discrimination?

A

Converts consumer surplus into producer surplus.

43
Q

What is second-degree price discrimination?

A

Example: Uber’s surge pricing.

44
Q

What is the impact of second-degree price discrimination?

A

Charges higher prices during peak demand.

45
Q

What is third-degree price discrimination?

A

Example: Cinema tickets (adult £10.79, child £7.99).

46
Q

What is the impact of third-degree price discrimination?

A

Segments market to maximise profits.

47
Q

What is OPEC’s role?

A

Controls global oil supply and prices.

48
Q

What impact does OPEC have?

A

Acts as a cartel to influence oil prices.

49
Q

What type of market is Spotify in?

A

Non-contestable oligopoly.

50
Q

What was Spotify’s revenue in Q3 2023?

51
Q

What was Spotify’s operating income?

52
Q

What is the UK productivity gap compared to G7?

A

16% lower productivity.

53
Q

What are the causes of the UK productivity gap?

A

Low R&D investment, poor management, skill shortages.

54
Q

What is an example of negative interest rates?

A

Japan (-0.1%).

55
Q

What is the impact of negative interest rates?

A

Encourages lending and spending.

56
Q

What was the cumulative quantitative easing (QE) in the UK by November 2020?

57
Q

What is the impact of quantitative easing (QE)?

A

Lowers long-term bond yields and mortgage rates.

58
Q

What was the value of UK exports to the EU in 2023?

59
Q

What was the value of UK imports from the EU in 2023?

60
Q

What was the trade deficit with the EU in 2023?

61
Q

What was the tariff resolution between the US and UK in 2023?

A

Tariffs on aerospace products resolved.

62
Q

What is the tariff on Australian wines in China?

A

218% tariff.

63
Q

What is the value of Norway’s Sovereign Wealth Fund?

64
Q

What is the goal of Norway’s Sovereign Wealth Fund?

A

Ensure oil revenues benefit future generations.

65
Q

What is Rwanda’s GNI per capita?

66
Q

What is a challenge faced by Rwanda?

A

High government debt (68% of GDP).

67
Q

What was the issue in the LIBOR Scandal (2012)?

A

Banks manipulated benchmark interest rates.

68
Q

What was the impact of the LIBOR Scandal?

A

Loss of credibility in LIBOR as a benchmark.

69
Q

What was the scenario in the 2022/2023 stress test?

A

Bank rate rises to 6%, UK GDP falls by 5%.

70
Q

What was the result of the 2022/2023 stress test?

A

All UK banks passed the stress test.

71
Q

What policies were implemented for Norway’s EV nudges?

A

70% off toll roads, free parking for EVs.

72
Q

What was the impact of Norway’s EV nudges?

A

Increased EV adoption.

73
Q

What example illustrates food waste nudges?

A

Supermarkets use fun signs like “Pick me, I’m single” on bananas.

74
Q

What is the impact of food waste nudges?

A

Reduces food waste.

75
Q

What is the market share of Hello Fresh and Gousto?

76
Q

What was the price increase for Hello Fresh in 2023?

A

13% to £33.98.

77
Q

What was the price increase for Riverford?

A

24% to £41.55.

78
Q

How many people used food banks in 2023?

A

3mn people.

79
Q

What was the increase in food bank usage year-over-year?

80
Q

What is the CEO pay ratio in the UK?

A

CEOs earn 118x more than average workers.