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Macroeconomics (Unit 2 & 4) > Statistics (2017) & Examples > Flashcards

Statistics (2017) & Examples Flashcards

1
Q

What is the UK Annual Growth Rate?

A

2.1%

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2
Q

What is the UK Output Gap?

A

Negative output gap of -0.35%, small

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3
Q

What is the UK Annual Forecast Annual Growtth?

A

1.9% (2017), 1.6% (2018)

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4
Q

What is the UK GDP per Capita?

A

£30,000

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5
Q

What is the Total UK GDP?

A

Approx. £2 trillion

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6
Q

What is the Breakdown of the UK’s GDP?

A

Services 79%
Manufacturing 14%
Construction 6%
Agriculture 1%

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7
Q

What is the UK Full Employment Rate?

A

4.5% unemployment

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8
Q

What is the UK Unemployment Rate?

A

4.77%

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9
Q

What is the Youth Unemployment Rate?

A

11.9%

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10
Q

What is the UK Long Term Unemployment Rate?

A

1.3%

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11
Q

What has happened to the UK’s Consumer Confidence?

A

Recently has fell

due to concerns about uncertainty over Brexit, or the future over the Current General Election

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12
Q

What are the UK Income Tax Bands?

A

0 - £11.5K = 0%
£11.K - £45K = 20%
£45K - £150K = 40%
£150K + = 45%

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13
Q

What is the CPI Inflation Rate?

A

2.3%

Has risen highly from last year

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14
Q

Which countries have Low Interest Rates?

A

UK - 0.25%
Eurozone - 0%
Japan - negative

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15
Q

Which countries have High Interest Rates?

A

South Africa - 7.7%

Russia - 9.25%

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16
Q

Which Countries have High House Prices?

A

UK

USA

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17
Q

Which countries have a Negative Wealth Effect?

A

China

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18
Q

What countries have High Real Disposable Income?

A

USA
UK
Australia

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19
Q

What countries have Low Real Disposable Income?

A

China
Brazil
Russia
Argentina

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20
Q

What countries have Low Income Tax?

A

UK

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21
Q

What countries have High Consumer Confidence?

A

USA

Australia

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22
Q

What countries have Low Consumer Confidence?

A

UK (recently)
Russia
Brazil

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23
Q

What countries have High Business Confidence?

A

USA

Australia

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24
Q

What countries have Low Corporation Tax?

A

UK

Ireland (lowest rate is 12.5%)

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25
Q

What countries have High Corporation Tax?

A

USA (up to 35%)

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26
Q

What countries have Fiscal Expansion taking place?

A

China
Japan
Hong Kong
USA

27
Q

What countries have Austerity taking place?

A 
UK
Spain
Greece
Italy
France
Portugal
28
Q

What countries have a Weak Exchange Rate?

A

Euro
UK Pound (recently)
Brazil Real
Russia Ruble

29
Q

What countries have a Strong Exchange Rate?

A

US Dollar
Australian Dollar
YEN

30
Q

What Commodities have High Prices (affecting SRAS)?

A

Oil
Gas/Electricity
Fertilisers
Metals

31
Q

What countries have been in a Financial Banking Crisis (a cause of recession)?

A

USA
UK
Eurozone (Spain, Italy, Greece)

This is mainly due to 2009

32
Q

What countries have an Increased Interest Rate?

A

Russia

South Africa

33
Q

What Countries saw a big Oil Shock?

A

UK

2009 and 2012

34
Q

What countries are experiencing Stagflation?

A 
South Africa
Brazil
Russia
Venezuela
Argentina
Turkey
Nigeria
35
Q

What countries have experienced Demand Pull Inflation?

A

China
India
USA

36
Q

What countries have experienced Cost Push Inflation?

A

Brazil
Japan
UK (high oil and commodity prices, weak pound)

37
Q

What countries have Experienced an Inflationary Spiral?

A

Argentina

wage spiral

38
Q

What countries have experienced Cyclical Unemployment?

A

Greece
Italy
Brazil

39
Q

What countries have experienced Structural Unemployment?

A

UK (e.g. people having good degrees, but not being able to find jobs)

40
Q

What country has experienced Bad Deflation?

A

Japan

It started in the 1990s and they haven’t got out of it

41
Q

What countries have a High GINI Coefficient?

A

Nigeria
Angola
South Africa

Their GINI coefficients are all >0.6

42
Q

What countries have a Low GINI Coefficient?

A

Norway
Denmark
Sweden

43
Q

What countries have a high Absolute Poverty?

A

African Nations (eg Ethiopia)
China
India

44
Q

What countries have a high Relative Poverty?

45
Q

What Policies can be used to Redistribute Income?

A

Progressive Income Tax
UK Transfer Payments
Making the minimum wage equal the living wage
Government Spending on Education + Health

46
Q

What countries have cut their Interest Rates?

A 
UK
Brazil
Russia
India
South Africa
47
Q

What countries increased their Interest Rates?

A

USA

Nigeria

48
Q

What countries engage in Quantitative Easing?

A 
USA
UK
Japan
Denmark
Sweden
Switzerland
49
Q

What countries have high Fiscal Expansion?

A

Japan

China

50
Q

What countries have increased Austerity?

A 
UK
Ireland
Greece
Spain
Portugal
51
Q

What has the UK Cut Taxes on?

A

Income Tax

Corporation Tax

52
Q

What has the UK Increased Taxes on?

53
Q

What countries Benefit from Globalisation?

A 
China
Japan
India
South Korea
Taiwan
Thailand
54
Q

What countries Lose Out from Globalisation?

A

African nations

South America

55
Q

What are some Examples of Protectionism?

A

Russia’s sactions on the EU,
EU’s sactions on Russia

Anti-Dumping Tariffs – EU + USA

56
Q

What countries are in a Current Account Deficit?

57
Q

What countries are in a Current Account Surplus?

A

Singapore
Norway
Netherlands

58
Q

What countries have a Fixed Exchange Rate?

A

UAE
Bolivia

(there has been big discussion as to whether they should go to an exchange rate)

59
Q

What countries have a Floating Exchange Rate?

60
Q

What countries have a Managed Exchange Rate?

61
Q

What countries have seen Successful Market-Based Approaches?

A

India
China
Botswana
Lesotho

62
Q

What countries have seen Failed Market-Based Approaches?

A

Nigeria
Angola
(increase in oil sales + FDI)
(abs. poverty and income inequality is very high)

63
Q

What countries have seen Successful Interventionist Approaches?

A

Rwanda

Ethiopia

64
Q

What countries have seen Failed Interventionist Approaches?

A

Zimbabwe
Burundi
Zambia

(a lot due to corruption)

Macroeconomics (Unit 2 & 4) (3 decks)

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