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economics yr 12 > topic 1 stats > Flashcards

topic 1 stats Flashcards

1
Q

Current % of skilled workers in workforce

A

30%

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1
Q

manufacturing u/e

A

23,100 (or 2.7%) over the five years to November 2026

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2
Q

GWP 1995
GWP 2022

A

$5T USD
$100T USD

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3
Q

% of workforce in agriculture

A

1.2%

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4
Q

1950 annual exports
2021 annual exports

A

$50B USD (1% of GWP)
$23T USD (25% of GWP)

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5
Q

developing countries output growth
developed countries output growth

A

5%
2-3%

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6
Q

aus export stats

A

iron ore = $132.5B

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7
Q

growth in foreign exchange (FX)

A

$4T

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8
Q

Aus inflows
Aus outflows
Aus net position

A

-$4.2T
+$3.2T
-$1T

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9
Q

TNC’s make up ___

A

70% of world’s foreign direct investment

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10
Q

containerisation and robots brings in ___

A

40x more G&S with only 40% of staff

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11
Q

e.g fall of the iron curtain
e.g fall of bamboo curtain

A

communist Europe opened up (cheap labour and capital investment)
china opened up (cheap labour and capital investment)

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12
Q

aus has absolute advantage in ___

A

coal and iron ore accounting for 38%

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13
Q

aus auto industry

A

1920’s-1980: aus had a 58% tariff on imported cars to protect the domestic industry
1990’s-2010: WTO decreased it to 5%
1980’s-2010: gov switched to subsidies ($500M per year)
2015: tony abbott pulled plug (8000 layoffs)

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14
Q

risk of specialisation: (diversification of base)

A

dutch disease - oil in netherlands ran out

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15
Q

national security examples:

A

e.g aus banned huawei from 5G communication (worth $60B) bidding because of spy allegations (part of 5 eyes)
e.g EU’s common agricultural policy of $100B annual subsidies
e.g NSW sold AusGrid to chinese company for $25B but scomo said no and sold it to aus super funds for $16B

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16
Q

dumping examples:

A

2009 China “dumped” 50 million tyres onto US so they responded with 35% tariff
- US tyre industry added 1,200 jobs, a wage gain of $US50 million; but consumers paid an extra $US1.2 billion for tyres
HOWEVER, to retaliate China imposed 100% tariff on US chicken feet
- cost $US1 billion to poultry producers in the US and loss estimate of 1,400 jobs.​

17
Q

preventing greater externalities examples:

A
  • china raised 6% tariff on coal
  • air pollution is responsible for about 2 million deaths in China per year.
18
Q

tariffs examples:

A
  • current aus 5% tariff on automobiles
  • china 212% tax on wine, 80.5% tax on barley to aus
19
Q

quotas examples:

A
  • china 300million tonnes of coal quota
  • singapore 600,000 vehicles quota
20
Q

embargo examples:

A
  • US 1962-2016 embargo with Cuba
21
Q

CPI

A

1/3 of CPI is from imports

22
Q

subsidy examples:

A
  • mining industry receives $15B annual subsidy (fuel tax credit scheme)
23
Q

local content rules:

A
  • broadcasting services act requires commercial TV have a bare minimum of 55% Aus broadcasting
24
Q

doha round:

A
  • cost of failure = $520B USD per yr
  • 150M people out of poverty (2015 nairobi)
25
Q

uruguay round:

A
  • e.g cairns group pressured US and EU to lower farm subsidies by 36%
26
Q

rise of antiglobalisation sentiment examples:

A
  • BREXIT 2020 (britian left EU thinking they would be better off)
  • US (trump) raising barriers to china
27
Q

world bank focus stats:

A
  • reducing extreme poverty rate to <3% by 2030
  • promoting income growth for world’s bottom 40%
28
Q

world bank issue stats:

A
  • need 85% members approval
  • us pays 16.5% so they have veto power
  • US head Ajay Banga
  • debt servicing absorbed 54% pf Africa’s budget revenue and the interest was 50% larger than spending in Africa
29
Q

world bank success stats:

A
  • debt relieved for 36 countries under HIPC since 1996
  • saved countries $100B
  • 35% of institutions financing go to climate funding
  • increased funding ($27B in 2021, $32B in 2022)
  • $20 billion available to help developing countries finance the purchase and distribution of COVID-19 vaccines
  • GDP growth has averaged over 9 percent a year in China after opening up in 1978
30
Q

special drawing rights (IMF) stats:

A
  • IMF issued $650B SDR’s is 2021 for COVID
  • general allocation of requires 85% of votes
31
Q

IMF issues stats:

A
  • austerity measures: greece failure as GDP fell 26% lower than IMF predicted
  • $285 billion loan to greece
32
Q

Aus 9 bi FTA’s:

A
  • new zealand
  • US (AUSFTA 2005 - from e3 visa allowing 10,000 aus and parters to migrate with privileged status)
  • China (2015)
  • Japan (2014), etc.
33
Q

aus biggest export income

A

mining and services

34
Q

china and aus fta

A
  • china spends $1B a month of aus coal
35
Q

corrupt political governments:

A

$5.31 billion illegally taken out of sri lanka

36
Q

g20:

A
  • economies account for 85% of global economic output
37
Q

tnc’s in aus

A

Treasury Wine Estates

38
Q

developed countries stats

A

High real income per capita
38 OECD members
Account for 15% of world population
55% of world GDP
Post-industrialised (e.g australia)

39
Q

developing countries

A
  • Low real income per capita
  • 152 countries
  • 85% world population
  • 45% of GWP
40
Q

1990 HDI stats

A

HDI 0.865
Life expectancy: 77
Expected years of schooling: 17.5
Mean years of schooling: 11.2
Gross national income per capita: 29, 069

41
Q

2021 stats

A

HDI 0.951
life expectancy: 84.5
Expected years of schooling: 21.1
Mean years of schooling: 12.7
Gross national income per capita: 49, 238

economics yr 12 (12 decks)

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