Macro application

Question 1

UK current GDP growth

Answer 1

1.3% in 2025

Question 2

what is the UK annual growth forecast

Answer 2

1.4%

Question 3

what is the UK current GDP

Answer 3

roughly $4 trillion

Question 4

UK output gap

Answer 4

-2.7%

Question 5

UK GDP per capita

Answer 5

$56,000

Question 6

UK unemployment rate

Answer 6

5.2%

Question 7

UK employment rate

Answer 7

75%

Question 8

UK inactivity rate

Answer 8

20%

Question 9

UK wage growth

Answer 9

3%

Question 10

UK inflation rate

Answer 10

3%

Question 11

UK interest rates

Answer 11

3.75%

Question 12

UK current account

Answer 12

-£12.1 billion

Question 13

UK current account as % of GDP

Answer 13

2.4%

Question 14

minimum wage

Answer 14

£12.71

Question 15

minimum wage for 18-20

Answer 15

£10.85

Question 16

UK budegt defecit

Answer 16

£77 billion

Question 17

what is UK national debt

Answer 17

£2.9 trillion

Question 18

UK corporation tax rate

Answer 18

25%

Question 19

VAT

Answer 19

20%

Question 20

what happened to UK taxation cuts in 2010

Answer 20

cut UK corporation tax from 28% to 19% -> increase UK investment by 9%

Question 21

what happened due to labour market reforms

Answer 21

unemployment decreased from 11% to 5%

Question 22

how did china invest into their infrastructure

Answer 22

high speed rail way tracks (40,000 km) -> reduce transportation costs and time

Question 23

real world example of expansionary fiscal policy

Answer 23

UK furlough scheme -> paid 80% of wages to save 11.7 million jobs

Question 24

real world example of contractionary fiscal policy

Answer 24

UK Austerity (2010-2019) -> reduce inflation from 5.2% to 1.5%