...Gross National Product(2000 data, billion dollars) (product per capita in parentheses, thousand dollars) GDP Yearly Growth Rate Back to politics | Back to history | More statistics | Country | GNP | Per Capita | USA | $10,533 | $38 | Japan | $4,852 | $38 | Germany | $2,242 | $27 | Britain | $1,544 | $26 | France | $1,543 | $26 | China | $1,329 | $1 | Italy | $1,260 | $22 | Canada | $760 | $24 | Brazil | $715 | $4 | Spain | $651 | $16 | Mexico | $578 | $6 | South Korea | $515 | $11 | India | $510 | $0.5 | Australia | $444 | $24 | Netherlands | $429 | $27 | Taiwan | $363 | $16 | Argentina | $300 | $8 | Switzerland | $286 | $39 | Sweden | $275 | $31 | Belgium | $264 | $26 | Russia | $252 | $2 | Austria | $226 | $27 | Turkey | $212 | $3 | Poland | $188 | $5 | Indonesia | $174 | $0.8 | Thailand | $132 | $2 | | Country | % of Global GDP | % of World Population | USA | 32.9% | 4.65% | Japan | 13.4% | 2.09% | Germany | 6.0% | 1.36% | Britain | 4.6% | 0.99% | France | 4.2% | 0.97% | China | 3.7% | 20.84% | Italy | 3.5% | 0.95% | Canada | 2.3% | 0.51% | Mexico | 2.0% | 1.62% | Spain | 1.9% | 0.65% | Purchasing-power parity (2003) Rank | Country | PPP total | PPP/capita | Population | | | ($ billions) | ($) | (million) | | European Union | 10,840 | 28,600 | 379 | 1. | USA | 10,400 | 37,600 | 290 | 2. | China (mainland) | 5,700 | 4,400 | 1,287 | 3. | Japan...
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...Economic growth is the increase in the capacity of an economy to produce goods and services, compared from one period of time to another. Economic growth can be measured in nominal terms, which include inflation, or in real terms, which are adjusted for inflation. For comparing one country's economic growth to another, GDP or GNP per capita should be used as these take into account population differences between countries. The economic growth in Africa not only affects the country itself, but in our globalised economy, the change will affect as far as european countries. Firstly, the imports will be cheaper in the UK, this leads to a growth in the standard of living in the UK, as they can now buy more goods and at a cheaper price. The standard of living is the level of wealth, comfort, material goods and necessities available to a certain socioeconomic class in a certain geographic area. The standard of living includes factors such as income, quality and availability of employment, class disparity, poverty rate, quality and affordability of housing, hours of work required to purchase necessities and a lot more. Also Rwanda is developing tourism successfully, which means UK citizens now have another choice of destination for vacation. Another upside to the growing economy in Africa is that UK now has a bigger export market, this will benefit UK great as we rely on exporting our services and since Africa is now a developing countries, they will need our services more than ever...
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...PERBELANJAAN PEMBANGUNAN KERAJAAN PERSEKUTUAN 1970 - 2012 (RM JUTA)FEDERAL GOVERNMENT DEVELOPMENT EXPENDITURE 1970 - 2012 (RM MILLION) UPDATED AS AT JUN 2013 KESELAMATAN/SECURITY Pertahanan/Defence Keselamatan dalam negeri /Internal Security PERKHIDMATAN SOSIAL/SOCIAL SERVICES Pendidikan dan latihan/Education and training Kesihatan/Health Perumahan/Housing Lain-lain/Others PERKHIDMATAN EKONOMI/ECONOMIC SERVICES Pertanian dan pembangunan luar bandar Agriculture and rural development Kemudahan awam /Public utilities Perdagangan dan perindustrian/Trade and industry Pengangkutan/Transport Perhubungan/Communications Lain-lain/Others PENTADBIRAN AWAM /GENERAL ADMINISTRATION JUMLAH/TOTAL 1 3 3 2 2 1 1 1970 172 172 0 80 44 20 11 5 451 198 20 100 80 53 0 22 725 1971 217 217 0 144 86 23 27 8 703 235 31 260 148 29 0 21 1,085 1972 211 184 27 171 112 27 15 17 836 307 42 177 234 76 0 24 1,242 1973 110 70 40 200 142 34 12 12 786 334 49 180 184 39 0 32 1,128 1974 242 148 94 277 187 42 33 15 1,313 436 55 462 314 46 0 46 1,878 1975 229 116 113 328 212 57 31 28 1,398 506 118 223 486 65 0 196 2,151 1976 435 338 97 316 227 47 29 13 1,550 514 133 296 561 46 0 77 2,378 1977 470 351 119 452 274 44 122 12 2,129 591 250 417 652 219 0 166 3,217 1978 491 316 175 614 252 48 294 20 2,529 716 339 601 637 236 0 148 3,782 1979 713 530 183 962 339 59 427 137 2,511 877 395 348 675 216 0 95 4,281 1980 1,222 812 410 1,173 558 80 295 240 4,856 1,147 665 1,567 1,031 0 446 219 7...
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...a) Figure 1 shows the UK’s fiscal deficits between 2001/02 and 2013/14. In 2007-8, the UK’s fiscal deficit stood at around 2.3% of GDP however by 2009-10 the UK’s fiscal deficit was 12.4%. A fiscal deficit occurs when government expenditure is higher than revenue received from taxes. One reason for the fiscal deficit was the recession. During the recession many people lost their jobs so the government had to pay out more benefits whilst at the same time they received less tax revenue. The government also needed to spend to get its way out of the economy which again, lead to an increasing deficit. b) Public finances refer to the Public sector revenues and spending. The UK fiscal deficit is set to rise from £90bn in 2008-09 to £175bn in 2009-10. A deterioration in public finances either means a loss of tax revenues or an increase in government spending. One problem occurring due to a deterioration in the public finances for the UK is the increased cost of servicing national debt, which will inevitably increase if a deterioration of finances occurs. The national debt for the UK is expected to rise from around 38% of GDP in 2007-8 to 79% of GDP in 2013-14. A second problem occurring due to a deterioration in public finances for the UK is the need to cut costs. Extract 1 states the increase in public spending can only mean deep cuts in other government departments. Due to this, annual public spending will only be allowed to grow 0.7% in real terms for the five years...
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...June 2015 Unit 3 Context 1 Q3 ‘Critics of Big Six might argue that electricity companies should not have electricity companies should not have been privatised as they can never behave or perform like supermarkets.’ (Extract C, lines 15-16) Using the data and your knowledge of economics assess the arguments for and against the government intervening in the UK electricity industry. (25 marks) The big six energy firms effectively have an oligopoly on the UK energy market despite the existence of some smaller firms who are mainly involve in the retail aspect of the market (extract A). The market concentration of these firms and the significant profit margins that they enjoy, as referred to in extract B, would suggest that there exists a strong argument in favour of government intervention in order to protect consumer interest. However any government intervention must be based on sound information so as not to further disrupt the market and potentially result in government failure. Furthermore, if the energy companies’ claim of needing these supernormal profits for the purposes of future investment holds true the government would need to consider the long term implications of intervention such as windfall taxes. Firms in oligopolistic markets have market power and therefore can often use this power to act in an anti-competitive way which is damaging to consumer interests...
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...13 marks. Candidates who make a genuine attempt at evaluation should be well rewarded. For this question they might comment on the extent of any improvement; what impact this might have on the productivity gap; that we cannot put too much weight on any one factor but must see productivity as part of a wider picture; the extent to which productivity improvements are cancelled out by a rising rate of inflation and/or an appreciating exchange rate; productivity improvements become meaningless if we cannot sell any extra output in world markets for whatever reason, eg recession or poor quality. A maximum of 21 marks should be awarded if there is no explicit reference to the data. Issues and areas for discussion: • definition of macroeconomic performance • components of the macroeconomy • economic growth • price level • employment/unemployment • the balance of payments on current account assuming improved productivity benefits unit costs • labour productivity and how it might affect one or more of the above components • the productivity gap • the UK experience • the significance of the rate of inflation • the significance of exchange rate trends • the significance of macroeconomic conditions in the UK’s overseas markets • the significance of the rate of growth of AD • better productivity being unable to disguise the deindustrialisation that has taken place in the UK • the importance of considering in which sectors of the economy the greatest improvements in...
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...Poverty Bureau Census http://www.census.gov/hhes/www/poverty/data/incpovhlth/2012/tables.html Maternity leave http://www.washingtonpost.com/wp-dyn/content/article/2010/06/11/AR2010061103251.html Obama Childcare http://www.slate.com/articles/double_x/doublex/2010/02/will_obama_help_you_get_decent_child_care.html Family and childbearing in poverty http://gatton.uky.edu/Faculty/Ziliak/Cancian_Reed_2008_final.pdf Birth rate decreases http://www.pewsocialtrends.org/2012/11/29/u-s-birth-rate-falls-to-a-record-low-decline-is-greatest-among-immigrants/ birth rate and fertility pew http://www.pewsocialtrends.org/topics/birth-rate-and-fertility/ disparity in birth rate http://www.guttmacher.org/media/nr/2011/08/24/index.html nonmarital bearing http://www.cdc.gov/nchs/data/databriefs/db18.pdf CDC teen birth http://www.cdc.gov/nchs/fastats/teenbrth.htm Data set birth data http://www.cdc.gov/nchs/nvss/birth_methods.htm Birth natality http://www.cdc.gov/nchs/fastats/births.htm Birth data http://www.cdc.gov/nchs/births.htm Cohabitation and child poverty http://www.census.gov/hhes/povmeas/publications/taxes/cohabit.html Unmarried mums 20s http://www.census.gov/newsroom/releases/archives/american_community_survey_acs/cb13-80.html Unmarried women recent birth http://www.census.gov/prod/2013pubs/acs-21.pdf Infertility declines in couple http://health.usnews.com/health-news/news/articles/2013/08/14/infertility-rate-declines-among-us-couples Medicaid paid more for birth ...
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...Using the data and your economic knowledge, evaluate different ways in which the government of a country which imports large quantities of wheat can try to stabilise wheat prices within the country. (25 marks) Price stability is when prices in the economy don’t change or don’t change much over time. This means that an economy would not experience inflation or deflation. One of the ways in which the government could stabilise wheat princes is through a buffer stock intervention. This is an intervention system that aims to limit the fluctuations of the price of a commodity. Another way in which they could stabilise the price of wheat could be through imposing a price ceiling. A price ceiling is the price level in which the price of a good or service is not allowed to increase past. Wheat is unstable predominantly due to the situation regarding it in Russia. This is because Russia, a major wheat explorer, banned exports of wheat in 2010. This was due to very dry weather and fires destroying a third of the Russian crop. Due to this wheat prices significantly increased in the summer of 2010. Furthermore the wheat market is unstable due to the emerging demand from developing countries such as India and China, thus having a domino effect on other countries. Due to this it has made the Russia situation more than it should have been. Although to combat this farmers have already planted more wheat, began to use less wheat to feed livestock and substituted cheaper grains in their place...
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...worker. In the UK economy, the government wishes to achieve full employment, stable prices, a balance of trade where imports do not exceed exports and economic growth. Below, the economic cycle diagram shows that the UK economy is suffering from low productivity at point b where there is spare capacity in the economy. (economic cycle showing that low productivity occurs at point b) In Extract E it states that ‘British workers were 20% less productive than the average for the G7 countries and almost 40% less productive than the average worker in the US’. With the UK having low productivity it means that there will be higher unit costs, as costs will be passed on to consumers in higher prices, which will discourage demand and reduce the overall output. Furthermore, our price competitiveness and trade performance will decrease so businesses will not have competitive advantage in markets. In 2011, UK productivity was below 2007 at an index of 97 compared to 100 in 2007, showing negative productivity growth. (AD diagram shifting leftwards) The diagram above portrays how there will be a reduction in demand for the UK exports but more of a demand for imports which will further reduce aggregate demand shown by a leftward shift from AD1 to AD2 and there is increase in the balance of trade deficit which causes the UK economic growth to decrease however it will reduce the unemployment levels. Low productivity has helped employment levels in the UK in the short run compared...
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...on inflation and unemployment and a steady rate of economic growth along with a current account stability. Fiscal policy involves the use of government spending and tax receipts to influence the level and pattern of economic activity, whilst monetary policy uses interest rates to achieve the same. Fiscal and monetary policy can be used to influence short term Aggregate Demand with the aim of promoting a steady rate of economic growth, low unemployment and low inflation. In a recession there will be a loosening of monetary policy when interest rates are cut and a budget deficit run with the aim of boosting Aggregate Demand throughout the economy. This is what is happening at the moment in the UK as the economy slowly comes of out recession. Interest rates are down to 0.5% and income tax rates are slowly being cut to act as an incentive to workers to work harder and boost productivity. However, as we see in the UK economy these policies are having a very slow impact on growth. Consumer confidence and business confidence is very low and when this happens cuts in interest rates and taxes will not encourage household and consumers to spend more. They may be tempted to use the extra money to save more and pay off debt rather than spend and this could hinder economic recovery. Inflation in the UK economy was very low between 1992 and 2008 and this allowed interest rates to fall to a low level which helped boost economic growth and living standards in the economy. Now with...
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...The UK’s macroeconomic performance can be measured in terms of economic growth, inflation, unemployment and the balance of payments on the current account. One importance of higher labour productivity in the UK is that it means that each member of staff produces more output in the same given time period which will improve the economies position on the PPF by moving closer towards the curve. This is because the economy will be producing more output with the same amount of resources available which indicates a previous under-utilisation of labour in the economy. Furthermore, another importance of higher labour productivity is shown in Extract C, ‘any rise in aggregate demand (AD) will be non-inflationary when improvements in productivity are able to generate greater output,’ which empathises the importance of higher labour productivity in the long-run in terms of economic growth because the output of the economy is increasing without inflation. The benefits of low inflation rates are widespread, particularly to those who have savings. Another reason for why this could be considered is due to the fact that it increases the competiveness of the UK’s trade world-wide, for example because the average cost of producing one good has decreased the firms will have more freedom to lower prices, this has a positive effect on the balance of payment on the current account by bringing it into more surplus. On the other hand, an increase in the labour productivity could potentially result...
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...SECTION A: CONCEPTUAL FRAMEWORK 1. What is phenotypic characterization? In these guidelines, the term “phenotypic characterization of AnGR” is used to refer to the process of identifying distinct breed populations and describing their characteristics and those of their production environments. In this context, the term “production environment” is taken to include not only the “natural” environment but also management practices and the common uses to which the animals are put, as well as social and economic factors such as market orientation, niche marketing opportunities and gender issues. Recording the geographical distribution of breed populations is here considered to be an integral part of phenotypic characterization. Complementary procedures used to unravel the genetic basis of the phenotypes of AnGR, their patterns of inheritance from one generation to the next, and to establish relationships between breeds are referred to as molecular genetic characterization (FAO, 2010b). In essence, phenotypic and molecular genetic characterization of AnGR are used to measure and describe genetic diversity in these resources as a basis for understanding them and utilizing them sustainably. The guidelines distinguish between two phases or levels of characterization. The term “primary characterization” is used to refer to activities that can be carried out in a single visit to the field (e.g. measurement of animals’ morphological features, interviews with livestock keepers...
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...Research What is statistics? Statistics is a range of procedures for gathering, organising, analysing and presenting quantitative data. ‘Data’ is the term for facts that have been obtained and subsequently recorded, and, for statisticians, ‘data’ usually refers to quantitative data that are numbers In very broad terms, statistics can be divided into two branches – descriptive and inferential statistics. 1. Descriptive statistics is concerned with quantitative data and the methods for describing them. (‘Data’ (facts) is the plural of ‘datum’ (a fact), and therefore always needs a plural verb.)This branch of statistics is the one that you will already be familiar with because descriptive statistics are used in everyday life in areas such as government, healthcare, business, and sport. 2. Inferential (analytical) statistics makes inferences about populations (entire groups of people or firms) by analysing data gathered from samples (smaller subsets of the entire group), and deals with methods that enable a conclusion to be drawn from these data. (An inference is an assumption, supposition, deduction or possibility.) Inferential statistics starts with a hypothesis (a statement of, or a conjecture about, the relationship between two or more variables that you intend to study), and investigates whether the data are consistent with that hypothesis. Because statistical processing requires mathematics, it is an area that is often approached...
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... mutual funds, pensions and the like, however, the performance of trading desks, a key financial intermediary, responsible for trillions of dollars in execution, has largely been overlooked by researchers. Because of this, the authors of “Performance of Institutional Trading Desks: An Analysis of Persistence in Trading Costs” set out to examine data on both Institutional trading desks and their brokers. The authors examine a large data set, created with 48 million tickets, containing stock identifiers, which allow for gathering other relevant data such as stock prices and volume at the time of the trades as well as the names of the institutions and the brokers involved in the transactions. The authors measure trading cost by the execution shortfall, a comparison of “the execution price with a benchmark price that is observed when the trading desk sends the ticket to the broker” (Performance, 559). Trading desks are then sorted into quintiles based on execution shortfall in the portfolio formation month. The authors then control for economic determinants of trading costs to ensure that data is comparable across different economic cycles. They then examine the relationship between trading costs and institutions abnormal holding period returns to determine whether institutions with high trading costs are those that are sacrificing trading cost for the opportunity take advantage of valuable private information. Next the authors control for the quality of institutional trading...
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...Meetings: 1. Load Balancing Strategy – Data available on the 9th of each month 2. Load Balancing Strategy Meeting 3. Load Balancing Summary – Check with finance for deadlines 4. Load Balancing SharePoint Update Models: RPMLoad BalancingModels LB Data Enbridge Economics ETT Cost Optimization Data Gathering: Note: Data needs to be gathered for each Master Source Agreement The following process will need to be completed for each MSA. 1. Log into Entrac. 2. Click on BGA Reporting on the left side of the screen. 3. In the drop down menu next to Pool Status, choose Active then hit search. 4. The search result will show a line for each Pool. Next to each Pool Name, select the radio button along with the Report Month and Year (at the bottom of the screen), then click Download. Do this for every pool. 5. Repeat step 3, with Pool Status Finalized. Repeat step 4. 6. Repeat step 3, with Pool Status Expired. Repeat Step 4. 7. Be sure to save Active and Expired files into a newly created BGA folder, and Finalized into another. Zip files and send to forecasting Data Processing: Actual Imbalance Now that the BGA files are in their respective folders, open the most recent version of “LB_Data_MM-DD-YY.xls” which is usually found in last month’s LB folder. Save a copy into this month’s folder. The objective is to organize the data in a way that balancing decisions can be made. Below is how to organize the Enbridge Data. 1. Run the ClearData macro...
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