{"id":47174,"date":"2021-04-02T16:00:15","date_gmt":"2021-04-02T06:00:15","guid":{"rendered":"https:\/\/billmitchell.org\/blog\/?p=47174"},"modified":"2021-04-02T16:00:15","modified_gmt":"2021-04-02T06:00:15","slug":"the-weekend-quiz-april-3-4-2021","status":"publish","type":"post","link":"https:\/\/billmitchell.org\/blog\/?p=47174","title":{"rendered":"The Weekend Quiz &#8211; April 3-4, 2021"},"content":{"rendered":"<p>\t\t\t\tWelcome to <strong>The Weekend Quiz<\/strong>. The quiz tests whether you have been paying attention or not to the blog posts that I post. See how you go with the following questions. Your results are only known to you and no records are retained.<br \/>\n<!--more--><\/p>\n<p><a href=\"https:\/\/billmitchell.org\/blog\/wp-content\/uploads\/2020\/05\/Quiz_Image.png\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/billmitchell.org\/blog\/wp-content\/uploads\/2020\/05\/Quiz_Image.png\" alt=\"\" width=\"296\" height=\"180\" class=\"alignnone size-full wp-image-44957\" \/><\/a><\/p>\n<p>These were the Quiz questions for the first week of my edx MOOC &#8211; <strong>Modern Monetary Theory: Economics for the 21st Century<\/strong> &#8211; that finished up this week.<\/p>\n<p>I promised students that I would provide answers and analysis for them after the course finished. So over the next 4 weeks that is what I will do as the &#8216;Weekend Quiz&#8217;.<\/p>\n<h4>Quiz #629<\/h4><ul>\n<li>1. Which of the following would add to GDP in any on period? <br \/> <ol> <li>(a) The purchase of some strawberries from the supermarket.<\/li> <li>(b) The payment by the national government for public servants in the tax department.<\/li> <li>(c) The payment by the national government to an aged pension recipient.<\/li>  <li>(d) The purchase of a old model car from a car dealer.<\/li> <li>(e) The purchase of some house paint by an owner occupier as part of a refurbishment project.<\/li> <li>(f) The purchase of some house paint by a professional painting tradesperson as part of a refurbishment project.<\/li> <li>(g) The sale of some military equipment to another country. <li>(h) The purchase of some shares in an airline company.<\/li> <\/ol><\/li><ul><li>a, b, e, g<\/li><li>a, b, c, e, g<\/li><li>a, b, c, f, g<\/li><li>a, b, c, d<\/li><\/ul>\n<li>2. Suppose an economy produces two products: Product A and Product B. This is the data for two years. By how much has the economy grown between Year 1 and Year 2?  <br \/> <br \/> <table> <tbody> <tr> <td style=\"border-bottom: 1px solid black; border-top: 1px solid black;\">Product<\/td> <td style=\"text-align:center; border-bottom: 1px solid black; border-top: 1px solid black;\">Year 1 Price Per Unit ($)<\/td> <td style=\"text-align:center; border-bottom: 1px solid black; border-top: 1px solid black;\">Year 1 Output (units)<\/td> <td style=\"text-align:center; border-bottom: 1px solid black; border-top: 1px solid black;\">Year 2 Price Per Unit ($)<\/td> <td style=\"text-align:center; border-bottom: 1px solid black; border-top: 1px solid black;\">Year 2 Output (units)<\/td> <\/tr>  <tr> <td>Product A<\/td> <td style=\"text-align:center;\">1.00<\/td> <td style=\"text-align:center;\">20<\/td> <td style=\"text-align:center;\">2.50<\/td> <td style=\"text-align:center;\">10<\/td> <\/tr>  <tr> <td style=\"border-bottom: 1px solid black;\">Product B<\/td> <td style=\"text-align:center; border-bottom: 1px solid black;\">2.00<\/td> <td style=\"text-align:center; border-bottom: 1px solid black;\">15<\/td> <td style=\"text-align:center; border-bottom: 1px solid black;\">3.00<\/td> <td style=\"text-align:center; border-bottom: 1px solid black;\">25<\/td> <\/tr> <\/tbody> <\/table><\/li><ul><li>Cannot tell from the information given.<\/li><li>100 per cent<\/li><li>20 per cent<\/li><li>15 per cent<\/li><li>5 per cent<\/li><\/ul>\n<li>3. If the output an economy can achieve when all resources are productively employed is $120 billion and in the current year actual real GDP is on $114 billion, the output gap would be:<\/li><ul><li>2 per cent<\/li><li>4 per cent<\/li><li>5 per cent<\/li><li>6 per cent<\/li><\/ul>\n<li>4. The reason that economy-wide wage cuts will not reduce unemployment relates to the observation that:<\/li><ul><li>Wages are both an income to workers and a cost to firms.<\/li><li>Workers will go on strike if their wages are cut.<\/li><li>Cutting wages will reduce import expenditure.<\/li><li>Firms know that if they cut wages, they will damage their reputation.<\/li><\/ul>\n<li>5. Which nations will be considered to have the highest GDP over the year? <br \/> <br \/> <ol> <li>(a) A military-inclined nation that produces $130 billion worth of new tanks and jet fighters in addition to $100 billion worth of all other final goods and services.<\/li> <li>(b) A nation that produces no military equipment, but instead, creates a new renewable industry that produces $200 billion worth of new solar panels, pays $20 billion out to old aged pensioners, and produces and additional $30 billion worth of all other final goods and services.<\/li> <li>(c) A social democratic nation that produces $10 billion worth of new military equipment, builds $50 billion worth of new schools and universities, and produces an addition $170 billion worth of all other final goods and services.<\/li> <li>(d) A nation where the government spends $40 billion in environmental restoration projects, businesses purchase new machinery and equipment worth $30 billion, export sales to the rest of the world equal $60 billion and consumers purchase $100 billion worth of final goods and services.<\/li> <\/ol><\/li><ul><li>They all have the same level of production<\/li><li>d<\/li><li>c<\/li><li>b<\/li><li>a<\/li><\/ul>\n<\/ul>\n\n\t<h3>Sorry, quiz 629 is now closed.<\/h3>\n\t<p> You can find the answers and discussion <a href=\"\/blog\/?p=50611\">here<\/a><\/p>\n\t\n","protected":false},"excerpt":{"rendered":"<p>Welcome to The Weekend Quiz. The quiz tests whether you have been paying attention or not to the blog posts that I post. See how you go with the following questions. Your results are only known to you and no records are retained.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[58],"tags":[],"class_list":["post-47174","post","type-post","status-publish","format-standard","hentry","category-saturday-quiz","entry","no-media"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/billmitchell.org\/blog\/index.php?rest_route=\/wp\/v2\/posts\/47174","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/billmitchell.org\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/billmitchell.org\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/billmitchell.org\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/billmitchell.org\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=47174"}],"version-history":[{"count":0,"href":"https:\/\/billmitchell.org\/blog\/index.php?rest_route=\/wp\/v2\/posts\/47174\/revisions"}],"wp:attachment":[{"href":"https:\/\/billmitchell.org\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/billmitchell.org\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/billmitchell.org\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}