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The Weekend Quiz – February 11-12, 2017

Welcome to The Weekend Quiz, which used to be known as the Saturday Quiz! The quiz tests whether you have been paying attention or not to the blogs I post. See how you go with the following questions. Your results are only known to you and no records are retained.

1. National accounting rules dictate that a national government surplus equals a non-government deficit (and vice-versa). If a national government successfully achieves a fiscal surplus through an austerity program then the private domestic sector must be spending more than it is earning.

2. The relentless push by neo-liberals to suppress real wages growth has ensured the share of national income going to profits has expanded over the last 30 years in many nations.

3. It might be argued that the strength of the German trade sector has kept the value of the euro at elevated levels against many of the key currencies and this has significantly reduced the international competitiveness of its higher per unit cost Eurozone partners. However, export competitiveness in those other Eurozone nations, such as Greece, would be increased if local workers accept cuts in nominal wages and their inflation rates are contained.

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    This Post Has 2 Comments
    1. Got number 2 wrong ( forgot to think counter intuitively for that one!) – so I’m thinking that the wealth inequality is largley to do with asset bubbles (stock buy backs/land/housing) rather than profits from production, so things that are NOT counted as GDP?

    2. I got questions 2 and 3 right but Bill got his answers wrong. But I will wait for his explanations tomorrow. It more often turns out that I was wrong.

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