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The Weekend Quiz – October 23-24, 2021

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.

1. A nation can export less than the sum of imports, net factor income (such as interest and dividends) and net transfer payments (such as foreign aid) and run a government surplus of equal proportion to GDP, while the private domestic sector is spending less than they are earning.

2. For workers to regain a larger share of national income, nominal wages have to grow faster than inflation - that is, the real wage has to rise.

3. Say, we form the view that over the next year: (a) the average working week will be constant in hours; (b) real GDP growth rate will be 3 per cent; (c) output per unit of labour input (persons) will grow at 1.5 per cent; and (d) the labour force will maintain a growth rate of 1.5 per cent per annum. We would project that the unemployment rate:

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