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The Weekend Quiz – October 29-30, 2022

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.

These were the Quiz questions for the third week of my edx MOOC – Modern Monetary Theory: Economics for the 21st Century – that finished recently.

I promised students that I would provide answers and analysis for them after the course finished.

1. Which of these situations represents an inflationary episode in the macroeconomic sense?
  1. (a) On July 1, 2000, the Australian government introduced a Goods and Services Tax of 10 per cent on most goods and services (with some exemptions). In the September-quarter 2000, the Consumer Price Index rose by 6.1 per cent.
  2. (b) The press reported that Australia’s property prices rose at their fastest rate since 2003 in February 2021.
  3. (c) The Consumer Price Index rose by 9 per cent in month one, six per cent in month two and 3 per cent in month three.
  4. (d) The Consumer Price Index rose by 3 per cent in month one, 6 per cent in month two and 9 per cent in month three.

2. In 2008, the consumer price level in Zimbabwe rose by 157 per cent. Between 1998 and 2008, real GDP fell by 50.7 per cent. The hyperinflation arose mainly because:

3. An employment buffer stock scheme involves the government offering an infinite demand for labour. This means that:

4. A major criticism of mainstream economists of the use of fiscal deficits is that they crowd out productive private spending. That criticism errs because:

5. Commercial banks are required to hold reserve accounts with the central bank for which reason:

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