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The Weekend Quiz – August 4-5, 2018

Summary:
Welcome to The Weekend 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.TrueFalse2. A government's fiscal deficit rises despite the government's stated fiscal austerity stance. We can conclude from the evidence at hand that the austerity mantra of the government doesn't correctly describe its fiscal policy stance.TrueFalse3. The immediate impact on

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Welcome to The Weekend 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. A government's fiscal deficit rises despite the government's stated fiscal austerity stance. We can conclude from the evidence at hand that the austerity mantra of the government doesn't correctly describe its fiscal policy stance.



3. The immediate impact on aggregate spending in the economy would be invariant between the government matching its deficit spending with private bond issues and the situation where the government instructed the central bank to buy its bonds to match the deficit.





Bill Mitchell
Bill Mitchell is a Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at the University of Newcastle, NSW, Australia. He is also a professional musician and plays guitar with the Melbourne Reggae-Dub band – Pressure Drop. The band was popular around the live music scene in Melbourne in the late 1970s and early 1980s. The band reformed in late 2010.

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