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The Weekend Quiz – September 26-27, 2020

Summary:
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. Imagine we forecast real GDP growth for a nation to grow by 0.8 per cent in 2021 and 1.1 per cent in 2022. We also predict that the unemployment rate would fall from 11.7 per cent in 2021 to 11.4 per cent in 2022. Additionally, average annual growth in labour productivity has been running at just over 1 per cent per annum (GDP per hours worked). If average weekly hours worked remains constant over 2022, then the implication of our forecasts is that we think the labour force of this nation in 2022 will: grow by 0.2 per cent.shrink by 0.2

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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.

The Weekend Quiz – September 26-27, 2020

1. Imagine we forecast real GDP growth for a nation to grow by 0.8 per cent in 2021 and 1.1 per cent in 2022. We also predict that the unemployment rate would fall from 11.7 per cent in 2021 to 11.4 per cent in 2022. Additionally, average annual growth in labour productivity has been running at just over 1 per cent per annum (GDP per hours worked). If average weekly hours worked remains constant over 2022, then the implication of our forecasts is that we think the labour force of this nation in 2022 will:





2. If the stock of aggregate demand growth outstrips the capacity of the productive sector to respond by producing extra real goods and services then inflation is inevitable.



3. National accounting shows us that a government surplus equals a non-government deficit. If a government is successful in achieving a fiscal surplus then the private domestic sector will ultimately become more indebted as a consequence, which means that austerity amounts to swapping public for private debt.





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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