2016-17 Quiz 3 Answers

Next Monday 10 October 2016 The Nobel Memorial Prize in Economic Sciences,The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel will be announced. Let’s see how many of the previous year’s winners you can identify. State the name of the economist, the field of economics, and in one sentence state the motivation for awarding these economists with a Nobel Prize.

(1) John F. Nash Jr.

Prize motivation: "for their pioneering analysis of equilibria in the theory of non-cooperative games"

Field: game theory

 

(2) Elinor Ostrom

Prize motivation: "for her analysis of economic governance, especially the commons"

Field: economic governance

 

(3) Amartya Sen

Prize motivation: "for his contributions to welfare economics"

Field: welfare 

                                            

(4) Milton Friedman

Prize motivation: "for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy"

Field: macroeconomics

 (5) Paul Krugman

Prize motivation: "for his analysis of trade patterns and location of economic activity"

Field: international and regional economics

Submit your answers by email to profKMody@gmail.com on or before 10 October 2016.

2016-17 Quiz 3

Next Monday 10 October 2016 The Nobel Memorial Prize in Economic Sciences,The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel will be announced. Let’s see how many of the previous year’s winners you can identify. State the name of the economist, the field of economics, and in one sentence state the motivation for awarding these economists with a Nobel Prize.

(1) Name:

Prize motivation: 

Field: 

(2) Name:

Prize motivation: 

(3) Name:

Prize motivation: 

Field: 

(4) Name:

Prize motivation: 

Field: 

(5) Name:

Prize motivation: 

Field: 

Submit your answers by email to profKMody@gmail.com on or before 10 October 2016.

2016-17 Quiz 2 - Answers

1. Who is the World bank’s new Chief Economist?   Paul Romer
2.  What in the Indian economy is suuti?Specified Undertaking of the Unit Trust of India
3.  Why  will Governor Rajan’s successor not have sole control over lending rates form October 2016?From October, a new six-member monetary policy committee will take over that task. 
4. Where in the world did IMG Worlds of Adventure, the world's largest indoor theme park, open this week? Spanning 1.5m square feet, it is the first global theme park to feature Marvel and Cartoon Network brands as well as "Lost Valley", which is populated with 69 animatronic dinosaurs.   Dubai, UAE
5. Bunol, Spain this week held its world-renowned food-fight featuring what commonly loved food ???   Tomatoes
6. Which company is reportedly experimenting with a 30-hour work week for teams of technical workers. The teams will receive the same benefits as full-time employees and 75% of a 40-hour worker's pay.    Amazon
7. What is Africa’s “Great Green Wall”?   It is the building of a wall of trees across the width of Africa, at the edge of the Sahara desert to solve the twin problems of land degradation and desertification.    See the link http://www.economist.com/blogs/economist-explains/2016/09/economist-explains?fsrc=permar|text3

2016-17 Quiz 1- Ans

1.         GST is also known as

A.         First point retail tax

B.         First point wholesale tax

C.         Last point wholesale tax

D.        Last point retail tax

2.         In India we will have

A.         Single GST

B.         Double GST

C.         Dual GST

D.         None of the above

3.         Which of the following rates is not decided by the Reserve Bank of India? 

A.         Bank Rate

B.         Repo Rate

C.         Reserve Repo rate

D.        Income Tax Rates

4.         What are MSMEs in the Indian economy?

Ans. Micro, Small & Medium Enterprises

5. The Planning Commission has been replaced by NITI Aayog. What does NITI stand for?

Ans: National Institution for Transforming India

6. When did RBI release the Third Bi-Monthly Monetary Policy Statement 2016-17?

Ans: 9 August 2016

7. What is Ponzi scheme? Who is it named after?

Ans: It is a form of fraud in which belief in the success of a non-existent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.

The Ponzi scheme is named after Charles Ponzi. In the 1920s, Charles Ponzi tricked thousands of people into investing in a postage stamp scheme.

At the time of his scheme, the annual interest rate for bank accounts was five percent. Ponzi promised investors a high return – 50% -- in a very short amount of time. However, there were no investments. There were no honest returns. Ponzi used incoming funds from new investors to pay the returns to the earlier investors.