Wealth Inequality
Income inequality
Death and Taxes
Trivia
Economic Indicators
Monetary/Fiscal Policy
Trivia about Mr
100
Who is the richest person in the world?
Elon Musk
100
How do economists break up populations by income?
Using quintiles (5 groups of equal size)
100
An example of a progressive tax
Personal income tax
100
Which empire conquered the Eastern Roman (Byzantine) Empire in 1453
Ottoman Empire
100
What do the different types of indicators tell us? Why should we care?
It lets us know where on the business cycle we are, where it may lead in the future. Allows decisionmaking by policymakers.
100
What is the RBA inflation target?
2-3% inflation
100
Cats or dogs?
Cats
200
In Australia, is income inequality or wealth inequality greater?
Wealth inequality
200
What is the gini coefficient for a perfectly equal society
0
200
Draw the model for a regressive tax
200
When did Australia federate to become a country? Day and year!
1st Jan 1901
200
Give 2 examples of leading indicators (100 per)
Share prices
Building approvals
Levels of inventory held
Employment vacancies
200
Who controls Australia's monetary policy
The Reserve Bank of Australia
200
What car does Mr drive?
Rav 4
300
suggest one method of reducing wealth inequality
tax on wealth, inheritance tax, intentional hyperinflation such as with the Soviet Union prior to WW2
300
Identify two ways the government addresses income inequality
progressive taxation, Welfare, subsidised services (buses, schools, hospitals)
300
Which type of tax brings the government the most revenue?
Personal Income tax
300
Fastest animal in the world
Peregrine Falcon
300
Rising government spending on unemployment benefits such as centrelink indicates what about the economy?
Economic contraction
300
Why would the reserve bank raise interest rates?
To curb inflation, increase consumer savings rates, reduce investment in the economy.
300
What club does Mr run
D&D Club
400
How do you measure a household's wealth?
Wealth refers to the current value of household financial assets accumulated over time. Wealth is the difference between a household’s assets (held as property, shares, savings and other investments) and liabilities (such as mortgages, personal loans and credit card debt).
400
Which country has greatest income inequality?
Emutopia GINI: 0.4
Freedomland: 0.35
People's Democratic Republic of Kiwiland: 0.5
Kiwiland
400
Identify a proportional tax
company tax
400
Which animal has four stomachs?
Cow
400
Give two examples of a lagging indicator
unemployment
Wages
inflation
interest rates
400
List the main levers (methods of control) of both Monetary and Fiscal Policy (200 Each)
Monetary - Interest rates
Fiscal - Gov spending/taxation
400
What was Mr.'s last overseas holiday destination?
Japan
500
Name the richest and poorest country in the world
Liechtenstein/Singapore Richest
Burundi Poorest
500
A
500
How does the government effectively raise taxes without the general public noticing?
Static income tax brackets that don't get indexed to inflation.
500
Which country is it illegal to own only one guinea pig?
Switzerland, guinea pigs are social creatures
500
What are the three types of economic indicators, and explain what they are.
Leading (Before) indicates that GDP will change in a direction
Lagging (After) moves after GDP change, confirms truth
Concurrent (During) moves in line with GDP change
500
Why do democracies struggle to do fiscal policy "correctly"
Raising taxes is deeply unpopular and will lose you elections
500
What business did Mr used to run and own
Lawnmowing/groundskeeping small business