The Bank Underground Christmas Quiz

The blog will be taking a well-earned rest over the festive season, so to keep you amused over the break we are pleased to unveil the inaugural the Bank Underground Christmas Quiz!   The ten yuletide themed questions will test your knowledge of a variety of economics, finance and central banking related subjects…

Question 1 (International monetary system): Which of these central banks is the longest straight-line sleigh ride from the North Pole?

a) The Reserve Bank of Australia
b) The Reserve Bank of New Zealand
c) The Central Bank of Chile
d) The South African Reserve Bank

Question 2 (Banking) In which year did Abbey change its name to Santander?

a) 2007
b) 2008
c) 2009
d) 2010

Question 3 (Economic statistics)  Since 2000, which of these manufacturing sectors has, on average, seen the largest fall in (non-seasonally adjusted) production between November and December?

a) Food
b) Clothing
c) Paper and paper products
d) Manufacture of motor vehicles

Question 4 (Commodity prices) Approximately how many Israeli shekels would Mary and Joseph receive for a 400 troy ounce gold bar at today’s prices and exchange rates?

a) 0.5 million
b) 1 million
c) 1.5 million
d) 2 million

Question 5 (Time series econometrics) What, according to Peter Kennedy’s 2003 Econometrics textbook, Granger causes Christmas?

a) Christmas Cards
b) Turkey
c) Stuffing
d) Reindeers

Question 6 (Consumer behaviour) Which retail sector gets the biggest boost in sales at Christmas relative to the other 11 months of the year?

a) Food
b) Alcoholic drinks, other beverages and tobacco
c) Clothing
d) Mail order

Question 7 (Financial markets) How many stock markets in the BRICs countries (Brazil, Russia, India, China) will be open on 25th December?

a) 1
b) 2
c) 3
d) 4

Question 8 (Overseas banks) In the film It’s a Wonderful Life, what happens to Bailey Building and Loan Association on Christmas Eve?

a) Its owner is visited by a guardian angel
b) It is hit by a bank run and goes bust
c) It is hit by a bank run but secures emergency credit at the discount window
d) It is subject to a hostile takeover bid from Gringott’s

Question 9 (Microeconomics) Joel Waldfogel’s 1983 paper in the American Economic Review on the deadweight loss of Christmas found that, on average, gift recipients valued their presents at less than their cash value.  What was the upper bound of this valuation gap?

a) A tenth
b) A fifth
c) A third
d) A half

Question 10 (Monetary history)  According to a Homer and Sylla’s, A History of Interest Rates, what was the legal maximum rate on loans in the Roman provinces of Asia in the first century AD?

a) 6%
b) 8%
c) 10%
d) 12%

View the answers.