Quiz of the week 31 October – 6 November
Test your recollection of the events of the last seven days with MoneyWeek‘s quiz of the week.
1. The US presidential election has left polling companies with egg on their faces (once again). What result was most widely expected?
a. A clear Biden win, b. A clear Trump win, c. A seemingly red election map, slowly turning blue as mail-in votes were counted, d. A seemingly blue election map, rapidly turning red as in-person votes were counted
2. Oregon became the first US state to decriminalise possession of which hard drug, a move that could save the state $100m per year in reduced arrests and incarceration, according to the Drug Policy Alliance, who helped draft the measure?
a. Cocaine, b. Methamphetamine, c. Heroin, d. All of the above
3. Chinese authorities shelved what was predicted to be the world’s largest IPO this week, toppling over Jack Ma’s plans for Ant Group only days before it was meant to go public in Shanghai and Hong Kong. Ant was expected to break Saudi Aramco’s record of a mammoth $29.4bn IPO. How much was the company expected to raise?
a. $30bn, b. $37bn, c. $35bn, d. $39bn
4. For 2020, new car registrations in the UK are set to fall by a third to 1.56 million. This amounts to a loss of around £22.5bn in sales for the year. The last time annual car sales were so low was when the Ford Cortina, at the time the UK’s fastest selling car, went out of production. What year was that?
a. 1980, b. 1985, c. 1978, d. 1982
5. Rishi Sunak announced this week an extension of the government’s furlough system. When has it been extended until?
a. December, b. March, c. June, d. January
6. The Australian government advised its businesses this week to seek new export markets as tensions with former key trading partner China escalated. The dispute has been snowballing since April, but what started it?
a. Australia’s budding trading relationship with the US b. China’s tariffs on Australian goods at the beginning of the pandemic c. Australia’s calls for an inquiry into the origins of the coronavirus outbreak in Wuhan d. The significant drop in Chinese students accepted into Australian universities earlier this year
7. Which UK government official began self isolating this week after coming in close contact with someone who tested positive for coronavirus?
a. Dominic Raab, b. Matt Hancock, c. Priti Patel, d. Michael Gove
8. The US government’s mission to develop a Covid-19 vaccine has a $18bn budget so far. What is it called?
a. Operation Speed of Light, b. Operation Warp Speed, c. Operation Peregrine Falcon, d. Operation Black Hole
9. UK house prices rose at their fastest annual rate in over four years, jumping by 7.5% from the year before. What is the average price of a home now?
a. £150,000, b. £200,000, c. £250,000, d. £300,000
10. Which luxury carmaker announced this week it’s going to stop making fossil fuel cars by 2030?
a. Rolls-Royce, b. Lamborghini, c. Aston Martin, d. Bentley
1. a. A clear Biden win. Most polls indicated that Democratic candidate Joe Biden would win by a landslide. Four days after the polls opened, counting is still ongoing, with key states too close to call.
2. d. All of the above. Possession of cocaine, heroine, and methamphetamine in small quantities has been decriminalised in Oregon, with violators paying a $100 fine and attending a free addiction programme instead of the hard sentences it would incur in every other state.
3. c. $35bn. With billions on the line, Chinese authorities announced they had discovered company shortcomings. Sean Darby, chief global equity strategist at Jeffries, told Bloomberg it seemed like a public relations move. “This has happened before when companies appear to have become too big versus the state for the authorities’ liking.”
4. d. 1982. It was also the year British Leyland pulled the Austin Allegro.
5. b. March. The chancellor warned of a difficult winter ahead as he announced the 80% furlough scheme would remain in place until the spring.
6. c. Australia’s calls for an inquiry into the origins of the coronavirus outbreak in Wuhan. Beijing retaliated with harsh tariffs on Australian imports after Canberra called for an investigation into the origins of the outbreak in April.
7. a. Dominic Raab. The foreign secretary will be working from home for two weeks as he self isolates.
8. b. Operation Warp Speed. Operation Warp Speed is a “mechanism” to coordinate between private companies and US government bodies, says Bloomberg. Meant to help “cut through the bureaucracy”. It has awarded over $12bn in vaccine related contracts to different firms, and holds a budget of as much as $18bn.
9. c. £250,000. Halifax said the average price of a home reached £250,000 for the first time this October.
10. d. Bentley. The UK car manufacturer laid out its ambitious plans this week, announcing its move towards hybrids and eventually its first fully electric cars in 2025. It also aims to be completely carbon neutral by then.