Weekly Quiz 1 Solutions PDF

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Questions and answers of weekly in class quizzes. Five questions and five answers from week 1 to week 12....

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23/08/2020

Quiz1

Quiz1 Remember, changes to question templates won't automatically update quizzes that are already using those questions. Show Question Details

Question

1 pts

Laputa, a fictitious country, uses two currencies for their financial transactions. Goods are priced in Laputa Cubits (e.g., a coffee in Laputa is 10 cubits). However, the transaction of buying and selling occurs by exchanging Laputa Dollars (1 cubit is 10 dollars). Banks in Laputa take deposits in Laputa Dollars. Match the function of money that is served by the currencies used in Laputa.

Unit of Account

Laputa Cubit

Medium of Exchange

Laputa Dollar

Store of Value

Laputa Dollar

Other Incorrect Match Options: Neither Laputa Dollar nor Laputa Cubit Both Laputa Dollar and Laputa Cubit move/copy question to another bank

Question

1 pts

Which of the following is an example of commodity money?

wer

Sugar Australian Dollar Bitcoin Scrap metal

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23/08/2020

Quiz1

Question

1 pts

What is one of the criticism of Bitcoin in John Lanchester's article "When bitcoin grows up"?

wer If one has to take extreme steps to secure a cryptocurrency (e.g., keeping a laptop in a safe), a cryptocurrency cannot be sufficiently safe.

The creator of silk road was caught by the FBI and hence encrypted networks like Bitcoin are not anonymous.

Bitcoins have been stolen so the private-public key technology is not safe.

When Newsweek revealed the true identity of Satoshi Nakamoto (creator of bitcoin), other accounts were no longer anonymous.

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Question

1 pts

Which of the following is true about currency transactions in cryptocurrency systems?

wer

The transactions are signed by sender's private key. The transactions are signed by receiver's private key. The transactions are encrypted on the network and only visible to the sender and receiver. The transactions are signed by the private keys of both the receiver and sender.

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Question

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23/08/2020

Quiz1

Which of the following is true about transactions in Bitcoin?

wer

It only allows a given unspent transaction output to be used once. A transaction can be reversed after it has been mined by cancelling it.

Average time to generate a new block with unmined transactions is variable since PoW consumes lot of power.

Transaction fee is fixed for all transactions in Bitcoin.

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