This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 11 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the latest generation of technology used by the Port of Singapore to improve its performance and efficiency? A) Technology. B) Social media. C) Robots. D) Computers. Show Answer Correct Answer: A) Technology. 2. A decent job is one that ..... A) Originates honest work. B) Protect the rights. C) Ensure labor protection. D) All of the above are correct. Show Answer Correct Answer: D) All of the above are correct. 3. Economic development is usually accompanied by? A) Inflation. B) Deflation. C) Stagflation. D) Increased unemployment. Show Answer Correct Answer: A) Inflation. 4. Japan has been an economic superpower since 1900. Yet Japan is physically isolated and dependent on foreign oil, imported agricultural products, and mineral resources. How can Japan remain so prosperous? A) Japan's population growth has stopped. B) Japan receives reduced prices on imports. C) Japan has a well-educated skilled labor force. D) Japan has a powerful military that influences other countries. Show Answer Correct Answer: C) Japan has a well-educated skilled labor force. 5. What are the factors that contribute to economic growth? A) Investment, technological progress, education, infrastructure, and natural resources. B) Lack of access to technology. C) Rising unemployment rates. D) Decreased government spending. Show Answer Correct Answer: A) Investment, technological progress, education, infrastructure, and natural resources. 6. How is saving linked to increased capital? A) Low savings means there is more money put toward capital formation. B) When money is saved, it is left in the bank and not available for capital formation. C) Saving provides money for investment in human and physical capital. D) When savings rise, the GDP drops, making capital formation more difficult. Show Answer Correct Answer: C) Saving provides money for investment in human and physical capital. 7. According to W.W. Rostow, the stages of economic growth are A) 2. B) 4. C) 5. D) 3. Show Answer Correct Answer: C) 5. 8. Use of technology starts to become more common and widespread. A) Stage 1:Traditional Society. B) Stage 2:Pre-Condition for Take-Off. C) Stage 3:Take-Off. D) Stage 4:Drive to Maturity. E) Stage 5:High Mass Consumption. Show Answer Correct Answer: B) Stage 2:Pre-Condition for Take-Off. 9. How are entrepreneurs important to a country's growth? A) Entrepreneurs provide political stability. B) Entrepreneurs provide compulsory education. C) Entrepreneurs strengthen governmental control. D) Entrepreneurs create new markets that provide jobs. Show Answer Correct Answer: D) Entrepreneurs create new markets that provide jobs. 10. Which of these countries had the best income equality A) Finland. B) Japan. C) Netherlands. D) Belgium. Show Answer Correct Answer: B) Japan. 11. Producer A) The materials and labor used to create goods and services. B) Someone who takes risks to start a new business. C) To bring in a good from another country to sell. D) Someone who makes things. Show Answer Correct Answer: D) Someone who makes things. 12. If a country has not built new factories or used new technology in many years, then the country is not investing in what? A) Opportunity costs. B) Natural resources. C) Human capital. D) Physical or capital goods. Show Answer Correct Answer: D) Physical or capital goods. 13. I know what is meant by positive output gap, and I am able to draw this on an aggregate demand and aggregate supply diagram A) Yes, I understand this from the notes. B) No, I don't understand this from the notes. C) No, I don't understand this, as I have not read the notes. D) None of above. Show Answer Correct Answer: A) Yes, I understand this from the notes. 14. When economy outlook is good and more foreign companies are opening up, there will be a/an: A) Increase in labour demand. B) Decrease in labour demand. C) Increase in labour supply. D) Decrease in labour supply. Show Answer Correct Answer: A) Increase in labour demand. 15. The table shows the figures for consumption, capital formation and depreciation in four economies, all measured in US $ .Assuming that the state of technology remains unchanged, which economy is most likely to experience economic growth? A) 100; 20; 30. B) 500; 200; 200. C) 1000; 1400; 1200. D) 20, 000; 5, 000; 6, 000. Show Answer Correct Answer: C) 1000; 1400; 1200. 16. The Japanese government spends millions of dollars each year on technology for its computer industry. A) Human capital. B) Physical capital. Show Answer Correct Answer: B) Physical capital. 17. The word key in the passage is closest in meaning to A) Historical. B) Many. C) Important. D) Hidden. Show Answer Correct Answer: C) Important. 18. Which will likely raise the GDP of a country? A) Picking trade partners. B) Tariffs and Banking. C) Imports and exports. D) Investing in new technology for workers. Show Answer Correct Answer: D) Investing in new technology for workers. 19. What is the term used to describe two successive quarters of negative growth? A) Boom. B) Slowdown. C) Recession. D) Trough. Show Answer Correct Answer: C) Recession. 20. What must you do in order to purchase goods or services when visiting a country which uses a currency different from your own? A) Currency Exchange. B) Import Currency. C) Specialize. D) Invest. Show Answer Correct Answer: A) Currency Exchange. ← PreviousNext →Related QuizzesMacroeconomics QuizzesEconomics QuizzesEconomic Growth Quiz 1Economic Growth Quiz 2Economic Growth Quiz 3Economic Growth Quiz 4Economic Growth Quiz 5Economic Growth Quiz 6Economic Growth Quiz 7Economic Growth Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books