This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 14 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 14 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. To boost economic growth the government is most likely to A) Increase interest rates. B) Increase taxation rates. C) Provide incentives to invest. D) Provide incentives to save. Show Answer Correct Answer: C) Provide incentives to invest. 2. It is an increase in a country's real level of national output.which can be caused by an increase in the quality of resources (by education etc.), increase in the quantity of resources & improvements in technology or in another way an increase in the value of goods and services produced by every sector of the economy. A) Economic Growth. B) Economic Development. Show Answer Correct Answer: A) Economic Growth. 3. The diagram shows an economy's production possibility curve. What causes a movement from point X to point Y? A) A positive output gap. B) A recession. C) Actual economic growth. D) Potential economic growth. Show Answer Correct Answer: C) Actual economic growth. 4. A ..... factor for urbanization (movement to cities from rural areas) was jobs. A) Push. B) Pull. C) Sweep. D) Fear. Show Answer Correct Answer: B) Pull. 5. Economic growth can be shown diagrammatically as A) A rightward shift of the SRAS curve. B) A rightward shift of the LRAS curve. C) A rightward shift of AD curve. D) All of the options. Show Answer Correct Answer: D) All of the options. 6. What invention did Joseph Glidden invent? A) The Light Bulb. B) Oil. C) Barbed Wire. D) Revolver. Show Answer Correct Answer: C) Barbed Wire. 7. An example of human capital is A) Job training and education. B) New factories and technology. C) Natural resources. D) Value of all goods and services produced in a year. Show Answer Correct Answer: A) Job training and education. 8. What do firms receive in return for selling goods and services? A) Expenditures. B) Rent. C) Wages. D) Taxes. E) Revenue. Show Answer Correct Answer: E) Revenue. 9. True or False:The Dawes Act broke up tribal reservations into individual lots, like the Homestead Act. A) True. B) False. Show Answer Correct Answer: A) True. 10. Which is an example of entrepreneurship? A) Tre volunteers at a local nursing home that is in need of help. B) Peter got a job at a mechanic's shop repairing cars and trucks. C) Sarah does her chores every day in order to earn her allowance. D. D) Jemele uses her money to open a restaurant in her neighborhood. Show Answer Correct Answer: D) Jemele uses her money to open a restaurant in her neighborhood. 11. In what area did airplanes for prove to be of practical value? A) Stunt shows. B) Mail delivery. C) Tourism. D) Military operations. Show Answer Correct Answer: D) Military operations. 12. What happened as a result of the discovery of Oil in Spindletop? A) Demand for lumber. B) Demand for kerosene. C) Shipping. D) Boomtowns. Show Answer Correct Answer: D) Boomtowns. 13. What are the consequences of economic recession? A) Tax revenue may increase. B) Unemployment may decrease. C) Negative economic growth rate for at least 2 quarters. D) Government spending on benefits may decrease. Show Answer Correct Answer: C) Negative economic growth rate for at least 2 quarters. 14. Real Gross Domestic Product (GDP) is: A) GDP adjusted for terms of trade. B) GDP at market prices adjusted for the effects of inflation. C) A measure of production at current prices. D) The total market value of final goods and services. Show Answer Correct Answer: B) GDP at market prices adjusted for the effects of inflation. 15. Long-run economic growth is also known as potential growth 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. 16. A benefit of economic growth is that there will be funds to invest in cleaner and more efficient production processes thus reducing the environmental impact 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. 17. An economy that has characteristics of both command and market economies A) Mixed Economy. B) Market Economy. C) Traditional Economy. D) Command Economy. Show Answer Correct Answer: A) Mixed Economy. 18. What is a county's GDP divided by its population called? A) GDP per capita. B) Human capital. C) Literacy rate. D) Capital goods. Show Answer Correct Answer: A) GDP per capita. 19. Why is it important for a country to invest in human capital? A) Because businesses need money in order to pay for their workers. B) Because businesses enjoy workers getting extra training and job opportunities. C) Because businesses are more successful when the workers have good training and health care. D) Because businesses are not responsible for the training and health care of the workers they employ. Show Answer Correct Answer: C) Because businesses are more successful when the workers have good training and health care. 20. What happened as a result of the Berlin Conference? A) European and African nations went to war with each other. B) The European leaders allowed the African leaders to be apart of the governing process of the colonies. C) Imperialism in Africa ended. D) Europeans divided Africa into colonies without considering the cultural and ethnic differences of the African people. Show Answer Correct Answer: D) Europeans divided Africa into colonies without considering the cultural and ethnic differences of the African people. ← 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