This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 16 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 16 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the definition of Gross Domestic Product (GDP)? A) The sum of all the goods and services a country produces in a year. B) The sum of all goods imported within a year. C) The sum of taxes collected in a year. D) The sum of all goods produced by entrepreneurs in a year. Show Answer Correct Answer: A) The sum of all the goods and services a country produces in a year. 2. Final output products value that is produced by citizens in a country, regardless of where they are located is known as A) GNP. B) GDP. C) GNI. D) GNE. Show Answer Correct Answer: B) GDP. 3. The United Kingdom has large deposits of coal, petroleum, natural gas, iron ore, lead, zinc, and gold. The country will use these items to create products to sell. Which factor of production is being used to increase the GDP? A) Capital goods. B) Human capital. C) Natural resources. D) Entrepreneurship. Show Answer Correct Answer: C) Natural resources. 4. The percentage of adults who can read and write A) Standard of living. B) Literacy rate. C) Natural resources. D) Human capital. Show Answer Correct Answer: B) Literacy rate. 5. Better roads and railroads allowed all of the following EXCEPT ..... A) Virginia's cities to grow. B) Virginia is able to export coal and tobacco. C) Tobacco farming and products became important again. D) Virginia's economy changes from industrial to agricultural. Show Answer Correct Answer: D) Virginia's economy changes from industrial to agricultural. 6. What must be present for an economy to be measured? A) Some form of measurement. B) A nation watching. C) A union. D) Trade barriers. Show Answer Correct Answer: A) Some form of measurement. 7. Mass production led to: A) Products being more superior in quality. B) Goods became less expensive. C) Laborers received higher wages. D) Industries moved to rural areas. Show Answer Correct Answer: B) Goods became less expensive. 8. Who was one of the most successful cowgirls in Texas history? A) Amelia Earhart. B) Lizzie Johnson. C) Sam Houston. D) Ladybird Johnson. Show Answer Correct Answer: B) Lizzie Johnson. 9. What do we call the phase in an economic cycle when the economy is doing really well? A) An explosion. B) A boom. C) A recession. D) A trough. Show Answer Correct Answer: B) A boom. 10. A country experiencing a high rate of economic growth may take some of the benefits in the form of increased ..... A) Mobility. B) Leisure. C) Net investment. D) Per head. E) Non replaceable. Show Answer Correct Answer: B) Leisure. 11. Economic growth is measured through GDP while human development is measured through levels of education, healthcare and other quality of life measures. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 12. What role does education play in economic growth? A) Education leads to the depletion of resources and slows down economic growth. B) Education leads to the development of human capital, which increases productivity and innovation, and can lead to the creation of new industries and the growth of existing ones. C) Economic growth is solely dependent on natural resources and not education. D) Education has no impact on economic growth. Show Answer Correct Answer: B) Education leads to the development of human capital, which increases productivity and innovation, and can lead to the creation of new industries and the growth of existing ones. 13. A country can increase its human capital by investing in ..... A) Education for its citizens. B) New machinery for factories. C) Railroads and airports. D) None of above. Show Answer Correct Answer: A) Education for its citizens. 14. The curve above shows economic growth..... A) Catch-Up. B) No catch-up. Show Answer Correct Answer: A) Catch-Up. 15. The economy fluctuates between periods of ..... in the short run, but economic growth can occur in the long run. A) Expansion and contraction. B) Day and night. C) Fight or flight. D) War and peace. Show Answer Correct Answer: A) Expansion and contraction. 16. Higher the literacy rate, generally the A) Lower the standard of living. B) Higher the standard of living. C) Standard of living decreases. D) Standard of living stays the same. Show Answer Correct Answer: B) Higher the standard of living. 17. What is the latest scientific method and production technique that helps increase productivity? A) Social media. B) Robots. C) Technology. D) Computers. Show Answer Correct Answer: C) Technology. 18. How have investments in Human Capital and capital goods impacted the UK and Germany's economy? A) Both have high GDP and strong economies. B) Both have low GDP and weak economies. C) Both have good football clubs. D) Both have terrible capital cities. Show Answer Correct Answer: A) Both have high GDP and strong economies. 19. A benefit of economic growth is that the government tax revenue will increase, and the amount spent on unemployment benefits reduce 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. 20. Using the chart under Data analysis, (on page 51) Which country has the lowest literacy rate? A) Brazil. B) Haiti. C) Mexico. D) All the above. Show Answer Correct Answer: B) Haiti. ← 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