This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 2 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 2 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is technological knowledge? A) Tools in the mind or the stuff in people's heads. B) Tools in the broadest sense like shovels and tractors. C) Knowledge about how the world works. D) The best technological knowledge. Show Answer Correct Answer: C) Knowledge about how the world works. 2. What are the long-term consequences of unsustainable economic growth? A) Increased employment opportunities, technological advancements, improved standard of living. B) Reduced poverty rates, increased government revenue, enhanced economic competitiveness. C) Environmental degradation, depletion of natural resources, income inequality, and economic instability. D) Stable economic growth, balanced regional development, increased foreign investment. Show Answer Correct Answer: C) Environmental degradation, depletion of natural resources, income inequality, and economic instability. 3. Which of the following does the dimension of enhancing technology adoption and stimulating innovation belong to? A) Pagbabago (enhancing the social fabric). B) Caring (reducing inequality). C) Enhancing growth potential. D) None of above. Show Answer Correct Answer: C) Enhancing growth potential. 4. What is a type of development aid that aims to raise the level of technology in a developing country? A) Tied aid. B) Technical Assistance Aid. C) Long term loans. D) Project aid. Show Answer Correct Answer: B) Technical Assistance Aid. 5. If labor productivity increases, production is possible A) Increased. B) Decrease. Show Answer Correct Answer: A) Increased. 6. What principle of government is divided into three branches and have their own functions? A) Republicanism. B) Individual Rights. C) Separation of Powers. D) Popular Sovereignty. Show Answer Correct Answer: C) Separation of Powers. 7. The percentage of a nations labour force that is unemployed. A) Balance of Employment. B) Balance of Payments. C) Unemployment. D) Employment. Show Answer Correct Answer: C) Unemployment. 8. The part of the economy owned and operated by the national government A) Public Sector. B) Private Sector. C) Profit. D) Natural Resource. Show Answer Correct Answer: A) Public Sector. 9. Economic growth in India will happen necessarily if there is A) Population growth. B) Capital formation. C) Technical progress in the global economy. D) All the above. Show Answer Correct Answer: B) Capital formation. 10. The total dollar value of all goods and services produced by a country in 1 year; you can think of it as the size of the economy. A) GDP (Gross Domestic Product). B) Child Labor. C) Per capita GDP. D) None of above. Show Answer Correct Answer: A) GDP (Gross Domestic Product). 11. What are the effects of Human Development Index on a country's development? A) HDI has no impact on a country's development. B) HDI has a significant impact on a country's development as it reflects the overall well-being and standard of living of its citizens. C) HDI only affects the environment of a country. D) HDI is only relevant for developed countries. Show Answer Correct Answer: B) HDI has a significant impact on a country's development as it reflects the overall well-being and standard of living of its citizens. 12. RURAL societies typically mean what kind of economy? A) Industrial. B) Agricultural. Show Answer Correct Answer: B) Agricultural. 13. If there is an increase in a nations wages (not necessarily income) then the ..... A) AD curve shifts right. B) AD curve shifts left. C) AS curve shifts right. D) AS curve shifts left. Show Answer Correct Answer: D) AS curve shifts left. 14. Name one indicator used to measure economic development. A) GDP. B) Population growth rate. C) Inflation rate. D) Unemployment rate. Show Answer Correct Answer: A) GDP. 15. Oil, trees and natural gas are examples of A) Human capital. B) Physical capital. C) Entrepreneurship. D) Natural resources. Show Answer Correct Answer: D) Natural resources. 16. What connection can be made between a nation's literacy rate and its economy? A) Literate people are less economically productive than illiterate people. B) Literate people consume fewer natural resources than illiterate people. C) Literate people can get higher paying jobs than illiterate people and increase economic activity. D) Literate people are less likely than illiterate people to look for work outside of their home country. Show Answer Correct Answer: C) Literate people can get higher paying jobs than illiterate people and increase economic activity. 17. How long did it take for Thailand's population to double the share of oldsters from 7% to 14%? A) 2 years. B) 24 years. C) 72 years. D) Over a century. Show Answer Correct Answer: A) 2 years. 18. We have lower levels of foreign investment compared to ASEAN countries because of stricter laws regarding foreign ownership. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 19. Economic development is defined as A) The process by which a nation improves the economic, political, and social well-being of its people. B) An increase in the amount of goods and services produced per head of the population over a period of time. C) Is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area. D) None of the above. Show Answer Correct Answer: A) The process by which a nation improves the economic, political, and social well-being of its people. 20. The physical effort of people to produce goods or services describes which factor of production? A) Land. B) Capital. C) Labour. D) Entrepreneurship. Show Answer Correct Answer: C) Labour. ← PreviousNext →Related QuizzesMacroeconomics QuizzesEconomics QuizzesEconomic Growth Quiz 1Economic Growth Quiz 3Economic Growth Quiz 4Economic Growth Quiz 5Economic Growth Quiz 6Economic Growth Quiz 7Economic Growth Quiz 8Economic Growth Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books