This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 21 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 21 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the main measure of economic growth used worldwide? A) GDP per capita. B) Gross National Income (GNI). C) Real GDP. D) Green GDP. Show Answer Correct Answer: C) Real GDP. 2. Which one of the following is NOT a method of calculating real GDP? A) Income method. B) Savings method. C) Expenditure method. D) None of above. Show Answer Correct Answer: B) Savings method. 3. The 1944 agreement that set an internationally recognized value for currency based on the US dollar. It laid the foundation for International financial transactions and business. A) Land reform. B) Federal system. C) Universal Declaration of Human rights. D) The Bretton Woods Agreement. Show Answer Correct Answer: D) The Bretton Woods Agreement. 4. The higher the literacy rate ..... A) The lower the standard of living. B) The higher the standard of living. C) The lower the GDP. D) The higher the unemployment level. Show Answer Correct Answer: B) The higher the standard of living. 5. A benefit of economic growth is that unemployment will fall and incomes increase 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. 6. What is the currency in India? A) Dollars. B) Yen. C) Rupee. D) Euro. Show Answer Correct Answer: C) Rupee. 7. What does Real GDP measure? A) GDP measured at their current market values or prices. B) GDP measured assuming the prices are constantly increasing. C) GDP measured assuming the prices are unchanged over time. D) GDP measured assuming the prices are constantly decreasing. Show Answer Correct Answer: C) GDP measured assuming the prices are unchanged over time. 8. Many African American inventors were unable to benefit from their discoveries and innovation because of difficulties A) With state laws. B) Getting patents. C) Forming trade unions. D) Fighting monopolies. Show Answer Correct Answer: B) Getting patents. 9. Check the three types of capital that create economic growth. A) Human Capital. B) Technology. C) Physical capital. D) Trading capital. Show Answer Correct Answer: A) Human Capital. 10. Which two groups of people are represented in the circular flow model? A) Buyers and Sellers. B) Producers and Consumers. C) Government and Private Individuals. D) Households and Businesses. Show Answer Correct Answer: D) Households and Businesses. 11. An economic exchange in which all sides agree to participate because they expect to benefit. A) International Trade. B) Voluntary Trade. C) Economy. D) Trade barrier. Show Answer Correct Answer: B) Voluntary Trade. 12. Which of the following is NOT a cause of economic growth? A) Technological advancements. B) Decrease in resource allocation. C) Discovery of more natural resources. D) Investment in capital and infrastructure. Show Answer Correct Answer: B) Decrease in resource allocation. 13. What will directly result in an increase in China's Gross National Product? A) Increased wages earned in a Malaysian-owned factory in China. B) Increased imports of goods and services. C) Increased outflows of net property income. D) Increased taxes on domestic expenditure. Show Answer Correct Answer: A) Increased wages earned in a Malaysian-owned factory in China. 14. Which is an example of a natural resource? A) Forests. B) Highways. C) Education. D) Factories. Show Answer Correct Answer: A) Forests. 15. According to paragraph 7, until the eighteenth century, it was the principal function of which of the following to provide funds for the state? A) A type of partnership based on English law. B) A type of agreement negotiated in English. C) An arrangement found only in England. D) A new development introduced by the English. Show Answer Correct Answer: B) A type of agreement negotiated in English. 16. Which best describes standard of living? A) Money & material comforts available to citizen within their country. B) A nation watching for new comforts to become available. C) A Union of workers demanding for improved rights. D) Trade Barriers limited material comforts from entering the nation. Show Answer Correct Answer: A) Money & material comforts available to citizen within their country. 17. Remaining after deducting taxes and other expenses. A) Productive. B) Net. C) Service. D) None of above. Show Answer Correct Answer: B) Net. 18. How does technology contribute to economic growth? A) Technology only benefits large corporations and does not contribute to overall economic growth. B) Technology contributes to economic growth through increased productivity, efficiency, innovation, job creation, and global trade. C) Technology leads to higher unemployment rates and lower economic growth. D) Technology has no impact on economic growth. Show Answer Correct Answer: B) Technology contributes to economic growth through increased productivity, efficiency, innovation, job creation, and global trade. 19. The Cold War created a sense of friendship in both countries. A) True. B) False. Show Answer Correct Answer: B) False. 20. The percentage of the population that can read and write is called ..... A) Literacy rate. B) Life expectancy. C) Death rate. D) Birth rate. Show Answer Correct Answer: A) Literacy rate. ← 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