This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 27 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 27 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What did the Homestead Act do? A) It limited immigration. B) It regulated businesses. C) It increased the tariff. D) It gave free land to those who settled in the West. Show Answer Correct Answer: D) It gave free land to those who settled in the West. 2. Use the map to answer the following question. What industry is primarily found in the Blue Ridge Mountains? A) Recreation. B) Technology. C) Coal. D) Shipbuilding. Show Answer Correct Answer: A) Recreation. 3. Which of the following decreased the cost of manufacturing products? A) Moving Assembly Line. B) Philanthropy. C) Monopolies. D) None of above. Show Answer Correct Answer: A) Moving Assembly Line. 4. A PPF diagram can illustrate short run and long run economic 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. 5. What does sustainable development means? A) Sustained rise in real GDP. B) Reducing inequality and unemployment. C) Exploitation of natural resources. D) Sustainable growth that doesn't harm the environment. Show Answer Correct Answer: D) Sustainable growth that doesn't harm the environment. 6. NO.2 Which of the following is a necessary condition for sustainable development? A) Increase in the quality of life. B) Reduction in the level of pollution. C) Conservation of stock of natural capital. D) All of these. Show Answer Correct Answer: D) All of these. 7. Skilled workers to fill jobs within the economy are considered to be ..... A) Human capital. B) Capital goods. C) Natural resources. D) Productive resources. Show Answer Correct Answer: A) Human capital. 8. Taking over companies that are your competition in order to try to have a monopoly is called ..... integration. A) Vertical. B) Horizontal. C) Diagonal. D) None of above. Show Answer Correct Answer: B) Horizontal. 9. Which one is the correct formula to calculate unemployment rate? A) (Number of unemployed / Labor force) x 100. B) (Labor force / Number of unemployed) x 100. C) (Number of unemployed / Number of employed) x 100. D) (Number of employed / Labor force) x 100. Show Answer Correct Answer: A) (Number of unemployed / Labor force) x 100. 10. A country investing in newer technology. A) Human capital. B) Capital goods. Show Answer Correct Answer: B) Capital goods. 11. Productivity describes the ability of individuals or a production system to: A) Produce a high quality of work in a given period of time. B) Produce a number of goods or services in a given period of time. Show Answer Correct Answer: B) Produce a number of goods or services in a given period of time. 12. Settlement that developed at the intersection of railroad lines and cattle trails. A) Cowtown. B) Port. C) Capital. D) Bullburg. Show Answer Correct Answer: A) Cowtown. 13. Who sets the price for goods in Australia? A) Buyers and sellers agree upon price. B) The governor-general sets prices for most goods. C) Parliament sets a price for all goods in the country. D) Prices for goods are set based on customs and beliefs of the Aborigines. Show Answer Correct Answer: A) Buyers and sellers agree upon price. 14. Abe loves the outdoors and participates in many types of recreation. What region of Virginia is best known for its recreation industry? A) Coastal Plain (Tidewater). B) Valley and Ridge. C) Blue Ridge Mountains. D) Appalachian Plateau. Show Answer Correct Answer: C) Blue Ridge Mountains. 15. Natural Resources A) The total dollar value of all goods and services produced by a country in one year. B) The materials that come from nature, such as land, forests, minerals, water, etc. C) A physical object that is sold to make money. D) The man-made materials that are needed to produce goods and services. Show Answer Correct Answer: B) The materials that come from nature, such as land, forests, minerals, water, etc. 16. How much money do the businesses in Dharavi contribute to Mumbai's economy per year? A) £100 million. B) £200 million. C) £300 million. D) £350 million. Show Answer Correct Answer: D) £350 million. 17. The measurement of the annual income of citizens in a country A) Investment. B) GDP. C) GDP per capita. D) Human capital. E) Relationship. Show Answer Correct Answer: C) GDP per capita. 18. What was the goal of the Dawe's Act? A) Encourage Native Americans to become farmers and accept white culture. B) To provide Native Americans with payment for all the mistreatment they received. C) To return all the gold that was stolen from them by the U.S. government. D) None of above. Show Answer Correct Answer: A) Encourage Native Americans to become farmers and accept white culture. 19. Which factor is NOT a cause of potential economic growth? A) Discovery of natural resources. B) Investment in new capital. C) Technical progress. D) Recession. Show Answer Correct Answer: D) Recession. 20. Starts to improve farming techniques and shift more towards commercial agriculture. 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. ← 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