This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 3 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. How does a rise in oil prices contribute to a recession? A) It leads to deflation. B) It causes a decline in unemployment. C) It triggers inflation and lower purchasing power. D) It promotes sustainable growth. Show Answer Correct Answer: C) It triggers inflation and lower purchasing power. 2. Argentinean tourists spending money in Brazil? A) BRAZIL trade balance increases. B) ARGENTINA trade balance decreases. C) None of the options are correct. D) Both options are correct. Show Answer Correct Answer: D) Both options are correct. 3. Countries need ..... to fill jobs within the economy A) Highly-skilled workforce. B) Skilled workers. C) Different kinds. D) Different set of skills. E) Education. Show Answer Correct Answer: B) Skilled workers. 4. Balanced growth implies A) Simultaneous development of a variety of activities, which support one another. B) Equal allocation of resources to different sectors. C) Different sectors growing at their natural rates of growth. D) Uniform rate of growth of output over time. Show Answer Correct Answer: C) Different sectors growing at their natural rates of growth. 5. What is it called when you are worried just about your region or area? A) Nationalism. B) Marginalism. C) Sectionalism. D) Republicanism. Show Answer Correct Answer: C) Sectionalism. 6. Which of the following is not something that helps an economy grow? A) Going on protests and strikes. B) Using technology. C) Eliminate waste. D) Having an educated population. Show Answer Correct Answer: A) Going on protests and strikes. 7. True or False:Teddy Roosevelt passed Executive Orders to set aside land that would become national parks, preventing industrialists from using it as raw materials. A) True. B) False. Show Answer Correct Answer: A) True. 8. What is the Economic Freedom Index (EFI) of Japan? A) Not open to entrepreneurship. B) Highly open to entrepreneurship. C) No impact on entrepreneurship. D) Moderately open to entrepreneurship. Show Answer Correct Answer: B) Highly open to entrepreneurship. 9. What is a possible disadvantage of export-led growth strategy? A) Increased access to less expensive imported goods and services. B) Increased income inequality in the country. C) Increased bargaining power in multilateral trade negotiations. D) Increased efficiency in domestic producers. Show Answer Correct Answer: B) Increased income inequality in the country. 10. Which African country has come forward to help support entrepreneurs? A) Nigeria. B) South Africa. C) Botswana. D) Kenya. Show Answer Correct Answer: B) South Africa. 11. How much affordable housing was included in the Trumpington Meadows development? A) 10%. B) 20%. C) 30%. D) 40%. Show Answer Correct Answer: D) 40%. 12. What is the formula for calculating real GDP per capita? A) C+I+G+Xn. B) P x Q. C) R%= i%-$\pi$. D) Real gdp/population. Show Answer Correct Answer: D) Real gdp/population. 13. How many levels of education are there? A) 1. B) 2. C) 3. D) 4. Show Answer Correct Answer: D) 4. 14. An economy has a MPC of 0.8. If investment were to rise by $ 40m, what would be the change in GDP? A) Increase by $ 40m. B) Increase by $ 50m. C) Increase by $ 200m. D) Increase by $ 320m. Show Answer Correct Answer: C) Increase by $ 200m. 15. GDP per capita means A) Real GDP per household. B) Real GDP per head. C) Real GDP per worker. D) None of above. Show Answer Correct Answer: B) Real GDP per head. 16. Investment in better machines, updated factories, and new technology leads to ..... being produced A) Increase in GDP. B) Stronger its economy. C) Technology. D) More goods & services. E) Boosts a country's exports. Show Answer Correct Answer: D) More goods & services. 17. How is the rate of economic growth commonly measured? A) By the growth in the stock market. B) By the increase in a country's population. C) By the growth in real Gross Domestic Product (GDP). D) By the unemployment rate. Show Answer Correct Answer: C) By the growth in real Gross Domestic Product (GDP). 18. What is important to keep a country growing? A) Economic growth. B) Technological growth. C) Economic and technological growth. D) Economic and technological decline. Show Answer Correct Answer: C) Economic and technological growth. 19. Improvements in technology would be included in which measure of economic growth? A) Real Income/GDP. B) Productive capacity. C) Net social welfare. D) None of above. Show Answer Correct Answer: B) Productive capacity. 20. What accounts for MOST of the variation in GDP per capita? A) Openness to trade. B) Proportion of the population engaged in producti on. C) Labor force participation rate. D) Capital market efficiency. E) Average labor productivity. Show Answer Correct Answer: E) Average labor productivity. ← PreviousNext →Related QuizzesMacroeconomics QuizzesEconomics QuizzesEconomic Growth Quiz 1Economic Growth Quiz 2Economic 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