This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 34 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 34 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. How do patents act as an incentive to technological innovation? A) By protecting a patent holder's right to profit from his or her creativity. B) By protecting the government's right to patent creative works. C) By protecting a business's right to profit from someone else's creativity. D) By protecting unpatented creative works. Show Answer Correct Answer: A) By protecting a patent holder's right to profit from his or her creativity. 2. What is a problem with using GDP as a measure of living standards? A) Exclusion of income inequality. B) Exclusion of environmental costs. C) Exclusion of informal activity. D) Exclusion of income earned abroad. Show Answer Correct Answer: A) Exclusion of income inequality. 3. What is Not an example of Capital goods? A) Tools. B) Food. C) Equipment. D) Technology. Show Answer Correct Answer: B) Food. 4. What does urbanization mean? A) The increase of agricultural businesses in rural areas. B) The system used to collect taxes from Texas residents. C) The movement of population and jobs from rural farms to cities. D) The migration from cities back to farmland. Show Answer Correct Answer: C) The movement of population and jobs from rural farms to cities. 5. Alexander Graham Bell invented the ..... A) Refrigerated RR car. B) Telegraph. C) Telephone. D) Airplane. E) Model T (assembly line car). Show Answer Correct Answer: C) Telephone. 6. Spends money on non-essential goods (consumerism). 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: E) Stage 5:High Mass Consumption. 7. Based on what you know about literacy rates, which country probably has the highest standard of living-South Africa, Kenya or Nigeria? A) Nigeria. B) South Africa. C) Kenya. D) None of above. Show Answer Correct Answer: B) South Africa. 8. Impact of vertical integration on a business. A) Reduces their costs. B) Increases their costs. C) Increases their competition. D) None of above. Show Answer Correct Answer: A) Reduces their costs. 9. Type of unemployment that occurs as a result of harvest schedules, or lack of hotel bookings in winter. A) Seasonal Unemployment. B) Structural Unemployment. C) Frictional Unemployment. D) Cyclical Unemployment. Show Answer Correct Answer: A) Seasonal Unemployment. 10. Why can be done to keep the economy stable and safe? A) Keep prices very high. B) Keep prices from going too high. C) Keep taxes very high. D) Keep unemployment very low. Show Answer Correct Answer: B) Keep prices from going too high. 11. The measurement of economic growth is remove the effects of inflation. A) True. B) False. Show Answer Correct Answer: A) True. 12. What is Gross Domestic Product? A) The total value of the current economic market in one year. B) The total value of goods exported to another country in one year. C) The total value of goods produced and services provided in a county during one year. D) The total value of goods and services imported to anther country in one year. Show Answer Correct Answer: C) The total value of goods produced and services provided in a county during one year. 13. Real GDP per capita means A) Real GDP per household. B) Real GDP per head. C) Real GDP per worker. D) GDP before inflation. Show Answer Correct Answer: B) Real GDP per head. 14. Which of the following is not part of the circular flow of income in an economy? A) Production. B) Unemployment. C) Income. D) Expenditure. Show Answer Correct Answer: B) Unemployment. 15. Where is nearly one-half of the world's gold reserve located? A) Nigeria. B) Kenya. C) South Africa. D) Sudan. Show Answer Correct Answer: C) South Africa. 16. Doubling L with trade in a small L-sufficient country: A) Reduces the welfare of representative citizens. B) Hampers the country's terms of trade. C) Reduces trade volume. D) Reduces national consumption. Show Answer Correct Answer: A) Reduces the welfare of representative citizens. 17. The late 1800's civil rights leader that believed in the "talented tenth" becoming leaders through an intellectual academic pursuit at university was ..... A) Booker T. Washington. B) Ida B. Wells. C) W.E.B. DuBois. D) George Washington Carver. Show Answer Correct Answer: C) W.E.B. DuBois. 18. Despite their increasing presence in public life, women continue to do ..... times the unpaid care and domestic work that men do. A) 2.9. B) 4.6. C) 2.6. D) 1.5. Show Answer Correct Answer: C) 2.6. 19. ..... workers have some training in using tools or machines. A) Skilled. B) Semi-skilled. C) Unskilled. D) Highly skilled. Show Answer Correct Answer: B) Semi-skilled. 20. On a Production Possibility Curve (PPC), how is economic growth illustrated? A) An inward shift of the PPC. B) A point inside the PPC. C) An outward shift of the PPC. D) None of the above. Show Answer Correct Answer: C) An outward shift of the PPC. ← 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