This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 4 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 4 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Why is a low literacy rate bad for a country's economy? A) It will be difficult for the country to find trading partners. B) Members of the country's workforce are likely to emigrate. C) The country's natural resources will be quickly exhausted. D) Businesses will have difficulty finding skilled workers. Show Answer Correct Answer: D) Businesses will have difficulty finding skilled workers. 2. People that have training are more likely to contribute to technological advances, which leads to finding better uses of natural resources & producing more goods. A) False. B) True. Show Answer Correct Answer: B) True. 3. What factor has recently affected economic growth by introducing new ideas into the marketplace? A) Entrepreneurship. B) Human capital. C) Natural resources. D) Physical capital. Show Answer Correct Answer: A) Entrepreneurship. 4. Which government agency is in charge of developing and coordinating the Philippine Development Plan? A) National Economic Development Authority. B) Department of Public Works and Highways. C) Department of Trade and Industry. D) None of above. Show Answer Correct Answer: A) National Economic Development Authority. 5. How does Bangladesh's economic growth compare to other South Asian countries? A) It is higher than some South Asian countries and lower than others. B) It is the lowest among all South Asian countries. C) It is the highest among all South Asian countries. D) It is the same as all other South Asian countries. Show Answer Correct Answer: A) It is higher than some South Asian countries and lower than others. 6. Which of the following IS a positive environmental impact of economic growth? A) Depletion of natural resources. B) Increased pollution and waste. C) Loss of non renewable resources. D) Increased investment in sustainable production methods. Show Answer Correct Answer: D) Increased investment in sustainable production methods. 7. Gross Domestic product is measured in the A) Zillions and quadrillion. B) Hundreds and thousands. C) Millions, billions and trillions. D) Thousands and millions. Show Answer Correct Answer: C) Millions, billions and trillions. 8. Which of these African nations produces the MOST crude oil on an annual basis? A) Congo. B) Nigeria. C) Sudan. D) South Sudan. Show Answer Correct Answer: B) Nigeria. 9. Which of the following are markets involved in the circular flow model? A) Factor Market and Resource Market. B) Labor Market and Product Market. C) Factor Market and Product Market. D) Resource Market and Labor Market. Show Answer Correct Answer: C) Factor Market and Product Market. 10. In what year did Ireland last experience recession? A) 2018. B) 2008. C) 2012. D) 1998. Show Answer Correct Answer: B) 2008. 11. What can affect economic growth if a country is overpopulated? A) Limiting purchases. B) Decline in economy. C) All of the above. D) Increase in unemployment rates. Show Answer Correct Answer: D) Increase in unemployment rates. 12. A downturn in the economy in which when businesses aren't doing so well for an extended period of time A) Extermination. B) Recession. C) Procession. D) Confession. Show Answer Correct Answer: B) Recession. 13. Which of the following is NOT a reason for the growth of the PPF? A) Accumulation of capital. B) Decrease in population. C) Technological advancement. D) Discovery of new mineral deposits. Show Answer Correct Answer: B) Decrease in population. 14. Which measure of national income includes factors such as education and healthcare performance? A) GDP per capita. B) Gross National Income (GNI). C) Real GDP. D) Human Development Index (HDI). Show Answer Correct Answer: D) Human Development Index (HDI). 15. What is the accumulated knowledge (from education and experience), skills, and expertise that the average worker in an economy possesses? A) Human Capital. B) Labor Productivity. C) Physical Capital. D) Technological Change. Show Answer Correct Answer: A) Human Capital. 16. Why was barbed wire considered a problem for cattle drives? A) Cowboys could no longer guide their cattle north through open prairies. B) Barbed wire was too expensive for cowboys to purchase. C) There was not enough barbed wire in Texas. D) It got in the way of farming. Show Answer Correct Answer: A) Cowboys could no longer guide their cattle north through open prairies. 17. What did the term 'laissez-faire' refer to in the economic context? A) Equal distribution of wealth. B) Government ownership of all industries. C) Government control of all economic activities. D) Hands-off approach to government intervention in the economy. Show Answer Correct Answer: D) Hands-off approach to government intervention in the economy. 18. Why is most of Nigeria's population living in poverty when the country exports more than 3 million barrels of oil each day? A) Most people are literate. B) Most people are illiterate. C) Oil profits bypass the people & go to corrupt politicians. D) Oil profits are spread out evenly across the continent. Show Answer Correct Answer: C) Oil profits bypass the people & go to corrupt politicians. 19. ..... is the effect of inflation remove from the current GDP figures. A) Nominal wage. B) Real wages. C) CPI. D) Real GDP. Show Answer Correct Answer: D) Real GDP. 20. Rapid urbanization takes place. 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: C) Stage 3:Take-Off. ← PreviousNext →Related QuizzesMacroeconomics QuizzesEconomics QuizzesEconomic Growth Quiz 1Economic Growth Quiz 2Economic Growth Quiz 3Economic Growth Quiz 5Economic Growth Quiz 6Economic Growth Quiz 7Economic Growth Quiz 8Economic Growth Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books