This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 41 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 41 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Economic growth is A) A increase in the amount of goods and services produced per head of the population over a period of time. B) An amount of something left over when requirements have been met; an excess of production or supply. C) A percentage charged on the total amount you borrow or save. D) An increase in the amount of goods and services produced by a business over a period of time. Show Answer Correct Answer: A) A increase in the amount of goods and services produced per head of the population over a period of time. 2. How does sustainable economic growth differ from rapid economic growth? A) Sustainable growth has a higher inflation rate. B) Rapid growth is always sustainable. C) Sustainable growth considers long-term consequences. D) Rapid growth is more environmentally friendly. Show Answer Correct Answer: C) Sustainable growth considers long-term consequences. 3. What is one of the unique fundamentals of Indonesia's economy mentioned in the article? A) Rising Domestic Income and Wealth. B) Small Population Size. C) Limited Natural Resources. D) High Tax Rates. Show Answer Correct Answer: A) Rising Domestic Income and Wealth. 4. A quota is a physical limit on the quantity of a good that is allowed into a country. A) True. B) False. Show Answer Correct Answer: A) True. 5. What is the main goal of trade liberalisation? A) To promote protectionism. B) To encourage FDI flows. C) To increase import tariffs. D) To reduce government intervention. Show Answer Correct Answer: D) To reduce government intervention. 6. ..... are people who want work, but do not have any special skills. A) Skilled. B) Semi-skilled. C) Unskilled. D) Highly skilled. Show Answer Correct Answer: C) Unskilled. 7. Which combination of factors is most likely to result in more rapid economic growth? A) Increases in employment and in the balance of payments deficit. B) Increases in the level of investment and in the size of the working population. C) More equal distribution of wealth and a higher level of unemployment benefits. D) More rapid inflation and an increase in the national debt. Show Answer Correct Answer: B) Increases in the level of investment and in the size of the working population. 8. Sustainable Economic growth is ..... A) A large GDP growth and not huge price change. B) A small GDP growth and not huge price change. C) A large GDP growth and a huge price change. D) A small GDP growth and a huge price change. Show Answer Correct Answer: A) A large GDP growth and not huge price change. 9. An example of natural resource is A) School. B) Oil. C) Both. D) None of above. Show Answer Correct Answer: B) Oil. 10. Which of the following is commonly defined as a ratio between the output volume and the volume of inputs? A) Aggregate Production. B) Capital Deepening. C) Economic Output. D) Productivity. Show Answer Correct Answer: D) Productivity. 11. If a country experienced a substantial loss of property due to a natural disaster, what would the impact be on the PPC? A) An upwards shift along the PPC. B) A downwards shift along the PPC. C) An inwards shift of the PPC. D) An outwards shift of the PPC. Show Answer Correct Answer: C) An inwards shift of the PPC. 12. What can be the result of sudden increase in interest rates? A) Boom phase. B) Slowdown phase. C) Recession phase. D) Trough phase. Show Answer Correct Answer: C) Recession phase. 13. What is the most important factor for economic growth according to the text? A) Property rights. B) Honest government. C) Political stability. D) Competitive and open markets. Show Answer Correct Answer: A) Property rights. 14. Doubling the amount of L and K under constant returns to scale does all of the following except: A) Doubles the production of the product of intensity L. B) Doubles the output of the product of intensity K. C) Leaves output unchanged. D) Leaves the shape of the KPD unchanged. Show Answer Correct Answer: D) Leaves the shape of the KPD unchanged. 15. With economic growth, the proportion of labour-force engaged in agriculture A) Increases. B) Decreases. C) Remains unaffected. D) Changes in an uncertain manner. Show Answer Correct Answer: B) Decreases. 16. The first labor union was the ..... A) AFL. B) NAACP. C) Knights of Labor. D) None of above. Show Answer Correct Answer: C) Knights of Labor. 17. If Canada wanted increase the value of its "human capital, " which of these would be the BEST course of action? A) Increase funding to public schools. B) Build more factories. C) Increase the amount of oil exports. D) Reach a trade agreement with the United States. Show Answer Correct Answer: A) Increase funding to public schools. 18. How do changes in technology primarily affect economic growth? A) By reducing total production. B) By decreasing the quality of factors of production. C) By enabling more efficient production processes. D) By reducing the demand for goods and services. Show Answer Correct Answer: C) By enabling more efficient production processes. 19. Someone who takes risks to start a new business: A) Natural resources. B) Human capital. C) Entrepreneurship. D) Capital goods. Show Answer Correct Answer: C) Entrepreneurship. 20. What does Gross Domestic Productmean? A) The total value of all goods and services a country imports. B) The total value of all goods and services a country exports. C) The total value of all goods and services produced within a country in one year. D) The net loss in profits within a country due to imports. Show Answer Correct Answer: C) The total value of all goods and services produced within a country in one year. ← 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