This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 43 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 43 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which term refers to the tools, machines, and factories used in the production of goods and services? A) Natural resources. B) Human resources. C) Capital resources. D) Entrepreneurship. Show Answer Correct Answer: C) Capital resources. 2. What did the term 'protective tariffs' refer to in the economic context? A) Taxes on all goods to fund government programs. B) Taxes on exported goods to promote international trade. C) Taxes on imported goods to protect domestic industries. D) Taxes on income to redistribute wealth. Show Answer Correct Answer: C) Taxes on imported goods to protect domestic industries. 3. If economic growth increases, living standards may still fall if: A) Real GDP growth is negative. B) There is a decline in access to helth and education services. C) There is a decline congestion levels on roads. D) There is a decline in work related stress levels. Show Answer Correct Answer: B) There is a decline in access to helth and education services. 4. What best refers to putting advances in knowledge to use in a new product or service? A) Innovation. B) Invention. C) Labor Productivity. D) Production Function. Show Answer Correct Answer: A) Innovation. 5. Non-material living standards refer to: A) The quality aspects of a consumer's life. B) The access consumers have to goods and services. C) The ability of Australian businesses to supply quality clothing to the marketplace. D) All of the above. Show Answer Correct Answer: A) The quality aspects of a consumer's life. 6. A country's economy has natural ups and downs in its business cycle. A) True. B) False. Show Answer Correct Answer: A) True. 7. Which policy is most likely to promote inclusive economic growth? A) Reducing corporate taxes. B) Progressive Taxation. C) Increasing military spending. D) Cutting public healthcare funding. Show Answer Correct Answer: B) Progressive Taxation. 8. Health care made available to all citizens of a country through government regulations of the medical industry and subsidies. A) Socialized medicine. B) Democratic socialism. C) Welfare state. D) Land reform. Show Answer Correct Answer: A) Socialized medicine. 9. The alternative combinations of final goods and services that could be produced in a given time period with all available resources and technology are known as A) Production possibilities. B) Consumption possibilities. C) Real GDP. D) Nominal GDP. Show Answer Correct Answer: A) Production possibilities. 10. Carries out local or regional trading only. 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: A) Stage 1:Traditional Society. 11. If nominal GDP is $ 300 and real GDP is $ 150, what is the GDP price index (deflator)? A) It is uncertain. B) 160. C) 100. D) 200. Show Answer Correct Answer: D) 200. 12. Able to read and write in one's native language. A) Literacy Rate. B) Literate. C) Public sector. D) Natural Resource. Show Answer Correct Answer: B) Literate. 13. What is the purpose of property rights? A) To protect investments. B) To enforce contracts. C) To create competitive and open markets. D) To bring ideas, people, and capital together. Show Answer Correct Answer: A) To protect investments. 14. Which of the following is NOT an effect railroads had on Texas. A) Provided jobs to many people. B) Created a faster method of transportation. C) Gave American Indians more opportunities for land ownership. D) Transported cattle and other goods across the country. Show Answer Correct Answer: C) Gave American Indians more opportunities for land ownership. 15. The way in which goods and services are made, sold, and used in a country A) Economic Contiuumn. B) Economy. C) Economic Growth. D) Mixed Economy. Show Answer Correct Answer: B) Economy. 16. When the military temporarily takes control of the country; usually due to a crisis or emergency A) Dissidents. B) Destalinization. C) Reformist socialism. D) Martial law. Show Answer Correct Answer: D) Martial law. 17. What is the main factor that influences the literacy rate in a country? A) Quality of education. B) Availability of natural resources. C) Level of entrepreneurship. D) Amount of capital goods. Show Answer Correct Answer: A) Quality of education. 18. Chalk and gypsum deposits found in the United Kingdom are sources of what type of resource? A) Human capital. B) Entrepreneurship. C) A capital resource. D) A natural resource. Show Answer Correct Answer: D) A natural resource. 19. Haiti invests in the expansion of its ports. A) Human capital. B) Physical capital. Show Answer Correct Answer: B) Physical capital. 20. A sustained general increase in prices across an economy. A) Disinflation. B) Consumer Price Index. C) Deflation. D) Inflation. Show Answer Correct Answer: D) Inflation. ← 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