This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 47 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 47 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. As a verb, to gain financially; as a noun, the economic gains of a business A) Public Sector. B) Profit. C) Private Sector. D) Entrepreneur. Show Answer Correct Answer: B) Profit. 2. Economic growth can be best described as: A) An increase in Real GDP per capita over time. B) A decrease in GDP. C) A double digit increase in the price level. D) No frictional unemployment. Show Answer Correct Answer: A) An increase in Real GDP per capita over time. 3. Economic Growth can bring improved standards of living A) True. B) False. Show Answer Correct Answer: A) True. 4. Why decent work is important for people? A) Because it allows the satisfaction of economic needs. B) Because it contributes to the development of the country. C) All answers are correct. D) Because it transform society for the better. Show Answer Correct Answer: C) All answers are correct. 5. Short run economic growth is measured by the percentage change in real GDP A) Yes, I understand this from the notes. B) No, I don't understand this from the notes. C) No, I don't understand this, as I have not read the notes. D) None of above. Show Answer Correct Answer: A) Yes, I understand this from the notes. 6. National income is equivalent to GDP A) True. B) False. Show Answer Correct Answer: A) True. 7. What are some factors that can affect economic growth? A) Government policies, technological advancements, infrastructure development, education and skill levels of the workforce, natural resources, political stability, and global economic conditions. B) Population growth, inflation, exchange rates. C) Sports events, social media trends, celebrity endorsements. D) Weather conditions, cultural practices, fashion trends. Show Answer Correct Answer: A) Government policies, technological advancements, infrastructure development, education and skill levels of the workforce, natural resources, political stability, and global economic conditions. 8. Nations that invest in the health, education, & training of their people will have a more valuable workforce that produces more goods & services. A) True. B) False. Show Answer Correct Answer: A) True. 9. What is one way a government can invest in human capital? A) By creating tax breaks for industrial equipment. B) By providing no-interest loans for higher education. C) By creating a low corporate tax rate. D) By providing unemployment insurance. Show Answer Correct Answer: B) By providing no-interest loans for higher education. 10. The Human Development Index (HDI) has 3 important criteria, which of these is NOT included? A) Life expectancy. B) Education. C) Real GDP/Income. D) Pollution. Show Answer Correct Answer: D) Pollution. 11. Economic growth is the increase in: A) Employment. B) GDP per Capita. C) Taxes. D) Interest Rates. E) None is correct. Show Answer Correct Answer: E) None is correct. 12. A country investing in updating outdated factories A) Human Capital. B) Capital Goods. Show Answer Correct Answer: B) Capital Goods. 13. The first English permanent colony in South Carolina was Charles Town. Which statement is true about other areas in the New World? A) The Spanish had many other colonies in the New England region including St. Augustine. B) The French and Spanish had colonies throughout the New World including colonies in the New England, Middle, and Southern regions. C) The English had several colonies already established in other colonies, including Jamestown, the first permanent English colony in the South. D) The Carolina colony was the only colony settled by the English because England was involved in a war. Show Answer Correct Answer: C) The English had several colonies already established in other colonies, including Jamestown, the first permanent English colony in the South. 14. Which of the following will happen if a country's government reduces business taxes? A) The short-run Phillips curve will shift to the right. B) The short-run aggregate supply curve will shift to the right. C) The long-run aggregate supply curve will shift to the left. D) The aggregate demand curve will shift to the left. E) The demand curve for loanable funds will shift to the left. Show Answer Correct Answer: B) The short-run aggregate supply curve will shift to the right. 15. Which one of the following is most likely to occur in the boom phase of an economic cycle? A) Rising national income, falling unemployment and a negative output gap. B) Rising imports, rising profits and a positive output gap. C) Rising consumption and investment expenditure and a negative output gap. D) Excess demand, falling employment and a positive output gap. Show Answer Correct Answer: B) Rising imports, rising profits and a positive output gap. 16. How do entrepreneurs help a country's economy? A) Start new businesses, create jobs, introduce to products, etc. B) Government corruption. C) Providing electricity and improving roads. D) Exporting oil, minerals, etc. Show Answer Correct Answer: A) Start new businesses, create jobs, introduce to products, etc. 17. Which of the following system led to the establishment of large plantations, by granting large tracts of land to settlers? A) Headright system. B) Indentured slave system. C) Social class system. D) Slave system. Show Answer Correct Answer: A) Headright system. 18. The value that a worker brings to the marketplace (his/her job) is called ..... A) Entrepreneur. B) Natural resources. C) Human capital. D) Capital goods. Show Answer Correct Answer: C) Human capital. 19. An increase in productivity is likely to A) Worsen Australia's international competitiveness and increase inflation. B) Worsen Australia's international competitiveness and decrease inflation. C) Improve Australia's international competitiveness and increase inflation. D) Improve Australia's international competitiveness and decrease inflation. Show Answer Correct Answer: C) Improve Australia's international competitiveness and increase inflation. 20. Type of unemployment that occurs as a result of harvest schedules, or when industries make seasonal shifts in their production schedules. A) Seasonal Unemployment. B) Structural Unemployment. C) Frictional Unemployment. D) Cyclical Unemployment. Show Answer Correct Answer: A) Seasonal Unemployment. ← 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