This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 5 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. If Real GDP has grown by 3 per cent, then the economy is producing 3 per cent more goods and services after adjusting for inflation when compared with the previous year. A) True. B) False. Show Answer Correct Answer: A) True. 2. Literate A) Ability to read and write. B) Level of wealth and comfort. Show Answer Correct Answer: A) Ability to read and write. 3. National income can be measured in A) 3 ways. B) 4 ways. C) 2 ways. D) 1 way. Show Answer Correct Answer: A) 3 ways. 4. Which of the following is the reason for an actual economic growth to occur? A) Quality of education improved. B) Better technology used. C) Household's income level increase. D) Discovery of new resources . Show Answer Correct Answer: C) Household's income level increase. 5. What are the immediate causes of why some countries are rich and others are poor? A) Factors of production. B) Incentives. C) Good institutions. D) History, ideas, culture, geography, and luck. Show Answer Correct Answer: A) Factors of production. 6. When a country invests in new machinery, technology, and factories, it is increasing its: A) Natural resources. B) Human capital. C) Capital goods. D) Entrepreneurship. Show Answer Correct Answer: C) Capital goods. 7. What is industrial growth? A) Decrease in the production and expansion of industries within an economy. B) Increase in the production and expansion of industries within an economy. C) Stagnation in the production and expansion of industries within an economy. D) Increase in the production and expansion of agriculture within an economy. Show Answer Correct Answer: B) Increase in the production and expansion of industries within an economy. 8. Which factor of economic growth is all of the skills, talents, education, and abilities that human workers possess ..... and the value thatthey bring to the marketplace? A) Natural Resources. B) Human Capital. C) Capital Goods. D) Entrepreneurship. Show Answer Correct Answer: B) Human Capital. 9. Factories, machinery, technology, etc. are examples of: A) Human capital. B) Entrepreneurship. C) Natural resources. D) Capital goods. Show Answer Correct Answer: D) Capital goods. 10. Consumer A) Someone who takes risks to start a new business. B) (per person) the total amount of money made by a country, divided by its number of citizens. C) Someone who makes things. D) Someone who buys things. Show Answer Correct Answer: D) Someone who buys things. 11. Which of the following is a cost of economic growth? A) A fall in unemployment. B) A rise in employment. C) A reduction in poverty. D) Loss of non-renewable resources. Show Answer Correct Answer: D) Loss of non-renewable resources. 12. The investing of money or capital in order to gain profitable returns, as interest, income, or appreciation in value. A) Capital goods. B) Literacy rate. C) Per capita. D) Investment. Show Answer Correct Answer: D) Investment. 13. In what way is capitalism good for consumers? A) Increased competition leads to quality products at low prices. B) Government programs provide jobs to citizens. C) Trains citizens for war. D) Provides consumers free education. Show Answer Correct Answer: A) Increased competition leads to quality products at low prices. 14. This value is adjusted for inflation A) Real GDP. B) Nominal GDP. C) GDP per capita. D) Other things being equal. Show Answer Correct Answer: A) Real GDP. 15. Ideas and organization, board of education, Mrs. Mason, God, Kendall Brantley A) Natural resources. B) Capital goods. C) Human capital. D) Entrepreneurship. Show Answer Correct Answer: D) Entrepreneurship. 16. Why did a number of the countries of the United Nations have an embargo on South Africa? A) South Africa refused to take part in international trade. B) They wanted South Africa to end its system of apartheid. C) Some were hoping for better oil deals from the South African government. D) They wanted South Africa to lower the world price of gold and diamonds. Show Answer Correct Answer: B) They wanted South Africa to end its system of apartheid. 17. Taking a CPR class to be able to babysit. A) Capital Goods. B) Entrepreneur. C) Human Capital. D) Natural Resources. Show Answer Correct Answer: C) Human Capital. 18. A nation's productive resources determine the strength of its economy. A) True. B) False. Show Answer Correct Answer: A) True. 19. In which country do entrepreneurs play a vital role but few banks are willing to fund their ideas. A) South Africa. B) Botswana. C) Nigeria. D) Egypt. Show Answer Correct Answer: C) Nigeria. 20. The part of the economy owned and operated by private citizens. A) Public sector. B) Private sector. C) Natural resources. D) Literacy rate. Show Answer Correct Answer: B) Private sector. ← PreviousNext →Related QuizzesMacroeconomics QuizzesEconomics QuizzesEconomic Growth Quiz 1Economic Growth Quiz 2Economic Growth Quiz 3Economic Growth Quiz 4Economic Growth Quiz 6Economic Growth Quiz 7Economic Growth Quiz 8Economic Growth Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books