This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 53 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 53 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The total value of all final goods and service produced by a country's citizens A) GDP. B) GNP. C) GNI. D) Real GDP. Show Answer Correct Answer: B) GNP. 2. ..... makes all other resources useful and puts them to productive use. A) Land. B) Money. C) Technology. D) Human Resource. Show Answer Correct Answer: D) Human Resource. 3. How did slavery impact the economy of South Carolina? A) It caused the colony to struggle for years. d. It caused quick fortunes and terrible losses. B) It made the colony very prosperous. C) It made the colony go broke. D) It made the colony more open-minded. Show Answer Correct Answer: B) It made the colony very prosperous. 4. Can a human be considered physical capital? A) Yes. B) No. Show Answer Correct Answer: B) No. 5. The primary sector begins to shrink and the secondary sectors begins to grow. 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. 6. Name one factor that can hinder economic growth. A) Political instability. B) Technological advancements. C) High taxes. D) Lack of natural resources. Show Answer Correct Answer: A) Political instability. 7. Governments often encourage increased competition to lower price A) True. B) False. Show Answer Correct Answer: A) True. 8. Investing in human capital will raise a countries ..... A) Oil sales. B) Exports. C) GDP. D) ABC. Show Answer Correct Answer: C) GDP. 9. An increase in which of the following would cause a decrease in aggregate demand? A) Exports. B) Imports. C) Government Spending. D) Investment. Show Answer Correct Answer: B) Imports. 10. What is the focus of export-led growth strategy? A) Increasing imports. B) Increasing foreign aid. C) Increasing government spending. D) Increasing exports. Show Answer Correct Answer: D) Increasing exports. 11. Which country specializes in natural gas? A) United Kingdom. B) Russia. C) Germany. D) None of above. Show Answer Correct Answer: B) Russia. 12. The level of material comfort at which people in a country live ..... including access to quality shelter, food, water, and other essential goods and services. A) Welfare state. B) Standard of living. C) Democratic socialism. D) Nationalization. Show Answer Correct Answer: B) Standard of living. 13. What is the purpose of investing in capital goods? A) To increase barriers to trade. B) To improve workers' skills. C) To limit market competition. D) To improve productive efficiency. Show Answer Correct Answer: D) To improve productive efficiency. 14. Which one of the following is most likely to result in a demand-side shock to the UK economy? A large rise in A) World commodity prices. B) UK wages due to a wave of strikes. C) UK interest rates. D) The price of imported semi-manufactured goods. Show Answer Correct Answer: C) UK interest rates. 15. Concerning the five-sector circular flow model of the Australian economy, which statement about the value of aggregate demand and GDP is true? The values of aggregate demand or GDP equal: A) The total value of S + T + M. B) The total value of C + I + G + X-M. C) The total value of C + I + G + X. D) None of the above totals is correct. Show Answer Correct Answer: B) The total value of C + I + G + X-M. 16. If the consumer price index (CPI) for year 2013 is equal to 180 and for year 2014 is equal to 198, calculate the inflation rate level in year 2014. A) 10%. B) 18%. C) 80%. D) 98%. Show Answer Correct Answer: A) 10%. 17. If a natural disaster strikes, the production possibilities curve can shift A) No shift. B) To the left. C) To the right. D) Outward on one axis only. Show Answer Correct Answer: B) To the left. 18. What was a key factor in the economic growth and prosperity of the 1920s? A) Rapid population growth. B) Increased production efficiencies. C) Decreased production efficiencies. D) Expansion of government bureaucracy. Show Answer Correct Answer: B) Increased production efficiencies. 19. What is the main barrier to export diversification strategy? A) High levels of inflation. B) Lack of skilled workforce. C) Tariff escalation. D) Low demand for manufactured products. Show Answer Correct Answer: C) Tariff escalation. 20. I RailroadsII Silver miningIII Cotton farmingIV Cattle ranchingV Computer technologyVI Oil drillingVII ManufacturingVIII Education Which industries listed above improved the economy of TX after the Civil War? A) I, II, VI. B) III, IV, VI. C) 3, 6, 7. D) And, B, VI. Show Answer Correct Answer: B) III, IV, VI. ← 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