This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 55 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 55 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What role did railroads have in Texas? A) Railroads brought a small population to Texas. B) The railroads made it hard to transport goods to other places. C) The railroads helped boost Texas economy by transporting goods to different places in the country. D) The railroads were made to transport people only. Show Answer Correct Answer: C) The railroads helped boost Texas economy by transporting goods to different places in the country. 2. This reflects the value of goods and services produced in a year in a nation by an average person. A) G.D.P. B) G.D.P. per capita. C) G.D.P. per person. D) G.D.P. per product. Show Answer Correct Answer: B) G.D.P. per capita. 3. Which economic policies were implemented during the 1920s? A) Raising protective tariffs and reducing taxes. B) Increasing government regulations and taxes. C) Implementing socialist economic policies. D) Promoting international trade agreements. Show Answer Correct Answer: A) Raising protective tariffs and reducing taxes. 4. Which of the following policies is a supply-sided policy and can be used for economic growth A) Increased government spending. B) Increased education and training for workers. C) Increased exports. D) Decreased rates of interest . Show Answer Correct Answer: B) Increased education and training for workers. 5. If GDP is £300 billion and the population is 30 million. What is GDP per capita? A) £270 billion. B) £100, 000. C) £10, 000. D) £1, 000. Show Answer Correct Answer: C) £10, 000. 6. Marta graduated from the School of Culinary Arts in New York City. Marta wants to return to Cuba and open a bakery in her home town. Marta's brother, Federico, has started two new businesses in Cuba. He tells Marta that she should think hard about the business before she invests and risks her money in a bakery.What would Marta be MOST concerned with as an entrepreneur? A) Is she a really good baker?. B) What type of baked goods would Cubans like?. C) Will the bakery make a profit in her home town?. D) Will she have access to quality baking ingredients?. Show Answer Correct Answer: C) Will the bakery make a profit in her home town?. 7. How do economists measure the health of a country's economy? A) Gross Domestic product (GDP). B) Stocks. C) Standard of living. D) Education available?. Show Answer Correct Answer: A) Gross Domestic product (GDP). 8. The Governor veto's a bill by the State Legislature. The State Legislature can override a veto by the Governor. Which principle does this cover? A) Popular sovereignty. B) Republicanism. C) Checks and Balances. D) Federalism. Show Answer Correct Answer: C) Checks and Balances. 9. During World War II, many state's citizens, white and African Americans joined the military. A) True. B) False. Show Answer Correct Answer: A) True. 10. What is the relationship between education and economic development? A) Education is unrelated to economic development. B) Education hinders economic development. C) Education promotes economic development. D) Education has no impact on economic development. Show Answer Correct Answer: C) Education promotes economic development. 11. AD curve shift to right to show potential economic growth A) True. B) False. Show Answer Correct Answer: B) False. 12. High consumer expenditure happens in a A) Boom. B) Trough. C) Recovery. D) Recession. Show Answer Correct Answer: A) Boom. 13. Purchasing power parity (PPP) compares economic growth and standards of living in different countries with a common currency/basket of goods approach. A) True. B) False. Show Answer Correct Answer: A) True. 14. GI Bill benefits were used by veterans to pursue an education. A) True. B) False. Show Answer Correct Answer: A) True. 15. True or False-a radioactive element is safe for human beings to handle. A) True. B) False. Show Answer Correct Answer: B) False. 16. Tariffs was one cause of the Civil War. Why did the Southern states not like these taxes? A) They were fine with them. B) Because they would cause a decrease in supplies in the South. C) Because it would cause an increase in population. D) Because it would increase the price of goods brought into the South. Show Answer Correct Answer: D) Because it would increase the price of goods brought into the South. 17. Which of the following BEST explains the need for a monetary exchange system to in Southwest Asia? A) Most nations in the region do not engage in international trade. B) Each nation in the region specializes in a different industry. C) Most nations in the region rely on natural resources. D) Each nation in the region uses its own form currency. Show Answer Correct Answer: D) Each nation in the region uses its own form currency. 18. A country investing in skills A) Human Capital. B) Capital Goods. Show Answer Correct Answer: A) Human Capital. 19. Which method of measuring GDP involves adding up the amount of spending by purchasers of final goods? A) Expenditure method. B) Output method. C) AD method. D) Income method. Show Answer Correct Answer: A) Expenditure method. 20. Which of these examples would describe growth due to a better economic environment? A) Harvard College was founded in 1636 and is still open to this day. B) German inventor Johannes Gutenberg invented the printing press. C) The U.S funded the building of the Panama Canal, completed in 1914. D) NAFTA was created to promote trade among the North American countries. Show Answer Correct Answer: D) NAFTA was created to promote trade among the North American countries. ← 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