This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 59 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 59 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What does a recession PPC illustrate? A) An increase in production. B) A decrease in unemployment. C) A fall in output and income. D) A rise in consumer spending. Show Answer Correct Answer: C) A fall in output and income. 2. What does the goal of strong and sustainable economic growth entail? A) Achieving a high inflation rate. B) Rapidly depleting natural resources for immediate economic gains. C) Ensuring steady, long-term economic development without compromising future generations' needs. D) Focusing solely on increasing Gross Domestic Product (GDP) without considering other factors. Show Answer Correct Answer: C) Ensuring steady, long-term economic development without compromising future generations' needs. 3. Which of the following best defines an economy at equilibrium? A) Leakages are equal to injections. B) Aggregate demand is equal to aggregate supply. C) National income and national output would be equal. D) All of the above. Show Answer Correct Answer: D) All of the above. 4. What happens to your money in the bank? A) Stays in the bank. B) Bank loans it out. C) Bank Invests it. D) Bank owner uses it as is own money. Show Answer Correct Answer: B) Bank loans it out. 5. All of the following make up the human development index EXCEPT A) Life expectancy. B) Per capita income. C) Education level and literacy rate. D) Gender equality. Show Answer Correct Answer: D) Gender equality. 6. During the pandemic, Government closes schools for the month of March, will cause ..... A) GDP decreases. B) GDP increases. C) No change. D) None of above. Show Answer Correct Answer: A) GDP decreases. 7. What is likely to be a disadvantage of economic growth? A) Government tax revenue falls. B) Resources are used up. C) The level of unemployment rises. D) The standard of living of the population falls. Show Answer Correct Answer: B) Resources are used up. 8. If exports from New Zealand increased, what would most likely happen to Real Output GDP and price level? Real GDP / Price Level A) Decrease/decrease. B) Increase/increase. C) Decrease/increase. D) Increase/no change. Show Answer Correct Answer: B) Increase/increase. 9. Money is a capital good, but NOT a medium of exchange! A) True. B) False. Show Answer Correct Answer: B) False. 10. The Gross Domestic Product (GDP) of Hong Kong rose more slowly than the rest of South East Asia between 1997 and 2002.What is the most likely reason? A) A fall in competitiveness in Hong Kong. B) A fall in production costs in Hong Kong. C) An economic recession throughout South East Asia. D) A rise in productivity in Hong Kong. Show Answer Correct Answer: A) A fall in competitiveness in Hong Kong. 11. In which year was Akbar died? A) 1400. B) 1790. C) 1605. D) 1924. Show Answer Correct Answer: C) 1605. 12. "As Leeserville stands at the brink of a new millennium, entrepreneurship has been recognized as an important part of economic advancement. Foreign businessmen have created a new pool of capital resources for Leeserville's talent that previously had few monetary options beyond their family and friends." -Debbie Jenkins, Author According to the passage above, which statement below describes the role of entrepreneurship in Leeserville in the future? A) Use the new capital resources to develop new products and ideas. B) Reduce the need for money in the economy of Leeserville. C) Increase the reliance on family and friends. D) Slow the production of capital resources. Show Answer Correct Answer: A) Use the new capital resources to develop new products and ideas. 13. Which of the following is NOT a factor that economists consider when measuring economic growth? A) Population growth. B) Inflation. C) Changes in government policies. D) Technological advancements. Show Answer Correct Answer: C) Changes in government policies. 14. Cambridge North Station was opened in 2017 to improve access to where? A) Cambridge Station. B) Addenbrookes. C) Cambridge United FC. D) The Science Park. Show Answer Correct Answer: D) The Science Park. 15. When is an economy in a recession? A) When there are 2 consecutive period of positive growth. B) When an economy's revenue exceeds its expenditure. C) When there are 2 consecutive periods of negative growth. D) When there are 2 consecutive periods of negative capital investment. Show Answer Correct Answer: C) When there are 2 consecutive periods of negative growth. 16. What does "full employment" mean? A) There is no seasonal unemployment. B) Every person who wants to work has a job. C) There is no structural unemployment. D) Those who want to work have full-time jobs. Show Answer Correct Answer: B) Every person who wants to work has a job. 17. Which city has an altered view of GDP per capita? A) Paris. B) Atlanta. C) Berlin. D) Moscow. Show Answer Correct Answer: D) Moscow. 18. What is the main reason for Mumbai's economic growth? A) Its location on the west coast of India. B) Its deep-water harbour. C) Its tropical monsoon climate. D) Its extensive rail network. Show Answer Correct Answer: B) Its deep-water harbour. 19. A measure of wealth, basic needs and material comfort a person has access to A) Quality of Life. B) Economic Growth. C) Standard of Living. D) Economic Development. Show Answer Correct Answer: C) Standard of Living. 20. An example of a semi-skilled worker is: A) Doctor. B) Electrician. C) Nail technician. D) Garbage collector. Show Answer Correct Answer: C) Nail technician. ← 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