This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 6 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Labor productivity is measured as the A) Dollar value of output per unit of labor. B) Output per labor-hour. C) Hourly wage rate divided by output per labor-hour. D) Dollar value of inputs per unit of output. Show Answer Correct Answer: B) Output per labor-hour. 2. What does Gross Domestic Product (GDP) measure? A) The total value of all goods and services produced by a country's citizens, including those produced abroad. B) The total value of imports and exports of a country. C) The total wealth of a country's citizens. D) The total value of all goods and services produced within a country's borders in a given time period. Show Answer Correct Answer: D) The total value of all goods and services produced within a country's borders in a given time period. 3. Developing your skills make you earn more money. A) True. B) False. Show Answer Correct Answer: A) True. 4. Does social work affect emigration? A) Negatively since there would be less demand for products. B) It would not affect to economy in any way. C) It has nothing to do with it. D) Positively since there will be more and more work demand. Show Answer Correct Answer: D) Positively since there will be more and more work demand. 5. The branch of government that determines if a law applies with Virginia's state constitution is the ..... A) Executive branch. B) Legislative branch. C) Judicial branch. D) None of above. Show Answer Correct Answer: C) Judicial branch. 6. Which country is an example of an emerging economy? A) Brazil. B) United Kingdom. C) Europe. D) United Arab Emirates. Show Answer Correct Answer: A) Brazil. 7. How did the Transcontinental Railroad impact he population of the western territories? A) Their population increased and many became states. B) Their population decreased and were sold to other countries. C) The Transcontinental Railroad had no impact on their populations. D) None of above. Show Answer Correct Answer: A) Their population increased and many became states. 8. Depends upon primary sector activities, such as farming, fishing, and hunting, for subsistence. 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: A) Stage 1:Traditional Society. 9. What are the key factors for achieving macroeconomic stability? A) High inflation, fluctuating exchange rates, unsustainable fiscal policies, and an unstable financial system. B) Maintaining high inflation, fluctuating exchange rates, unsustainable fiscal policies, and an unstable financial system. C) Maintaining low inflation, fluctuating exchange rates, unsustainable fiscal policies, and an unstable financial system. D) Maintaining low inflation, stable exchange rates, sustainable fiscal policies, and a stable financial system. Show Answer Correct Answer: D) Maintaining low inflation, stable exchange rates, sustainable fiscal policies, and a stable financial system. 10. What are capital goods? A) Goods that are produced in the capital. B) Goods that are produced without natural resources. C) The factories, machinery, and technology used to produce goods and services. D) Goods that are produced by the government. Show Answer Correct Answer: C) The factories, machinery, and technology used to produce goods and services. 11. According to the Human Development Index, the Philippines has a ..... HDI. A) Low. B) Very high. C) High. D) Medium. Show Answer Correct Answer: C) High. 12. What are natural resources A) The value that people bring to the work force. B) Tools that make other goods. C) A person who takes a risk to start a new business. D) Materials that are a source of wealth-gifts from the earth. Show Answer Correct Answer: D) Materials that are a source of wealth-gifts from the earth. 13. Investing in Skills A) Human Capital. B) Capital Goods. Show Answer Correct Answer: A) Human Capital. 14. What is the GDP per capita? A) The annual income of citizens with a nation. B) The countries import and export costs. C) The amount of banks that open in a certain area. D) The amount of houses and building that are constructed. Show Answer Correct Answer: A) The annual income of citizens with a nation. 15. How is human capital MOST similar to physical capital? A) It is intangible. B) It is a private good. C) It requires technological knowledge. D) It is protected by the political and legal environment. E) It is created by sacrificing current consumption. Show Answer Correct Answer: E) It is created by sacrificing current consumption. 16. Education and training does NOT lead to economic development. A) True. B) False. Show Answer Correct Answer: B) False. 17. Which item is an example of a natural resource? A) Oil. B) Education. C) Ovens. D) Cars. E) Workers. Show Answer Correct Answer: A) Oil. 18. What is the main focus of supply-side policies during a recession? A) Boosting consumer spending. B) Increasing government spending. C) Enhancing the flexibility of labor markets. D) Reducing inflation. Show Answer Correct Answer: C) Enhancing the flexibility of labor markets. 19. If the rate of growth of aggregate demand becomes greater than the trend rate of economic growth of output, then in the short run the economy is likely to experience A) A decrease in national output. B) An increase in unemployment. C) An increase in the rate of inflation. D) A decrease in the demand for imports. Show Answer Correct Answer: C) An increase in the rate of inflation. 20. Focusing on education and skills is an example of: A) Capital. B) Human capital. C) Natural resources. D) Infrastructure. Show Answer Correct Answer: B) Human capital. ← PreviousNext →Related QuizzesMacroeconomics QuizzesEconomics QuizzesEconomic Growth Quiz 1Economic Growth Quiz 2Economic Growth Quiz 3Economic Growth Quiz 4Economic Growth Quiz 5Economic Growth Quiz 7Economic Growth Quiz 8Economic Growth Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books