This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 60 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 60 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. An economy where the government makes the basic economic decisions A) Mixed Economy. B) Market Economy. C) Traditional Economy. D) Command Economy. Show Answer Correct Answer: D) Command Economy. 2. Infrastructure is the basic physical and organizational structures and facilities such as building. A) True. B) False. Show Answer Correct Answer: A) True. 3. GDP at market prices that is not adjusted for inflation is called A) Real GDP. B) Potential GDP. C) Nominal GDP. D) None of above. Show Answer Correct Answer: C) Nominal GDP. 4. Literacy rates in Cuba are among the highest in the world, but standard of living is very poor. Why? A) Cuba's democratic government gave too much power to the people and not enough governmentregulation. B) Cuba's communist government gave too much power to the people and not enough governmentregulation. C) Cuba's communist government mismanaged much of their money resulting in poverty for its citizens. D) None of above. Show Answer Correct Answer: C) Cuba's communist government mismanaged much of their money resulting in poverty for its citizens. 5. The federal government can pursue economic policies such as spending or taxation to stimulate an economy that is contracting or to cool one that is expanding too rapidly. When the government acts to influence the economy in these ways, what is its goal? A) To maintain consumers' freedom of choice. B) To support self-regulation in the marketplace. C) To encourage economic citizenship. D) To promote stability in the business cycle. Show Answer Correct Answer: D) To promote stability in the business cycle. 6. Natural rate of unemployment includes structural unemployment and..... A) Cyclical unemployment. B) Frictional unemployment. Show Answer Correct Answer: B) Frictional unemployment. 7. Supply Side Policy is A) Designed to increase aggregate supply and hence increase productive potential. B) Implement an expansionary fiscal policy. C) Reducing taxes to spend more on goods and services. D) None of above. Show Answer Correct Answer: A) Designed to increase aggregate supply and hence increase productive potential. 8. Governments need to always keep ..... moving in order to ensure economic growth A) Country. B) Economy. C) Business. D) Population. Show Answer Correct Answer: B) Economy. 9. Is changing the way something was previously done so that it works better a sign of entrepreneurship? A) Yes. B) No. Show Answer Correct Answer: A) Yes. 10. A benefit of economic growth is that firms will earn greater profits which they can reinvest in improve technology and hiring more employees A) Yes, I understand this from the notes. B) No, I don't understand this from the notes. C) No, I don't understand this, as I have not read the notes. D) None of above. Show Answer Correct Answer: A) Yes, I understand this from the notes. 11. One of the main causes of economic growth is changes in ..... ? A) Consumer preferences. B) Weather patterns. C) Investment. D) Currency values. Show Answer Correct Answer: C) Investment. 12. How does technological innovation impact economic growth? A) Technological innovation has no impact on economic growth. B) Technological innovation leads to a decrease in productivity and economic development. C) Technological innovation only benefits a few industries and does not create new jobs. D) Technological innovation impacts economic growth by increasing productivity, creating new industries and jobs, improving efficiency, and driving overall economic development. Show Answer Correct Answer: D) Technological innovation impacts economic growth by increasing productivity, creating new industries and jobs, improving efficiency, and driving overall economic development. 13. Why did people leave their farms to move to cities? A) Arid farming conditions. B) Floods ruining the crops. C) Jobs and an opportunity to increase their income. D) Get away from the Native Indians. Show Answer Correct Answer: C) Jobs and an opportunity to increase their income. 14. What is one benefit of economic growth? A) Decrease in employment opportunities. B) Lower living standards. C) Increase in availability of goods and services. D) None of the above. Show Answer Correct Answer: C) Increase in availability of goods and services. 15. What a country invests in education for its citizens, what is it increasing? A) Human Capital. B) Capital Goods. C) Natural Resources. D) Technology. Show Answer Correct Answer: A) Human Capital. 16. When you spend money at the store, you're contributing to your town's ..... A) Inflation. B) Import. C) Economy. D) None of above. Show Answer Correct Answer: C) Economy. 17. Building a machine that helps put automobiles together faster A) Capital Goods. B) Entrepreneur. C) Human Capital. D) Natural Resources. Show Answer Correct Answer: A) Capital Goods. 18. What are some factors contributing to Bangladesh's wealth? A) Tourism, technology, and construction. B) Agriculture, mining, and fishing. C) Manufacturing, education, and healthcare. D) Garment industry, remittances, and service sector. Show Answer Correct Answer: D) Garment industry, remittances, and service sector. 19. Friend of Sam Houston and was killed at the Battle of Neches. A) Mirabeau. B. Lamar. B) William Goyens. C) Chief Kicking Bird. D) Chief Philip Bowles. Show Answer Correct Answer: D) Chief Philip Bowles. 20. This type of marxist socialism doesn't seek a violent uprising of the working class, but rather tries achieve change gradually through an existing democratic system. A) Welfare state. B) Reformist socialism. C) Rationalization. D) Federal system. Show Answer Correct Answer: B) Reformist socialism. ← 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