This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 61 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 61 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. We gain formal education from the family. A) True. B) False. Show Answer Correct Answer: B) False. 2. Which of these factors does not promote economic growth? A) Increased consumer confidence. B) Technological stagnation. C) Increased investment. D) Quality of the factors of production. Show Answer Correct Answer: B) Technological stagnation. 3. What is the main reason for the high population growth in Mumbai? A) Low death rate. B) High birth rate. C) Migration from rural areas. D) Improved healthcare facilities. Show Answer Correct Answer: C) Migration from rural areas. 4. Level 3A. Social and Cultural Environment:Demographics and cultural dimensions that govern the relevant entrepreneurial behaviorB. Political and Legal Environment:It governs business practices as well as the permits, approvals, and licenses necessary to operate the business A) A is correct while B is incorrect. B) A is incorrect while B is correct. C) Both are correct. D) Both are incorrect. Show Answer Correct Answer: C) Both are correct. 5. Will we likely ever see prices stay the same if we promote true economic growth? A) It's not likely that demand will increase by exactly the same amount as the LRAS increases however it is likely. B) Demand always increases at the same rate as technology increases. C) Our insatiable appetite for more causes prices to go up faster than supply ever grows. D) None of above. Show Answer Correct Answer: A) It's not likely that demand will increase by exactly the same amount as the LRAS increases however it is likely. 6. Innovation, improving capital stock, raising agricultural output by using genetically modified crops, increasing spending on education and training to improve human capital, and increasing the population size to increase the workforce can all shift long run aggregate supply to the right 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. 7. Investments in social infrastructure (schools, hospitals, etc.) 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: D) Stage 4:Drive to Maturity. 8. If AD shifts to the left, what happens to real wages (wages adjusted for inflation) in the short run? A) Real wages will increase. B) Real wages will decrease. C) Real wages will be unaffected. D) None of above. Show Answer Correct Answer: A) Real wages will increase. 9. A negative output gap is also known as a recessionary gap 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. 10. What is the literacy rate of Iran? A) 97.1%. B) 50%. C) 85.0%. D) 87.2%. Show Answer Correct Answer: C) 85.0%. 11. How might a government stimulate economic growth if the quality of human capital is poor? A) Increase taxes. B) Invest in education and vocational training. C) Reduce government spending. D) None of the above. Show Answer Correct Answer: B) Invest in education and vocational training. 12. What does an increase in real GDP over time indicate? A) Economic decline. B) Economic stagnation. C) Economic growth. D) None of the above. Show Answer Correct Answer: C) Economic growth. 13. Aggregate employment and aggregate output are ..... related because firms need to employ more workers in order to produce more output, holding other factors constant. This is captured by the ..... A) Directly, aggregate production function. B) Indirectly, phillips curve. Show Answer Correct Answer: A) Directly, aggregate production function. 14. Your friend and you decide to open a snow cone stand. The stand and the snow cone machine are examples of which factor of production? A) Natural Resources. B) Capital Resources/Goods. C) Entrepreneurship. D) Human Capital. Show Answer Correct Answer: B) Capital Resources/Goods. 15. Economic growth always improve one's living standard. A) True. B) False. Show Answer Correct Answer: B) False. 16. The total value of the final goods and services produced within a country in one year. A) GDP per capita. B) GDP. C) Capital goods. D) None of these. Show Answer Correct Answer: B) GDP. 17. In order of the GDP which country is the lowest A) Cuba. B) Haiti. C) Brazil. D) Mexico. Show Answer Correct Answer: B) Haiti. 18. How can changes in technology or consumer demand affect the unemployment rate? A) By making it difficult for people to buy what they want. B) By changing the number or kinds of jobs available. C) By creating a demand for things that are not available. D) By making it possible for some people to work fewer hours. Show Answer Correct Answer: B) By changing the number or kinds of jobs available. 19. Why is Economic Growth important to countries? A) A country is better off if it can use it's own resources to supply the needs of it's people. B) A country can buy expensive imports. C) A country can export around the world. D) A country can get out of debt. Show Answer Correct Answer: A) A country is better off if it can use it's own resources to supply the needs of it's people. 20. Texas Revolution ..... Texas Gains Independence ..... ? Which event best fits? A) Texans fight in the Battle of Gonzales. B) Texas is annexed by the US. C) US gain their independence from England. D) Mexico gains independence from Spain. Show Answer Correct Answer: B) Texas is annexed by the US. ← 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