This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 63 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 63 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What are freedom of religion, press and trial by jury known as? A) Rules/Laws. B) Rights of Citizens. C) Civic Responsibilities. D) Checks and Balances. Show Answer Correct Answer: B) Rights of Citizens. 2. Which productive resource can be a source of income when exported? A) Human Capital. B) Natural Resources. C) Human Resources. D) Natural Wonders. Show Answer Correct Answer: B) Natural Resources. 3. The number of years it takes for GDP to double is found by A) Dividing 72 by the growth rate. B) Multiplying 72 by per capita GDP. C) Multiplying 72 by the growth rate. D) Dividing the growth rate by 72. Show Answer Correct Answer: A) Dividing 72 by the growth rate. 4. "Population growth will reduce economic growth to a lower level because of the Law of diminishing returns." is the definition of economic growth by A) Adam Smith. B) Daniel Ricciardo. C) David Ricardo. D) Bryan Adams. E) Rod Stewart. Show Answer Correct Answer: C) David Ricardo. 5. Military bases were opened and expanded at Fort Jackson, Greenville, Charleston, and Myrtle Beach. A) True. B) False. Show Answer Correct Answer: A) True. 6. How much have house prices increased since 2009? A) 205%. B) 85%. C) 15%. D) 65%. Show Answer Correct Answer: D) 65%. 7. The United States GDP is about $ 58, 000, while the GDP of most African countries is less than $ 5, 000. What can you infer about the standard of living in most African countries compared with the U.S.? A) The standard of living is lower in the U.S. B) The standard of living is lower in most African countries. C) The GDP has no effect on the standard of living. D) None of above. Show Answer Correct Answer: B) The standard of living is lower in most African countries. 8. What does physical capital refer to? A) Human skills. B) Natural resources. C) Technological inventions. D) Man-made means of production. Show Answer Correct Answer: D) Man-made means of production. 9. India's economy grew up by approximately 7% in 2016. What must have increased in India in 2016? A) Gross Domestic Product. B) Labour Productivity. C) The government's budget deficit. D) Rate of Inflation. Show Answer Correct Answer: A) Gross Domestic Product. 10. How is gross domestic product used to monitor the business cycle? A) GDP indicates whether a business is expanding or contracting. B) GDP indicates whether a city's economy is expanding or contracting. C) GDP indicates whether the nation's economy is expanding or contracting. D) GDP indicates whether the world's economy is expanding or contracting. Show Answer Correct Answer: C) GDP indicates whether the nation's economy is expanding or contracting. 11. The goods used in the production process such as factories, machinery and equipment A) Land. B) Labor. C) Resources. D) Capital(physical). Show Answer Correct Answer: D) Capital(physical). 12. Which of the following is NOT a way in which education can contribute to economic growth? A) Increased job opportunities. B) Reduced income inequality. C) Improved productivity and innovation. D) All of the above. Show Answer Correct Answer: D) All of the above. 13. How is economic growth measured in a country? A) Stock market performance. B) Inflation rate. C) Gross Domestic Product (GDP) growth. D) Unemployment rate. Show Answer Correct Answer: C) Gross Domestic Product (GDP) growth. 14. Which of the following is a benefit of economic growth? A) Increased inequality. B) Depletion of natural resources. C) Higher prices (inflation). D) Improved living standards. Show Answer Correct Answer: D) Improved living standards. 15. California admitted to the US as a free stateTexas gave up disputed land to US in return for 10 millionFugitive Slave Act passed The events above were part of the A) Compromise of 1850. B) Treaty of Guadalupe-Hidalgo. C) Kansas-Nebraska Act. D) US-Mexican War. Show Answer Correct Answer: A) Compromise of 1850. 16. The British were extremely strict on the trade relations of South Carolina with other colonies. A) True. B) False. Show Answer Correct Answer: B) False. 17. What best refers to the machines, equipment, and buildings that one uses to produce the product? A) Human Capital. B) Labor Productivity. C) Physical Capital. D) Technological Change. Show Answer Correct Answer: C) Physical Capital. 18. National Income can also be measured by adding up the total amount of outputs produced in an economy A) True. B) False. Show Answer Correct Answer: A) True. 19. Why does capital deepening work with human capital? A) Capital deepening means there is more money to hire workers. B) Capital deepening increases people's savings rate. C) Greater skill increases workers' output. D) Human capital increases GDP. Show Answer Correct Answer: C) Greater skill increases workers' output. 20. How does innovation affect economic growth? A) Innovation has no impact on economic growth. B) Innovation leads to higher unemployment rates and lower living standards. C) Innovation only benefits a small group of individuals and does not contribute to overall economic growth. D) Innovation affects economic growth by driving productivity, creating new industries and jobs, and improving living standards. Show Answer Correct Answer: D) Innovation affects economic growth by driving productivity, creating new industries and jobs, and improving living standards. ← 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