This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 64 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 64 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Each individual person A) Per capita. B) Production. C) Investment. D) Standard of living. Show Answer Correct Answer: A) Per capita. 2. Factories, machinery, and technology A) Sector. B) Obsolete. C) GDP per capita. D) Capital. E) Relationship. Show Answer Correct Answer: D) Capital. 3. What does infrastructure mean? A) Education and skills. B) Natural resources. C) Bridges, factories and roads. D) Do have an unequal distribution. Show Answer Correct Answer: C) Bridges, factories and roads. 4. What present day states were added by the Treaty of Guadalupe-Hidalgo? A) Arizona, California, New Mexico, Nevada. B) North Carolina, South Carolina, Georgia, Alabama. C) Maine, New York, Massachusetts, Michigan. D) Texas, Oklahoma, Colorado, North Dakota. Show Answer Correct Answer: A) Arizona, California, New Mexico, Nevada. 5. Which amendment gave women the right to vote? A) 17th amendment. B) 18th amendment. C) 19th amendment. D) 20th amendment. Show Answer Correct Answer: C) 19th amendment. 6. Short-run growth is aggregate demand shifting to the right. However, it can be aggregate supply shifting to the right if a new equilibrium is created 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. Which answer choice below describes a KEY difference between "capital goods" and "human capital" ? A) Human capital is the amount of money made by a human or population at their job; capital goods are humans that work at a job. B) Human capital is the level of training a human or population has in their work field ; capital goods are the machines and tools used by the population to create goods. C) Human capital is the amount of people over 15 that can read and write; capital goods are people that invest money into a business. D) None of above. Show Answer Correct Answer: B) Human capital is the level of training a human or population has in their work field ; capital goods are the machines and tools used by the population to create goods. 8. Which of the following is not included in the calculation of Australia's Gross Domestic Product [GDP]? A) A consumer purchasing a new TV set. B) A firm purchasing a new piece of equipment. C) The amount paid by the government go build a new hospital. D) Backyard production of vegetables. Show Answer Correct Answer: D) Backyard production of vegetables. 9. How much land did the Homestead Act give those that moved out to the Great Plains? A) 270 acres. B) 160 acres. C) 25 acres. D) 175 acres. Show Answer Correct Answer: B) 160 acres. 10. You can only acquire education in a school. A) True. B) False. Show Answer Correct Answer: B) False. 11. Illustrate a negative output gap and positive output gap on a production possibility frontier 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. 12. How has the Internet helped to improve the economies of many Latin American nations? A) By creating free markets. B) By increasing local manufacturing. C) By expanding domestic agriculture. D) By improving local entrepreneurship. Show Answer Correct Answer: D) By improving local entrepreneurship. 13. Two problems entrepreneurs face include: A) Lack of food and water. B) Touching radioactive elements. C) Lack of education and funding. D) None of above. Show Answer Correct Answer: C) Lack of education and funding. 14. The higher a country's GDP, the better standard of living for the people within the country. A) I agree. B) I disagree. Show Answer Correct Answer: A) I agree. 15. Chief of the last Comanche band to resist the U.S. Army in Texas, then later would lead the American Indian people to conform to reservation life A) James Hogg. B) Quanah Parker. C) Jesse Chisholm. D) Charles Goodnight. Show Answer Correct Answer: B) Quanah Parker. 16. The four main categories of ..... are natural resources, human capital, capital goods, and entrepreneurship. A) Productive resources. B) Gross domestic resources. C) Capital resources. D) Natural resources. Show Answer Correct Answer: A) Productive resources. 17. The voluntary exchange of goods and services without any government intervention. A) Market Economy. B) Traditional Economy. Show Answer Correct Answer: A) Market Economy. 18. Mr. Waltz decides he wants to take a risk and open up a Jello Shop. He invests his own capital, human capital, capital goods, and natural resources to start a business. What is this an example of? A) A natural resource. B) Human capital. C) A capital good. D) Entrepreneurship. Show Answer Correct Answer: D) Entrepreneurship. 19. The ideas and emotional drive a person has to produce something that other people will want to buy describes which factor of production? A) Capital. B) Labour. C) Entrepreneurship. D) Land. Show Answer Correct Answer: C) Entrepreneurship. 20. Occurs when certain countries concentrate on the production of certain goods or services due to cost advantages: A) International specialisation. B) Monetary Policy. C) Efficiency gains. D) Balance of payments. E) Regional specialisation. Show Answer Correct Answer: A) International specialisation. ← 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