Economic Growth Quiz 67 (20 MCQs)

Quiz Instructions

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1. According to the normal relationship, if Iran decided to invest money in education and training, how would their GDP likely be affected?

Correct Answer: C) It would increase.

2. The national income can be measured by the expenditure method which involves the sum of the following expenditures:

Correct Answer: B) C + I + G + (X-M).

3. What are the two sections of every economy?

Correct Answer: A) Private sector and public sector.

4. GDP is often measured as "GDP per capita" . This is the GDP divided by a countries .....

Correct Answer: D) Population.

5. CHOOSE THE CORRECT SPELLING

Correct Answer: A) ECONOMIC.

6. What major political issue does the 13th, 14th and 15th Amendments cover?

Correct Answer: B) Slavery.

7. Why is a country better off if they can use their own natural resources?

Correct Answer: B) For trade.

8. What is one criticism of Rostow's stages of economic growth model?

Correct Answer: D) All of the above.

9. According to the article, China's economy is doing ..... than the economy of other countries.

Correct Answer: A) Better.

10. Which of these factors affect economic growth

Correct Answer: D) All of them.

11. Entrepreneurship involves:

Correct Answer: C) The creation and management of businesses or innovative projects.

12. How were Native American nations regionally divided?

Correct Answer: D) Based on where they lived and language groups.

13. Which of the following contributed MOST to this process toward territories gaining statehood?

Correct Answer: B) The expansion of major railroads linking the West and the East enabled people and supplies to move cheaply.

14. When labour demand curve shifts left, equilibrium price will ..... and equilibrium qty of labour will .....

Correct Answer: B) Decrease / decrease.

15. What allows companies to manufacture products much faster than before the use of technology?

Correct Answer: C) Human capital.

16. A benefit of economic growth is that wages and employment will rise

Correct Answer: A) Yes, I understand this from the notes.

17. Long-term impact of child labor.

Correct Answer: B) Lack of education limited their future.

18. Turner's thesis on the American ..... said that this is where the American character comes from.

Correct Answer: B) Frontier.

19. A financial record of a country's transactions (goods and services) with the rest of the world is called:

Correct Answer: C) Balance of Payments.

20. What is the economic sector most affected by the pandemic?

Correct Answer: D) Tourism.