This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 72 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 72 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In division of labour, each worker handles a specific task A) True. B) False. Show Answer Correct Answer: A) True. 2. A newspaper reports that there has been economic growth in an economy.What does this mean to an economist? A) Population has increased. B) Production has increased. C) Saving has increased. D) Taxation has increased. Show Answer Correct Answer: B) Production has increased. 3. Poor decisions made about how to organize farming in North Korea have resulted in many years of: A) Drought. B) Farmers refusing to work. C) Starvation. D) Arguments about what crops to grow. Show Answer Correct Answer: C) Starvation. 4. What is one consequence of a recession? A) Increased unemployment. B) Increased income. C) Increased asset prices. D) None of the above. Show Answer Correct Answer: A) Increased unemployment. 5. The process of improving the quality of all human lives and capabilities by raising people's levels of living, self-esteem and freedom. A) Development. B) Upliftment. C) Increase economy. D) Standard of living. Show Answer Correct Answer: A) Development. 6. Which of the following factors will not shift the AD curve right? A) Increase in the cost of labour. B) Increase in consumer confidence. C) Increased exports. D) Increased investment. Show Answer Correct Answer: A) Increase in the cost of labour. 7. An advance in technology will cause: A) AD to shift to the right. B) AS to to shift to the left. C) LRAS to shift to the right. D) LRAS to shift to the left. E) AD to shift to the left. Show Answer Correct Answer: C) LRAS to shift to the right. 8. What mostly drives UK economic growth A) Equality. B) Pride. C) Incentives. D) Wheels. Show Answer Correct Answer: C) Incentives. 9. What is the Gini Coefficient of Cambridge? A) 74. B) J. C) 0.56. D) 0.46. Show Answer Correct Answer: D) 0.46. 10. According to the article, what is the easiest way for countries to extend the effects of a "working-age bulge" and boost their demographic dividend? A) Implement policies that encourage immigration. B) Increase retirement ages. C) Invest in infrastructure. D) Promote internal migration. Show Answer Correct Answer: A) Implement policies that encourage immigration. 11. In the UK, the economic growth rate for the third quarter of 2019 was-0.2%. Economic growth occurs when there is an increase in A) The inflation rate. B) Wage rates. C) The economy's productive potential capacity. D) None of above. Show Answer Correct Answer: C) The economy's productive potential capacity. 12. Which countries have the highest unenployment rates? A) Romania. B) Portugal. C) Greece. D) Spain. Show Answer Correct Answer: C) Greece. 13. This political ideology focuses on using the power of the democratically elected government to protect the interests of the poorest citizens, limit the negative side effects of capitalism, and redistribute wealth. A) Democratic socialism. B) Federal system. C) Land reform. D) Welfare state. Show Answer Correct Answer: A) Democratic socialism. 14. The Australian economy has experienced ..... in 2020 A) An expansion. B) A recession. C) A boom. D) A bust. Show Answer Correct Answer: B) A recession. 15. Updating Factories A) Human Capital. B) Capital Goods. Show Answer Correct Answer: B) Capital Goods. 16. Which SE Asian country does not follow the regular theory that a high literacy rate usually equals a high standard of living? A) India. B) South Korea. C) China. D) North Korea. Show Answer Correct Answer: D) North Korea. 17. Structural unemployment is A) AN unemployment where people are only required at certain periods of the year as that is when demand is high. B) The unemployment which exists in any economy due to people being in the process of moving from one job to another. C) Is a factor of overall unemployment that relates to the regular ups and downs in growth and production,. D) Unemployment resulting from an Industry shift, typically due to a technological change, rather than changes in supply or demand. Show Answer Correct Answer: D) Unemployment resulting from an Industry shift, typically due to a technological change, rather than changes in supply or demand. 18. Economists measure economic growth primarily using: A) Gross National Product (GNP). B) Inflation rate. C) Gross Domestic Product (GDP). D) Unemployment rate. Show Answer Correct Answer: C) Gross Domestic Product (GDP). 19. Define actual growth A) In PPC model, refer to growth that occurs due to the reduction of unemployment or improvement in efficiency of resource use, resulting in movement from inside PPC to point closer to PPC. B) In PPC model, refers to growth that occurs due to increase in quantity or quality of resources, resulting in shift to the right of PPC curve, also referred to as long-term growth. Show Answer Correct Answer: A) In PPC model, refer to growth that occurs due to the reduction of unemployment or improvement in efficiency of resource use, resulting in movement from inside PPC to point closer to PPC. 20. How does the Clerk of Superior Court help to govern a city? A) Principal Record Keeper. B) Weather Reporter. C) Governor. D) All of the above?. Show Answer Correct Answer: A) Principal Record Keeper. ← 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