This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 73 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 73 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What percentage of the total world population do the BRIC countries have? A) Less than 10%. B) Around 20%. C) Around 40%. D) More than 60%. Show Answer Correct Answer: C) Around 40%. 2. What is the relationship between investment in human capital and GDP? A) GDP fluctuates. B) GDP decreases. C) GDP increases. D) GDP remains the same. Show Answer Correct Answer: C) GDP increases. 3. What does it mean to have a decent job? A) Earning a lot of money. B) Have a job that originates a living wage protects rights and guarantees gender equality. C) None answer is correct. D) All answers are correct. Show Answer Correct Answer: B) Have a job that originates a living wage protects rights and guarantees gender equality. 4. The level of private investment spending (I) and rate of economic growth would tend to increase if there was a: A) Rise in business confidence about future sales. B) Rise in interest rates on bank loans to businesses. C) Fall in business profits. D) Rise in the rate of company tax on firms. Show Answer Correct Answer: A) Rise in business confidence about future sales. 5. When there is an influx foreign talent/workers, there will be a/an: A) Increase in labour demand. B) Decrease in labour demand. C) Increase in labour supply. D) Decrease in labour supply. Show Answer Correct Answer: C) Increase in labour supply. 6. What is one method used to stop competitors from stealing an idea? A) Secrecy. B) Competition. C) Collaboration. D) Government intervention. E) Coded messages. Show Answer Correct Answer: A) Secrecy. 7. A high employment rate happens in the phase of A) Expansion. B) Boom. C) Bust. D) Recession. Show Answer Correct Answer: B) Boom. 8. According to the article, why was China's economic growth growth slower than predicted? A) China's economy is just performing badly. B) The international economic impact of the virus is still uncertain. C) Nobody knows. D) None of above. Show Answer Correct Answer: B) The international economic impact of the virus is still uncertain. 9. Long run economic growth is the result of supply side factors that increase the productive potential of the economy 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. The "Fire" Nation's GDP in 2018 was £2, 380, 250. If in 2018, the population of the Fire Nation was 65, 536, what is the GDP per Capita of the Fire Nation? A) £32.32 / per capita. B) £33.62 / per capita. C) £36.32 / per capita. D) £32.63 / per capita. E) £36.23 / per capita. Show Answer Correct Answer: C) £36.32 / per capita. 11. The reaper, steel plow, windmill and barbed wire all helped in ..... A) The oil business. B) The cotton industry. C) The driving of cattle. D) Farming in Texas. Show Answer Correct Answer: D) Farming in Texas. 12. Would the following be included or not included in GDP? Ford has 15, 000 2016 Explores that were not sold by December 31st 2017. A) Included. B) Not included. Show Answer Correct Answer: A) Included. 13. Of the following policy initiatives, which one is least likely to increase aggregate supply in the economy? A) Increased government spending on infrastructure. B) Increased government spending on education and training. C) Increased government outlays allocated to payment of unemployment benefits. D) A reduction in company tax rates. Show Answer Correct Answer: D) A reduction in company tax rates. 14. Why is it beneficial for a country to have an abundance of natural resources? A) Countries that have a lot of natural resources are able to use them to produce goods and services cheaper than a country that has to import them. Therefore, a country with a lot of natural resources usually has a greater GDP than a country with little natural resources. B) They cannot become communist. C) They cannot become communist. D) There is no advantage since most natural resources are worthless. Show Answer Correct Answer: A) Countries that have a lot of natural resources are able to use them to produce goods and services cheaper than a country that has to import them. Therefore, a country with a lot of natural resources usually has a greater GDP than a country with little natural resources. 15. Growing your business by buying companies along your supply chain (like delivery, assembly, raw materials) is called ..... integration. A) Vertical. B) Horizontal. C) Diagonal. D) None of above. Show Answer Correct Answer: A) Vertical. 16. What is the impact of economic growth on current and future living standards? A) Decrease in consumer concern about the environment. B) Increase in average wages. C) Decrease in public service improvement. D) Increase in damage to the environment. Show Answer Correct Answer: B) Increase in average wages. 17. Stagflation means: A) A higher price level and lower GDP. B) A higher price level and higher GDP. C) A lower price level and lower GDP. D) A lower price level and higher GDP. Show Answer Correct Answer: A) A higher price level and lower GDP. 18. Why is real GDP considered a better measure of growth than nominal GDP? A) It includes inflation. B) It takes into account price changes. C) It shows the distribution of income in the economy. D) It includes non-economic factors. Show Answer Correct Answer: B) It takes into account price changes. 19. At which stage of the economic cycle would you expect to growth to be at its highest? A) Boom. B) Recovery. C) Recession. D) Slump. Show Answer Correct Answer: A) Boom. 20. At which stage of the economic cycle would you expect to unemployment to be at its highest? A) Boom. B) Recession. C) Recovery. D) Slump. Show Answer Correct Answer: B) Recession. ← 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