This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 74 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 74 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is GDP (Gross Domestic Product)? A) A person who takes a risk to start a new business. B) The value that people bring to the workforce. C) The total amount of goods and services produced in a country in one year. D) Tools that make other goods. Show Answer Correct Answer: C) The total amount of goods and services produced in a country in one year. 2. ..... however is concerned with sustainability which means meeting the needs of the present without compromising future needs. These environmental effects are becoming more of a problem for Governments now that the pressure has increased on them due to Global warming. A) Economic Growth. B) Economic Development. Show Answer Correct Answer: B) Economic Development. 3. What is a country's GDP divided by its population called? A) GDP per country. B) GDP per capita. C) GDP per year. D) GDP per calendar. Show Answer Correct Answer: B) GDP per capita. 4. Supply-side fiscal policies affect aggregate demand, aggregate supply, and potential output in the short run and long run by influencing ..... that affect household and business economic behavior. A) Incentives. B) Politicians. C) The costs. D) None of above. Show Answer Correct Answer: A) Incentives. 5. True or False:Until laws were passed to protect laborers, the police and courts sided with companies if there was a disagreement. A) True. B) False. Show Answer Correct Answer: A) True. 6. GDP means A) Gross domestic product. B) Great domestic product. C) Gross domestic production. D) None of above. Show Answer Correct Answer: A) Gross domestic product. 7. What animal made it easier for Native American tribes to hunt the buffalo? A) Horse. B) Cow. C) Boar. D) Giraffe. Show Answer Correct Answer: A) Horse. 8. Labor demand is..... A) The money wage rate divided by the price level. B) The relationship between the quantity of labor demanded and the real wage rate. C) The relationship between the amount of labor supplied and the real wage rate. D) The forces of supply and demand operate in labor markets just as they do in markets for goods and services. Show Answer Correct Answer: B) The relationship between the quantity of labor demanded and the real wage rate. 9. Gross Domestic product is the total value of goods produced and services provided in a country A) True. B) False. Show Answer Correct Answer: A) True. 10. Which of the following were the impacts the Continental Railroad had on the US? A) Enabled people to have quicker access to the Asian markets. B) Caused conflicts with native Americans. C) Encouraged people to settle the west. D) All of the above. Show Answer Correct Answer: D) All of the above. 11. South Africa's role in the international gold market is relatively stable due to which of the following? A) Effective government regulation of gold mining. B) Stable markets and revenue-generating tariffs. C) Possession of two-fifths of the world's gold supply. D) The strength of the South African rand against the US dollar. Show Answer Correct Answer: C) Possession of two-fifths of the world's gold supply. 12. Which of the following best explains the term Marginal Propensity to Consume? A) The proportion of total income remaining after consumption. B) The proportion of an extra dollar remaining after taxation. C) The proportion of total income remaining after taxation. D) The proportion of an extra dollar of income spent on consumption. Show Answer Correct Answer: D) The proportion of an extra dollar of income spent on consumption. 13. The GDP (Gross Domestic Product) is: A) The total output of a firm. B) The total output of a country. C) The number of products purchased by an average household. D) Number of products the country exports. Show Answer Correct Answer: B) The total output of a country. 14. The family is the first place we gain education. A) True. B) False. Show Answer Correct Answer: A) True. 15. What are the four factors of production that influence economic growth within a country? A) Natural ResourcesHuman CapitalCapital GoodsEntrepreneurship. B) Natural DisasterGlobal WarmingCapital TradeBusiness Ventures. C) Gold DiamondsOilGas. D) LandWaterAirSilver. Show Answer Correct Answer: A) Natural ResourcesHuman CapitalCapital GoodsEntrepreneurship. 16. Which of the following statements best describes fiscal policy? A) Using taxation and government expenditure policy to influence the level of aggregate demand. B) Using money supply to alter interest rates and thereby the level of aggregate demand. C) A set of policies aimed at increasing the economy's productive capacity. D) Reducing the barriers to trade between nations. Show Answer Correct Answer: A) Using taxation and government expenditure policy to influence the level of aggregate demand. 17. The level of wealth and material comfort available. A) Standard of living. B) Literacy rate. C) Production. D) Capital goods. Show Answer Correct Answer: A) Standard of living. 18. In Australia, what is the proportion of consumption (C) in national income? A) 40%. B) 50%. C) 60%. D) 20%. Show Answer Correct Answer: C) 60%. 19. If someone says that Japan's citizens make an average of $ 48, 919 a year, they are describing Japan's ..... A) Natural resources. B) GDP per capita. C) Capital goods. D) GDP. Show Answer Correct Answer: B) GDP per capita. 20. What is a GPD? A) GDP is often measured as "GDP per capita" (per person). B) I dont know what a GPD is. Show Answer Correct Answer: A) GDP is often measured as "GDP per capita" (per person). ← 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