This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 75 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 75 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The 'big-push' strategy of development was first advocated by A) Paul N-Rosenstein-Rodan. B) Simon Kuznets. C) W.A, Lewis. D) A.O.Hirshman. Show Answer Correct Answer: A) Paul N-Rosenstein-Rodan. 2. What is the role of entrepreneurship in economic growth? A) Decreases economic growth. B) No impact on economic growth. C) Fluctuates economic growth. D) Increases economic growth. Show Answer Correct Answer: D) Increases economic growth. 3. What is the role of government policies in economic development? A) Government policies are only important in certain industries for economic development. B) Government policies play a crucial role in economic development. C) Government policies hinder economic development. D) Government policies have no impact on economic development. Show Answer Correct Answer: B) Government policies play a crucial role in economic development. 4. What is Schumpeterian Destruction? A) Inefficient firms fail in a recession to allow better firms to survive. B) Businesses fire workers to gain more revenue. C) Pubs benefit in a recession. D) Firms buy out other firms to grow. Show Answer Correct Answer: A) Inefficient firms fail in a recession to allow better firms to survive. 5. According to paragraph 8, each of the following was a source of funds used to finance economic expansion EXCEPT A) Joint-stock companies. B) Wealthy merchants. C) The state. D) Groups of investors engaged in short-term financial cooperation. Show Answer Correct Answer: C) The state. 6. What are the benefits of economic growth for firms? A) More menu costs. B) Decrease in investment. C) Development of new technologies. D) Decrease in business confidence. Show Answer Correct Answer: C) Development of new technologies. 7. GDP + earnings from overseas is ..... A) GDP. B) GNP/GNI. C) NNI. D) GVA. Show Answer Correct Answer: B) GNP/GNI. 8. The total market value of the goods and servicesproduced by a country in a specific year A) Gross domestic people. B) Gross domestic population. C) Gross domestic product (GDP). D) Gross domestic prenuptials. Show Answer Correct Answer: C) Gross domestic product (GDP). 9. It is the movement of people from rural areas to urban areas with the aim of finding jobs. A) Migration. B) Urbanization. C) Immigration. D) Immigrants. Show Answer Correct Answer: B) Urbanization. 10. Potential economic growth is a situation where an economy's productive capacity improved. A) True. B) False. Show Answer Correct Answer: A) True. 11. A financial record of the export and import of physical goods is called: A) International Specialisation. B) Regional Specialisation. C) Balance of Payments. D) Visible Trade Balance. E) Fiscal Policy. Show Answer Correct Answer: D) Visible Trade Balance. 12. What is the basis of Nigeria's economy? A) Timber. B) Oil. C) Diamonds. D) Gold. Show Answer Correct Answer: B) Oil. 13. When the government takes control of businesses and industries that were formerly privately owned. A) Democratic socialism. B) Welfare state. C) Nationalization. D) Martial law. Show Answer Correct Answer: C) Nationalization. 14. What contributed to quick wealth creation in the 1920s? A) Investment in agricultural commodities. B) Gold and silver mining. C) Real estate investment, especially buying on credit. D) Stock market investment, especially buying on margin. Show Answer Correct Answer: D) Stock market investment, especially buying on margin. 15. ..... was a muckraker that exposed civil rights violations. A) Sinclair. B) Wells. C) Tarbell. D) Nast. Show Answer Correct Answer: B) Wells. 16. An inflationary gap occurs when: A) Aggregate demand is below potential output. B) The economy is at full employment. C) Aggregate demand exceeds potential output. D) Interest rates are excessively high. Show Answer Correct Answer: C) Aggregate demand exceeds potential output. 17. According to world system theory, which countries dominate and take advantage of peripheral countries for labor and raw materials? A) Core countries. B) Peripheral countries. C) Semi-peripheral countries. D) None of the above. Show Answer Correct Answer: A) Core countries. 18. What is one way firms try to appropriate the value of innovation? A) Secrecy. B) Competition. C) Collaboration. D) Government intervention. E) Corruption. Show Answer Correct Answer: A) Secrecy. 19. What is the main goal of foreign direct investment (FDI) flows in developing countries? A) To promote protectionism. B) To encourage export promotion. C) To reduce government intervention. D) To increase technology transfer and job creation. Show Answer Correct Answer: D) To increase technology transfer and job creation. 20. Measured in the millions, billions and trillions. Determines economic growth. A) Capital Goods. B) Natural Resources. C) Human Capital. D) Gross Domestic Product. Show Answer Correct Answer: D) Gross Domestic Product. ← 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