This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 78 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 78 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is one solution for welfare costs? A) Decrease the retirement age. B) Decrease the number of young people entering the workforce. C) Raise the amount of money given to the retired people. D) Raise the retirement age. Show Answer Correct Answer: D) Raise the retirement age. 2. What is the difference between claimant count measure and labor force survey measure in measuring the unemployment? A) The claimant count measure is based on the number of people claiming unemployment benefits, while the labor force survey measure includes those who are out of work and actively seeking employment. B) The claimant count measure includes those who are out of work and actively seeking employment, while the labor force survey measure is based on the number of people claiming unemployment benefits. C) The claimant count measure is based on the number of people claiming unemployment benefits, while the labor force survey measure includes only those who are out of work and actively seeking employment. D) The claimant count measure includes only those who are out of work and actively seeking employment, while the labor force survey measure is based on the number of people claiming unemployment benefits. Show Answer Correct Answer: A) The claimant count measure is based on the number of people claiming unemployment benefits, while the labor force survey measure includes those who are out of work and actively seeking employment. 3. The separate emirates were called Trucial states A) True. B) False. Show Answer Correct Answer: A) True. 4. Investing in the humans who produce goods or services A) Economic Continuum. B) Economy. C) Human Capital. D) Capital Goods. Show Answer Correct Answer: C) Human Capital. 5. An increase in the number of workers produces..... A) More output and potential GDP increase. B) More output and potential GDP decreases. C) Less output and potential GDP increases. D) Less output and potential GDP decreases. Show Answer Correct Answer: A) More output and potential GDP increase. 6. Routes taken to get cattle to auction is called A) Brand. B) Texas Railroad Commission. C) Cattle Trail. D) Treaty of Medicine Lodge. Show Answer Correct Answer: C) Cattle Trail. 7. Countries with strong, well-funded education systems generally have A) Fewer trading partners than other countries. B) Higher unemployment than other countries. C) Lower populations than other countries. D) More entrepreneurs than other countries. Show Answer Correct Answer: D) More entrepreneurs than other countries. 8. A positive output gap puts up with pressure on inflation 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. 9. What is represented on the x-axis on the AD/AS Model? A) Price Level. B) Growth. C) Real Output GDP. D) Nominal GDP. Show Answer Correct Answer: C) Real Output GDP. 10. Between 2002 and 2007, approximately 18 million Latin American households moved out of poverty.Which change in the region is most likely to have caused this fall in poverty? A) An increase in economic growth. B) An increase in inflation. C) A reduction in employment. D) A reduction in exports. Show Answer Correct Answer: A) An increase in economic growth. 11. The supervisor explained to Greg, the owner, they were waiting for the repairman to come and fix the hydraulic press that stamped the grommets out of steel. The supervisor explained that it was the sixth time in the last three months the press had broken and stopped production. A) Greg should have obtained more natural resources for the grommet factory. B) Greg should have invested in the human capital of the employees who work at the grommet factory. C) Greg should have invested in new capital goods for the grommet factory. D) Greg should have hired employees with more entrepreneurship to work in the grommet factory. Show Answer Correct Answer: C) Greg should have invested in new capital goods for the grommet factory. 12. Which of the following is famous for saying, "I will fight no more forever" ? A) Custer. B) Sitting Bull. C) Crazy Horse. D) Chief Joseph. Show Answer Correct Answer: D) Chief Joseph. 13. True or False:Entrepreneurship can stimulate economic growth by creating new jobs and industries. A) True. B) Entrepreneurship only benefits the individual entrepreneur. C) False. D) Entrepreneurship has no impact on economic growth. Show Answer Correct Answer: A) True. 14. What is the difference between GNI and NNI? A) NNI is GNI minus depreciation and indirect taxes. B) NNI is GNI plus depreciation and indirect taxes. C) NNI is GNI plus subsidies and transfer payments. D) NNI is GNI minus inflation and direct taxes. Show Answer Correct Answer: A) NNI is GNI minus depreciation and indirect taxes. 15. What is the immediate reason that some countries are rich? A) Their workers are very productive. B) They have good institutions. C) They have a lot of physical capital. D) They have a dependable legal system. Show Answer Correct Answer: A) Their workers are very productive. 16. How many factors of production are there? A) 20. B) 11. C) 4. D) 2. Show Answer Correct Answer: C) 4. 17. What is the consequence of a country aging before growing rich? A) Increased investment in productivity-boosting skills. B) Higher economic growth. C) Decreased spending on health care and pensions. D) Slower growth and difficulty in investing in infrastructure. Show Answer Correct Answer: D) Slower growth and difficulty in investing in infrastructure. 18. Real GDP may increase for two different reasons:The economy may return to full employment in the expansion phase of the business cycle or potential GDP may increase. A) True. B) False. Show Answer Correct Answer: A) True. 19. How has the Saudi government used its national wealth to change the country? A) All Saudi citizens are given an equal share of the national wealth. B) The Saudi government has spent very little to improve the lives of citizens. C) A majority of the national wealth has been given to religious organizations in the country. D) The government has paid for improvements in transportation, education, health care, and agriculture. Show Answer Correct Answer: D) The government has paid for improvements in transportation, education, health care, and agriculture. 20. What is one of the reasons for the limited economic growth of the BRIC countries after 2010? A) Decrease in commodity prices. B) Increase in commodity prices. C) Political instability. D) Lack of foreign investment. Show Answer Correct Answer: A) Decrease in commodity prices. ← 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