This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 80 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 80 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Lumber is an example of this A) Capital Goods. B) Entrepreneur. C) Human Capital. D) Natural Resources. Show Answer Correct Answer: D) Natural Resources. 2. Can a desk be considered human capital? A) Yes. B) No. Show Answer Correct Answer: B) No. 3. When labour supply curve shifts left, equilibrium price will ..... and equilibrium qty of labour will ..... A) Increase / increase. B) Decrease / decrease. C) Increase / decrease. D) Decrease / increase. Show Answer Correct Answer: C) Increase / decrease. 4. The maximum potential output of the economy is the definition of what? A) Real GDP. B) Productive Capacity. C) Nominal GDP. D) Net Social Welfare. Show Answer Correct Answer: B) Productive Capacity. 5. Potential growth measures A) The growth of the fastest economy in the world. B) The fastest growth an economy has ever achieved. C) The present rate of growth of an economy. D) The rate of growth that could be achieved if resources were fully employed. Show Answer Correct Answer: D) The rate of growth that could be achieved if resources were fully employed. 6. The index to measure economic well-being is ..... A) GPD per person. B) All answers are correct. C) Inflation rate. D) The unemployment growth rate. Show Answer Correct Answer: B) All answers are correct. 7. The measurement of the annual income of citizens in acountry A) Sector. B) Obsolete. C) GDP per capita. D) Capital. E) Relationship. Show Answer Correct Answer: C) GDP per capita. 8. Which of these might indicate that the national economy is stable? A) Prices for groceries and other daily needs go down from year to year. B) Prices for groceries and other daily needs stay about the same from year to year. C) Prices for groceries and other daily needs go up from year to year. D) Prices for groceries and other daily needs are tightly regulated. Show Answer Correct Answer: B) Prices for groceries and other daily needs stay about the same from year to year. 9. How do you work out rate of growth? A) Original GDP/change in GDP. B) Change in GDP/original GDP. C) Original GDP/change in GDP x100. D) Change in GDP/original GDP x100. Show Answer Correct Answer: D) Change in GDP/original GDP x100. 10. What is a key objective of inclusive growth policies? A) To increase income inequality. B) To limit access to economic advancements. C) To create a more balanced and just society. D) To promote discrimination in the workforce. Show Answer Correct Answer: C) To create a more balanced and just society. 11. How are goods transported to Mumbai from the rest of India? A) By air. B) By road. C) By sea. D) By rail. Show Answer Correct Answer: D) By rail. 12. What is the role of entrepreneurs in a capitalist society? A) To bring ideas, people, and capital together to produce valuable products. B) To enforce contracts and borrow and lend money. C) To protect investments through property rights. D) To create competitive and open markets. Show Answer Correct Answer: A) To bring ideas, people, and capital together to produce valuable products. 13. What can a government do in order to ensure economic growth? A) Keep high employment rates. B) Increase interest rates. C) Increase taxes. D) Print more money. Show Answer Correct Answer: A) Keep high employment rates. 14. ..... was a leader in the hair care product industry. A) Rockefeller. B) Walker. C) Carnegie. D) Morgan. E) Vanderbilt. Show Answer Correct Answer: B) Walker. 15. Economic growth MOST directly leads to A) Increases in economic actors. B) Fluctuations in economic activity. C) Increases in tax rates. D) Reductions in socia l well-being. E) Improvements in living standards. Show Answer Correct Answer: E) Improvements in living standards. 16. What does obsolete mean? This is what describes North Korea's capital goods. A) Old. B) Modern. C) New. D) Perfect. Show Answer Correct Answer: A) Old. 17. What contributed to increased production efficiencies during the 1920s? A) Assembly line production. B) None of the above. C) Both A and B. D) Standardization of product sizes, weights, and packaging units. Show Answer Correct Answer: C) Both A and B. 18. Productive Resources A) The materials and labor used to create goods and services. B) The percentage of adults who can read and write. C) A good means to send it to another country to be sold. D) To bring in a good from another country to sell. Show Answer Correct Answer: A) The materials and labor used to create goods and services. 19. Economic growth guarantees development occurs for all people. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 20. What happens when countries have a higher GPD A) They get more money. B) They have stronger economies. C) They fail. D) I don't know what happens. Show Answer Correct Answer: B) They have stronger economies. ← 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