This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 81 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 81 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In order for a country to have an increasing GDP, it can't invest in human capital through education & training, and it must produce goods that have value to be sold within the country or exported. A) I agree. B) I disagree. Show Answer Correct Answer: B) I disagree. 2. If a country does not invest in its human capital, how can it affect the country's gross domestic product (GDP)? A) Investment in human capital has little effect on the GDP. B) Most workers want to keep their jobs and do not care about the GDP. C) GDP is only affected if workers pay for the investment out of their own pocket. D) GDP may go down because poorly trained workers will not be able to do their jobs well. Show Answer Correct Answer: D) GDP may go down because poorly trained workers will not be able to do their jobs well. 3. What would cause AD to decrease? A) An increase in tax rates. B) A decrease tax rates. C) An increase in government spending. D) Keeping government spending constant. Show Answer Correct Answer: A) An increase in tax rates. 4. Which one is the correct formula to calculate economic growth rate A) (GDP in current year-GDP in previous year) / GDP in previous year. B) (GDP in current year-GDP in previous year) / GDP in previous year * 100. C) (GDP in current year-GDP in previous year) / GDP in current year * 100. D) (GDP in current year + GDP in previous year) / GDP in previous year * 100. Show Answer Correct Answer: B) (GDP in current year-GDP in previous year) / GDP in previous year * 100. 5. Which of the following is a measure of economic growth? A) Real GDP per capita. B) Productive Capacity. C) Net Social Welfare. D) All of the above. Show Answer Correct Answer: D) All of the above. 6. What are some of the economical problems the pandemic brought? A) Financial marketing volatility and disruption to industrial production. B) Rapid devaluation of a currency. C) Raise in the cost of products. D) None of above. Show Answer Correct Answer: A) Financial marketing volatility and disruption to industrial production. 7. What are the four types of economies? A) Command, demand, capitalist, communism. B) Traditional, command, market, mixed. C) Mixed, market, traditional, primary. D) None of the above. Show Answer Correct Answer: B) Traditional, command, market, mixed. 8. Economic growth becomes greater than population growth. A) Stage 1:Traditional Society. B) Stage 2:Pre-Condition for Take-Off. C) Stage 3:Take-Off. D) Stage 4:Drive to Maturity. E) Stage 5:High Mass Consumption. Show Answer Correct Answer: D) Stage 4:Drive to Maturity. 9. A price index determined by measuring the price of a standard group of goods meant to represent the market basket of a typical consumer. A) Customer Purchasing Index. B) Consumer Price Index. C) Consumer Policy Index. D) Inflation. Show Answer Correct Answer: B) Consumer Price Index. 10. How do entrepreneurs impact a country's GDP? A) If you have better machines, you will be more productive and make more money. B) The more entrepreneurs, then the more companies, which leads to more jobs, more production, more profit and a higher GDP. C) The more entrepreneurs, then the more companies, which leads to less jobs, more production, more profit and a lower GDP. D) None of above. Show Answer Correct Answer: B) The more entrepreneurs, then the more companies, which leads to more jobs, more production, more profit and a higher GDP. 11. The measure of goods and services produced ina country within a year A) Exports. B) Imports. C) Gross domestic product. D) Natural resources. E) Economy. Show Answer Correct Answer: C) Gross domestic product. 12. What is a method to increase economic growth? A) Increase labour productivity. B) Reduce government expenditure. C) Increase regulations. D) Increase unemployment. Show Answer Correct Answer: A) Increase labour productivity. 13. Investing in Technology A) Human Capital. B) Capital goods. Show Answer Correct Answer: B) Capital goods. 14. Due to a cyclical downturn, a government is experiencing a budget deficit.If the government wishes to stimulate aggregate demand, which policy would be most effective? A) Financing the deficit by borrowing from the Central Bank. B) Financing the deficit by selling bonds to individuals. C) Financing the deficit by selling state assets to private firms. D) Ncreasing tax rates to eliminate the deficit. Show Answer Correct Answer: A) Financing the deficit by borrowing from the Central Bank. 15. Write a statement that describes the relationship between a country's investment in human capital, capital goods and it's GDP. A) Investment in capital goods negatively impacts a country's GDP. B) Investment in human capital negatively impacts a country's GDP. C) Investment in human capital and capital goods has no impact on a country's GDP. D) Investment in human capital and capital leads to an increase GDP. Show Answer Correct Answer: D) Investment in human capital and capital leads to an increase GDP. 16. What is the main factor that influences economic growth? A) Land. B) Entrepreneurship. C) Capital Goods. D) Labor. Show Answer Correct Answer: C) Capital Goods. 17. Which major Texas city had the largest population increase due to the Railroad Boom? A) Galveston. B) Saint Anthony. C) Step. D) Dallas. Show Answer Correct Answer: D) Dallas. 18. What industry was huge in Texas following the Civil War? A) Agriculture. B) Oil. C) Cattle. D) Railroads. Show Answer Correct Answer: C) Cattle. 19. What were the two specific measures taken under Warren Harding's economic policy? A) Raising protective tariffs and reducing taxes. B) Increasing government spending and raising taxes. C) Implementing price controls and reducing regulations. D) Lowering protective tariffs and increasing taxes. Show Answer Correct Answer: A) Raising protective tariffs and reducing taxes. 20. Jeffrey signs his employees up to learn how to run a new machine. A) Capital Goods. B) Entrepreneur. C) Human Capital. D) Natural Resources. Show Answer Correct Answer: C) Human Capital. ← 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