This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 85 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 85 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is NOT a function of education?1. Improve skills2. promote leisure time activities3. produce knowledge and improve creativity4. promote ethical behaviour and pass on cultural values and traditions A) 1. B) 2. C) 3. D) 4. Show Answer Correct Answer: B) 2. 2. Free zone is the basic physical and organizational structures and facilities. A) True. B) False. Show Answer Correct Answer: B) False. 3. Limited formal education prevents economic development. A) True. B) False. Show Answer Correct Answer: A) True. 4. The principle established that protects individual and entity rights to use their property as they see fit; This must be clear, public, fair, and enforced, and applicable to all members of society? A) Contractual Rights. B) Convergence. C) Let it happen. D) Rule of Law. Show Answer Correct Answer: D) Rule of Law. 5. Which of the following defines economic growth? A) Increase in exports. B) Increase in Government revenue. C) Increase in total output. D) Increase in Imports. Show Answer Correct Answer: C) Increase in total output. 6. Younger populations require the government to spend LESS on education. A) True. B) False. Show Answer Correct Answer: B) False. 7. Good A) A physical object that is sold to make money. B) The materials and labor used to create goods and services. C) A good means to send it to another country to be sold. D) The man-made materials that are needed to produce goods and services. Show Answer Correct Answer: A) A physical object that is sold to make money. 8. A fall in unemployment affects which determinant of consumption most directly? A) Interest rates. B) Asset prices. C) Consumer confidence. D) None of above. Show Answer Correct Answer: C) Consumer confidence. 9. When countries focus on making certain goods because they are cheaper and more efficient to make. Also known as "Do what you do best, and trade for the rest" . A) Imports. B) Exports. C) Specialization. D) Globalization. Show Answer Correct Answer: C) Specialization. 10. A policy focusing on technological innovation impacts sustainable economic growth by: A) Reducing the need for skilled labor. B) Increasing short-term environmental harm. C) Enhancing long-term productive efficiency. D) Encouraging monopolistic practices. Show Answer Correct Answer: C) Enhancing long-term productive efficiency. 11. Which of the following is NOT a difficulty when measuring GDP? A) Increases in population may be higher than output. B) Governments may spend money in the economy to provide education. C) Some income is not declared in economic data. D) Spending on regrettable distort data. E) Doesn't take into account externalities. Show Answer Correct Answer: B) Governments may spend money in the economy to provide education. 12. The Australian government seeks to achieve the goal of a strong and sustainable rate of economic growth. This is currently defined as an annual long-term rise in GDP averaging around: A) 1-2 per cent. B) 2-3 per cent. C) 3-3.5 per cent. D) Above 4-5 per cent. Show Answer Correct Answer: C) 3-3.5 per cent. 13. What is the equation to calculate Gross National Income (GNI)? A) GNI = GDP + Net Factor Income. B) GNI = GDP-Environmental Costs. C) GNI = GDP / Population. D) GNI = GDP-Income earned by foreign workers and firms. Show Answer Correct Answer: A) GNI = GDP + Net Factor Income. 14. Which best describes the goal of mercantilism? A) To give Africans a share of the profits. B) The mother country obtains its wealth by exporting more than it imports. C) To make merchants rich. D) To help planters grow more crops. Show Answer Correct Answer: B) The mother country obtains its wealth by exporting more than it imports. 15. When a company has near complete control of all the business in an industry. A) Monopoly. B) Dividend. C) Vertical Integration. D) None of above. Show Answer Correct Answer: A) Monopoly. 16. Which one of these is not a benefit of economic growth? A) Increased tax revenues spent on education. B) Increased tax revenues spent on health service. C) Increased pollution and destruction of the environment. D) Increased revenues spent on research anddevelopment. Show Answer Correct Answer: C) Increased pollution and destruction of the environment. 17. An individual receives an additional $ 100 in income and saves $ 20. Which of the following is true? A) The average propensity to consume is 0.8. B) The average propensity to consume is 0.2. C) The marginal propensity to consume is 0.2. D) The marginal propensity to consume is 0.8. Show Answer Correct Answer: D) The marginal propensity to consume is 0.8. 18. What do we call the phase when the economy improves again after a recession? A) A boom. B) A reborn. C) An expansion. D) A high. Show Answer Correct Answer: C) An expansion. 19. An entrepreneur needs to be innovative. What does that word mean? A) Comes up with new ideas. B) A risk taker. C) A follower. D) A person who is static (not a constant learner). Show Answer Correct Answer: A) Comes up with new ideas. 20. Developing countries, like Trinidad and Tobago, tend to have young populations because the birth rate is ..... A) High. B) Low. Show Answer Correct Answer: A) High. ← 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