Economic Growth Quiz 86 (20 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. A country invests in its human capital by .....

Correct Answer: C) Building schools and universities, investing in educational programs and work training programs.

2. Natural resources are man made.

Correct Answer: A) True.

3. Which country specializes in automobiles?

Correct Answer: C) Germany.

4. National Income is defined as

Correct Answer: D) Total value of all goods and services produced within a country's borders in a specific time period.

5. An input is

Correct Answer: A) A factor of production.

6. A developed country often has greater economic growth and a developing country.

Correct Answer: B) False.

7. There are many similarities between the US and TX Constitutions. Which one is a difference?

Correct Answer: A) US has been amended 27 times, TX has been amended 450 times.

8. The ability to read and write at an eighth grade level is called .....

Correct Answer: C) Literacy rate.

9. Factories, machines, technologies, and property are all examples of

Correct Answer: D) Capital goods.

10. Explain two factors contributing to inequality.

Correct Answer: D) Unequal distribution of wealth and income, lack of access to education and healthcare.

11. MOST of the difference in standards of living between North and South Korea can b e attributed to differences in

Correct Answer: D) Governmental institutions.

12. Which factor BEST explains the price decreasing in the Model T automobile?

Correct Answer: C) Mass production.

13. Which is NOT an example of a natural resource?

Correct Answer: C) Broccoli.

14. Wealth of a nation, minus depreciation is .....

Correct Answer: C) NNI.

15. What caused the cattle ranching industry to struggle in the late 1800s?

Correct Answer: A) Farmers fenced off land where cattle could previously graze freely.

16. Which taxes were eliminated or lowered during the 1920s?

Correct Answer: D) All of the above.

17. Would the following be included or not included in GDP? Grandpa Smith's Social Security check from the government.

Correct Answer: B) Not included.

18. Which of these examples would describe growth due to improved physical capital?

Correct Answer: C) The U.S funded the building of the Panama Canal, completed in 1914.

19. What product most often comes from the Coastal Plain (Tidewater) region?

Correct Answer: A) Seafood.

20. Which branch of Virginia's government enforces the laws?

Correct Answer: A) Executive branch.