This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 87 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 87 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. An organization of workers established to serve and advance its members' interests in terms of wages, benefits, and working hours and conditions A) Closed shop. B) Labor union. C) Blacklist. D) Lockout. Show Answer Correct Answer: B) Labor union. 2. The number of adults who are able to read and write in a country is the ..... A) Proportion of labor. B) GNI. C) Literacy rate. D) Per capita rate. Show Answer Correct Answer: C) Literacy rate. 3. What was one of the main factors that contributed to the economic growth and prosperity of the 1920s? A) Labor union strikes. B) Government regulations. C) International trade barriers. D) Stock market investment. Show Answer Correct Answer: D) Stock market investment. 4. What is the potential economic growth? A) An increase in the output of an economy (short-run). B) An increase in an economy's productive capacity (long-run). C) An increase in an economy's productive capacity (short-run). D) An increase in the output of an economy (long-run). Show Answer Correct Answer: B) An increase in an economy's productive capacity (long-run). 5. Define GDP A) The value of goods and services in an economy in a year. B) The value of goods and services produced in an economy in a year. C) The value of goods and services produced in an economy in a 6 month period. D) The value of goods and services in an economy during a year. Show Answer Correct Answer: B) The value of goods and services produced in an economy in a year. 6. What are the possible advantages of economic integration? A) Increased unemployment. B) Undermining the role of the WTO. C) Increased trade diversion. D) Larger export markets. Show Answer Correct Answer: D) Larger export markets. 7. Which of the following BEST represents the role of an entrepreneur? A) A person who creates a new business. B) A leader (CEO) who runs the business. C) A worker in a factory who gets a raise for working hard. D) A student who decides to further their education and get their masters degree. Show Answer Correct Answer: A) A person who creates a new business. 8. Which of the following is generally regarded as the true index of economic growth A) An increase in national income at constant prices during a year. B) A sustained increase in real per capita income. C) An increase in national income at current prices over time. D) An increase in national income along with a corresponding increase in population. Show Answer Correct Answer: B) A sustained increase in real per capita income. 9. What part of Europe has low literacy rates? A) The Balkans. B) The Appalachians. C) The Arctic. D) The eastern side. Show Answer Correct Answer: A) The Balkans. 10. The factories, machines, technology, tools, equipment, and anyother man-made goods used to make other goods or services A) How things work. B) Chief petty officer. C) Capital goods. D) Asphalt. Show Answer Correct Answer: C) Capital goods. 11. Which of the following is not primarily an aggregate demand policy designed to promote economic growth? A) Decreasing the rates of personal and company tax to decrease incentives and profits. B) Decreasing interest rates. C) Decreasing income taxes to increase disposable income. D) Policies designed to increase productivity and profits. Show Answer Correct Answer: D) Policies designed to increase productivity and profits. 12. A ..... is one company that controls the whole industry. A) Would-opoly. B) Monopoly. C) Collective bargaining. D) Muckraker. Show Answer Correct Answer: B) Monopoly. 13. True or False:Monopolists of the early 1900s were nicknamed Robber Barons because they had ethical business practices and treated their work force well. A) True. B) False. Show Answer Correct Answer: B) False. 14. Why has education reform been slow to take place in Sudan? A) The Quran forbids formal education among its followers. B) Sudan has been involved in civil war for many years. C) It has been difficult to find any teachers to teach in Sudan. D) Most people are trained to work in the oil fields and do not need to go to school. Show Answer Correct Answer: B) Sudan has been involved in civil war for many years. 15. The economy of the USA grew by approximately 4% a year between 1990 and 2000.What must have increased from 1990 to 2000? A) Average price level. B) Gross domestic product. C) Labour productivity. D) Level of employment. Show Answer Correct Answer: B) Gross domestic product. 16. Which country is Bangladesh secretly becoming the richest in? A) Atlantis. B) World. C) Mars. D) Narnia. Show Answer Correct Answer: B) World. 17. What did the elimination of taxes on freight and transportation do? A) Had no effect on businesses. B) Led to higher consumer prices. C) Reduced profits of businesses. D) Increased profits of businesses. Show Answer Correct Answer: D) Increased profits of businesses. 18. What does a country do to its natural resources? A) Specialize in developing it into a valuable product. B) Trade them with other countries. C) Keep them. D) All of the above. Show Answer Correct Answer: D) All of the above. 19. Which of the following combinations of Fiscal and Monetary policy measures could be used to promote economic growth A) Increase in government spending and increase in the rate of interests. B) Decrease in taxes and increase in the money supply. C) Decrease in taxation and decrease in the rate of interests. D) Increase in government spending and increase in interest rates. Show Answer Correct Answer: C) Decrease in taxation and decrease in the rate of interests. 20. What is the role of demand-side policies in promoting economic growth? A) They focus on increasing government spending. B) They aim to reduce unemployment. C) They stimulate aggregate demand. D) They primarily target supply-side factors. Show Answer Correct Answer: C) They stimulate aggregate demand. ← 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