This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 89 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 89 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. 22 is A) The number of unemployed people in the world (in million). B) The number of UN's Sustainable Development Goals. C) The number of countries who were likely to see per capita incomes decline in 2020. D) The percent of the world's youth that weren't engaged in either education, empolyment or training. Show Answer Correct Answer: D) The percent of the world's youth that weren't engaged in either education, empolyment or training. 2. What are the characteristics of a successful entrepreneur? A) Determination, passion, creativity, resilience, adaptability, strong work ethic, risk-taking ability, leadership skills, and the ability to learn from failures. B) Laziness, lack of passion, and fear of failure. C) Weak work ethic, lack of determination, and inability to learn from failures. D) Inflexibility, lack of creativity, and aversion to risk. Show Answer Correct Answer: A) Determination, passion, creativity, resilience, adaptability, strong work ethic, risk-taking ability, leadership skills, and the ability to learn from failures. 3. In a traditional economy, how are economic decisions made? In a traditional economy, how are economic decisions made? A) Custom and habit. B) Government leaders. C) Consumers and planners. D) Combination of consumers and producers. Show Answer Correct Answer: A) Custom and habit. 4. ..... are long-term changes in systems of production and distribution of goods and services that affecting human welfare. A) Economic Growth. B) Economic Development. Show Answer Correct Answer: B) Economic Development. 5. Which country was the earliest to reach the maturity stage according to Rostow's model? A) Great Britain. B) United States. C) Canada. D) Russia. Show Answer Correct Answer: A) Great Britain. 6. What measuring instrument can be used to assess the level of economic growth in a country? What method can be used to assess economic growth of a country? A) For Capita Income. B) Future Income. C) Gross Domestic Product. D) Present Value. Show Answer Correct Answer: C) Gross Domestic Product. 7. Which of the following is a type of aid that involves extension on a loan, reduced rates of interest or an agreement not to repay some of the loan? A) Bilateral aid. B) Soft Aid. C) Debt relief. D) Tied aid. Show Answer Correct Answer: C) Debt relief. 8. What is the risk of double counting when using GDP as a measure of growth? A) Including informal activity. B) Including income earned abroad. C) Including the value of output in multiple sectors. D) Including environmental costs. Show Answer Correct Answer: C) Including the value of output in multiple sectors. 9. The Rybczynski theorem claims that doubling L at constant relative product prices: A) Doubles the production of the product of intensity L. B) Reduces the production of the K intensity product. C) Increases production of both products. D) Reduces production of both products. Show Answer Correct Answer: B) Reduces the production of the K intensity product. 10. Monetary policy to combat deflation might include: A) Raising bank reserve requirements. B) Tightening credit availability. C) Lowering interest rates. D) Decreasing money supply. Show Answer Correct Answer: C) Lowering interest rates. 11. Which of the following shifts a PPC outward? A) A recession. B) Increase in unemployment. C) Increase in resource costs. D) Increase in capital stock. Show Answer Correct Answer: D) Increase in capital stock. 12. Which of the following is a benefit of being an investor? A) Can receive a shar of company profits. B) Control of day to day decisions. C) Seat on board of directors. D) None of above. Show Answer Correct Answer: A) Can receive a shar of company profits. 13. Estimated total value of goods and services produced in nation in a years time: A) Wage. B) Gross Domestic Product. C) Entrepreneurship. D) For Capita. Show Answer Correct Answer: B) Gross Domestic Product. 14. If there has been an increased in economic growth there has been A) More goods produced in the economy. B) An increase in the value of goods produced in an economy. C) An increase in resources available to use in the economy. D) More goods exported overseas than imported into the country. Show Answer Correct Answer: A) More goods produced in the economy. 15. What led boomtowns to turn into ghosttowns? A) People left once there was nothing left to extract from the mine. B) People left due to the high crime rates. C) People left because the mine was haunted. D) None of above. Show Answer Correct Answer: A) People left once there was nothing left to extract from the mine. 16. The most accurate method of measuring ..... is the Human Development Index (HDI) which considers the literacy rates & life expectancy which affects productivity and could lead to Economic Growth. A) Economic Growth. B) Economic Development. Show Answer Correct Answer: B) Economic Development. 17. What does Real GDP growth rate take out? A) Deflation. B) Recession. C) Inflation. D) Stagnation. Show Answer Correct Answer: C) Inflation. 18. If the Organization of the Petroleum Exporting Countries reduced its oil production target, the MOST LIKELY result would be that A) Tariffs on oil would increase. B) Tariffs on oil would decrease. C) Prices for oil would increase. D) Prices for oil would decrease. Show Answer Correct Answer: C) Prices for oil would increase. 19. ..... is a narrower concept than economic development. A) Economic Growth. B) Economic Development. Show Answer Correct Answer: A) Economic Growth. 20. Desires to create an egalitarian (belief that people are equal and deserve equal rights and opportunities) society. 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: E) Stage 5:High Mass Consumption. ← 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