This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 90 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 90 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Someone who has an idea and takes a risk to produce their ideas is a ..... A) Entrepreneur. B) Nomad. C) Bantu. D) Miner. Show Answer Correct Answer: A) Entrepreneur. 2. What type of jobs are created in Mumbai's growing financial and IT sectors? A) Cleaners and mechanics. B) Taxi drivers and recycling operatives. C) High-skilled and educated positions. D) Factory workers and small-scale business owners. Show Answer Correct Answer: C) High-skilled and educated positions. 3. According to paragraph 3, what was one reason villages had such great economic potential? A) Village inhabitants established markets within their villages. B) Some village inhabitants made investments in industrial development. C) Villages were located in regions where agricultural production was relatively advanced. D) Villages were relatively small in population and size compared with urban areas. Show Answer Correct Answer: C) Villages were located in regions where agricultural production was relatively advanced. 4. If a citizen of Russia wishes to travel to the United Kingdom for vacation, they should first visit which of these institutions in order to exchange their Russian rubles for British pounds? A) Bank. B) Stock market. C) Any British store. D) Any Russian store. Show Answer Correct Answer: A) Bank. 5. True or False:An advantage of mass production (on an assembly line) is that there were interchangeable parts to fix products available. A) True. B) False. Show Answer Correct Answer: A) True. 6. What is the term used to describe a sudden increase in the price of raw materials? A) Boom. B) Slowdown. C) Recession. D) Supply side shock. Show Answer Correct Answer: D) Supply side shock. 7. Productivity is A) Production. B) Efficiency. Show Answer Correct Answer: B) Efficiency. 8. According to Robert Solow, what happens to GDP per capita as capital increases? A) It increases by a larger amount. B) It increases by a smaller amount. C) It remains constant. D) It decreases. E) It decreases by a smaller amount. Show Answer Correct Answer: B) It increases by a smaller amount. 9. We can obtain some idea of what is happening to the average standard of living by looking at what is happening to real GNP ..... A) Net investment. B) Per head. C) Non replacement. D) Mobility. E) Leisure. Show Answer Correct Answer: B) Per head. 10. True or False:A claim is a topic sentence that is written as a neutral fact about a topic. A) True. B) False. Show Answer Correct Answer: B) False. 11. Adolf Dassler was the founder of the German sportswear company Adidas. His brother Rudolf founded Puma. Both of these Germans are examples of which factor of production? A) Capital goods. B) Human capital. C) Natural resources. D) Entrepreneurship. Show Answer Correct Answer: D) Entrepreneurship. 12. Capital goods are the ..... that are needed to produce goods and services A) Man-made materials. B) Stronger its economy. C) Technology. D) More goods & services. E) Boosts a country's exports. Show Answer Correct Answer: A) Man-made materials. 13. GDP of "Water" Countries in 2017 was £12489 & 2018 was £13422. If we use 2018 as the base year, how much will the Fire Nation's economy grow? A) 7.47%. B) 7.74%. C) 7.44%. D) 7.77%. E) 7.49%. Show Answer Correct Answer: A) 7.47%. 14. Would the following be included or not included in GDP? Income earned from cashing in a U.S. savings bond. A) Included. B) Not included. Show Answer Correct Answer: B) Not included. 15. Discuss the potential negative effects of rapid economic growth on the environment. A) Increased pollution, deforestation, loss of biodiversity, and depletion of natural resources. B) Improved living standards for the population. C) Enhanced access to education and healthcare. D) Increased employment opportunities. Show Answer Correct Answer: A) Increased pollution, deforestation, loss of biodiversity, and depletion of natural resources. 16. I'm able to show trend growth and actual growth on the same diagram, and I am able to illustrate the negative output gap and positive output gap on the same diagram. A) Yes, I understand this from the notes. B) No, I don't understand this from the notes. C) No, I don't understand this, as I have not read the notes. D) None of above. Show Answer Correct Answer: A) Yes, I understand this from the notes. 17. At which stage of the economic cycle would you expect unemployment to begin to rise / employment begin to fall? A) Recession. B) Recovery. C) Slump. D) Boom. Show Answer Correct Answer: C) Slump. 18. What is the example of a country that experienced rapid growth once better incentives and institutions were put into place? A) China. B) United States. C) India. D) Brazil. Show Answer Correct Answer: A) China. 19. Which of the following is NOT a goal of a labor union? A) Ownership in the company. B) Higher wages. C) Safer work conditions. D) Shorter hours. E) No child labor. Show Answer Correct Answer: A) Ownership in the company. 20. The most accurate definition of GDP is A) The value of goods and services produced in an economy. B) The value of goods and services produced in an economy in a year. C) The ttotal value of goods and services produced in a year. D) The total value of goods and services produced in an economy in a year. Show Answer Correct Answer: D) The total value of goods and services produced in an economy in a year. ← 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