This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 92 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 92 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the relationship between the cattle industry and the railroad industry? A) There is no connection between the cattle industry and the railroad industry. B) Cattle ranchers would set up their ranches along train stations. C) Cattle ranchers would also invest in railroad companies. D) The end destination of cattle trails was the railroad stations that would take cattle to markets. Show Answer Correct Answer: D) The end destination of cattle trails was the railroad stations that would take cattle to markets. 2. The degree to which an individual is healthy, comfortable, and able to participate in or enjoy life events A) Quality of Life. B) Economic Growth. C) Standard of Living. D) Economic Development. Show Answer Correct Answer: A) Quality of Life. 3. What best refers to a combination of invention (advances in knowledge) and innovation, which is putting those advances to use in a new product or service? A) Human Capital. B) Labor Productivity. C) Physical Capital. D) Technological Change. Show Answer Correct Answer: D) Technological Change. 4. What is the difference between economic growth and economic development? A) Economic growth and economic development are the same thing. B) Economic growth is the increase in quality of life and well-being, while economic development is the increase in quantity of goods and services produced. C) Economic growth is the decrease in quantity of goods and services produced, while economic development is the decrease in quality of life and well-being. D) Economic growth is the increase in quantity of goods and services produced, while economic development is the improvement in quality of life and well-being. Show Answer Correct Answer: D) Economic growth is the increase in quantity of goods and services produced, while economic development is the improvement in quality of life and well-being. 5. South Carolina and other British colonies developed their own economies without much interference from their mother country A) True. B) False. Show Answer Correct Answer: A) True. 6. As a result of the Regulator Movement, the government of South Carolina A) Created a new political system. B) Dissolved the plantation system. C) Established circuit courts in the Backcountry. D) Regulated trade with the Native Americans. Show Answer Correct Answer: C) Established circuit courts in the Backcountry. 7. How did increased production efficiencies impact the cost of goods? A) Had no effect on the cost of goods. B) Increased the cost of goods. C) Made goods unavailable. D) Lowered the cost of goods. Show Answer Correct Answer: D) Lowered the cost of goods. 8. What is Entrepreneurship? A) Job shadowing for customers. B) The process of working under a boss. C) The process of starting, organizing, managing, and assuming the responsibility for a business. D) Working the cash. Show Answer Correct Answer: C) The process of starting, organizing, managing, and assuming the responsibility for a business. 9. A student decides to open his own lemonade stand in order to make money to buy an Xbox. This is an example of: A) Human Capital. B) Entrepreneur. C) Capital Good. D) None of above. Show Answer Correct Answer: B) Entrepreneur. 10. What benefit occurs when even small changes in the rate of growth are sustained and compounded over long periods of time? A) Aggregate Production. B) Increased Human Capital. C) Increased Standard of Living. D) Improved Labor Production. Show Answer Correct Answer: C) Increased Standard of Living. 11. An increase in net investment leads to faster economic growth because capital per worker and output per worker will change in which of the following ways? A) Capital per worker increases and Output per worker increases. B) Capital per worker increases and Output per worker decreases. C) Capital per worker doesn't change and Output per worker increases. D) Capital per worker decreases and Output per worker increases. E) Capital per worker decreases and Output per worker decreases. Show Answer Correct Answer: A) Capital per worker increases and Output per worker increases. 12. The American Federation of Labor differed from the Knights of Labor in that it A) Opposed strikes. B) Held meetings in secret. C) Included several trade unions. D) Supported unskilled laborers. Show Answer Correct Answer: C) Included several trade unions. 13. A person who takes a risk and starts their own business A) Natural resources. B) Economy. C) Human Capital. D) Entrepreneur. Show Answer Correct Answer: D) Entrepreneur. 14. The total value of all the goods and services produced within a country in one year A) Human Capital. B) Natural Resources. C) Literacy Rate. D) Gross Domestic Product (GDP. Show Answer Correct Answer: D) Gross Domestic Product (GDP. 15. Which crops were on the "enumerated list" of products that could be sold only to England? A) Beef and rice. B) Rice and Indigo. C) Naval stores and beef. D) Naval stores and rice. Show Answer Correct Answer: B) Rice and Indigo. 16. How do entrepreneurs influence economic growth? A) They create and sell good and services, which people use money to buy. B) They only produce goods and services for themselves. C) They do not invest their own money, instead they take from the population. D) None of above. Show Answer Correct Answer: A) They create and sell good and services, which people use money to buy. 17. ..... are the most important resources in a country. A) Natural. B) Physical. C) Human. D) None of above. Show Answer Correct Answer: C) Human. 18. What is the term for a good that can't be shared between more than one person without diminishing it? A) Rival good. B) Non-rival good. C) Excludable good. D) Non-excludable good. E) Scarce goods. Show Answer Correct Answer: A) Rival good. 19. Service A) A physical object that is sold to make money. B) The system of how money is made and used within a particular country or region. C) The materials and labor used to create goods and services. D) An activity offered as a product that is sold to make money. Show Answer Correct Answer: D) An activity offered as a product that is sold to make money. 20. How does the Organization of the Petroleum Exporting Countries (OPEC) achieve its goal of stabilizing the worldwide price for oil? A) By setting member production quotas to lower the overall supply of oil. B) By purchasing most of the oil available on the market from nonmembers. C) By arranging exclusive contracts with private and nationalized oil companies. D) By using its vote on the United Nations Security Council to set acceptable prices. Show Answer Correct Answer: A) By setting member production quotas to lower the overall supply of oil. ← 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