This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 94 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 94 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What best refers to a process whereby a firm turns economic inputs like labor, machinery, and raw materials into outputs like goods and services that consumers use? A) Aggregate Production. B) Capital Deepening. C) Convergence. D) Production Function. Show Answer Correct Answer: D) Production Function. 2. Apart from GDP, the following factors influence the high and low happiness rates in a country, EXCEPT A) Life Expectancy. B) Health Insurance. C) Education. D) Community Generosity. E) Life Standard. Show Answer Correct Answer: D) Community Generosity. 3. What happened to cattle trails when the railroad expanded? A) Barbed wire became more popular. B) They were no longer used. C) Stampedes became more common. D) All of the above. Show Answer Correct Answer: B) They were no longer used. 4. What is the main objective of the Heavily Indebted Poor Countries (HIPC) Initiative? A) To improve access to banking in developing countries. B) To increase indebtedness of developing countries. C) To relieve the indebtedness of developing countries. D) To reduce corruption in developing countries. Show Answer Correct Answer: C) To relieve the indebtedness of developing countries. 5. Country's total value of goods and services produced in a single year. A) Human Capital. B) Capital Goods. C) Natural Resources. D) Gross Domestic Product. Show Answer Correct Answer: D) Gross Domestic Product. 6. To address an inflationary gap, a government might: A) Increase public spending. B) Reduce taxes. C) Increase interest rates. D) Subsidize exports. Show Answer Correct Answer: C) Increase interest rates. 7. How well or poorly a person or group of people live in terms of having their needs and wants met A) Capital Goods. B) Literacy Rate. C) Standard of Living. D) Gross Domestic Product (GDP). Show Answer Correct Answer: C) Standard of Living. 8. Which one is NOT an example of capital goods? A) Factories. B) Computers. C) Apples. D) Tools and equipment. Show Answer Correct Answer: C) Apples. 9. ..... is a normative concept i.e., it applies in the context of people's sense of morality (right and wrong, good, and bad). A) Economic Growth. B) Economic Development. Show Answer Correct Answer: B) Economic Development. 10. GDP (Gross Domestic Product) A) (per person) the total amount of money made by a country, divided by its number of citizens. B) The total dollar value of all goods and services produced by a country in one year. C) Includes the skills and knowledge of its people that support the economy. D) The percentage of adults who can read and write. Show Answer Correct Answer: B) The total dollar value of all goods and services produced by a country in one year. 11. What are some factors that influence economic growth? A) Population growth, inflation, and income inequality. B) Climate change, social unrest, and political instability. C) Lack of government intervention, low taxes, and deregulation. D) Investment in physical and human capital, technological advancements, government policies, natural resources, and international trade. Show Answer Correct Answer: D) Investment in physical and human capital, technological advancements, government policies, natural resources, and international trade. 12. Which country is considered an industrializing, semi-peripheral country according to world system theory? A) Mexico. B) Great Britain. C) United States. D) Russia. Show Answer Correct Answer: A) Mexico. 13. What is the relationship between literacy rate and standard of living? A) There is no effect on the standard of living. B) The higher the literacy rate the higher the standard of living. C) The standard of living is independent of literacy rate. D) Low literacy rate creates a higher standard of living. Show Answer Correct Answer: B) The higher the literacy rate the higher the standard of living. 14. What are the ultimate causes of why some countries are rich and others are poor? A) Factors of production. B) Incentives. C) Good institutions. D) History, ideas, culture, geography, and luck. Show Answer Correct Answer: D) History, ideas, culture, geography, and luck. 15. Investing in Education A) Human Capital. B) Capital Goods. Show Answer Correct Answer: A) Human Capital. 16. Source:CIA World Factbook, 2015 What factor BEST explains the difference in life expectancy between the African nations listed in the table and nations in other parts of the world? A) Barriers to trade. B) Industrial pollution. C) High rates of obesity. D) The spread of disease. Show Answer Correct Answer: D) The spread of disease. 17. Achieving economic growth is one of the government objectives. A) True. B) False. Show Answer Correct Answer: A) True. 18. PPC stands for..... A) Production Possibilities Curve. B) Production Possibilities Cat. Show Answer Correct Answer: A) Production Possibilities Curve. 19. Which of the following DOESN'T cause economic growth? A) Increased investment. B) Improved technology. C) Increased labour productivity. D) Less investment in education. Show Answer Correct Answer: D) Less investment in education. 20. What is the macro objective for growth? A) Strong and sustained economic growth. B) Fluctuating economic growth. C) Negative economic growth. D) Stagnant economic growth. Show Answer Correct Answer: A) Strong and sustained economic growth. ← 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