This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 95 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 95 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is a reservation? A) Land set aside by the U.S. government for Native Americans to be relocated onto. B) A limit created by the U.S. government on the number of buffalo that could be killed each year. C) System created to reserve cattle for shipment to eastern cities. D) None of above. Show Answer Correct Answer: A) Land set aside by the U.S. government for Native Americans to be relocated onto. 2. Which of the following does Virginia NOT export? A) Poultry. B) Bananas. C) Large ships. D) Tobacco. Show Answer Correct Answer: B) Bananas. 3. What is the role of investment in economic growth? A) It decreases production capacity. B) It hinders technological progress. C) It enables firms and economies to expand their production capacities. D) It leads to inflation. Show Answer Correct Answer: C) It enables firms and economies to expand their production capacities. 4. The measure of a nation's quality of life based on income, education, life expectancy, and other factors A) Standard of living. B) Standard of excellence. C) Standard of wealth. D) Standard of money. Show Answer Correct Answer: A) Standard of living. 5. Native American ceremony believed to bring a new world free of white people. A) Ghost Dance. B) Christmas. C) Reservation. D) Horse Dance. Show Answer Correct Answer: A) Ghost Dance. 6. ..... are the materials that come from nature, such as land, forests, minerals, water, etc A) Natural resources. B) Capital Goods. C) Productive Resources. D) Human Resources. Show Answer Correct Answer: A) Natural resources. 7. What are the advantages of the 'Doughnut Economics' model? A) It isn't guaranteed to work in developing countries. B) It takes time to implement. C) It assumes people will magically become warier of their surroundings. D) It combines both social and monetary economics. Show Answer Correct Answer: D) It combines both social and monetary economics. 8. How do you measure the strength of a nations economy? A) Adding up how many natural resources it has. B) Looking at a nations GDP and GDP per capita. C) Adding up how many entrepreneurs a nation has. D) Asking all citizens to complete the census every 10 years. Show Answer Correct Answer: B) Looking at a nations GDP and GDP per capita. 9. Why is the natural environment important? A) Gives us a wealth of services that are difficult to measure in dollars. B) Helps clean our air, purify our water, produce food and medicines, . C) Green spaces help keep us healthy. D) All of the above. Show Answer Correct Answer: D) All of the above. 10. The total sum of all goods and services produced in a certain time period. A) GDP per capita. B) GDP. C) GNP. D) GNH. Show Answer Correct Answer: B) GDP. 11. Which year is the one designed to meet those goals? A) 2030. B) 1990. C) 2022. D) 2031. Show Answer Correct Answer: A) 2030. 12. What are the key institutions for economic growth? A) Property rights, honest government, political stability, a dependable legal system, and competitive and open markets. B) Physical capital, human capital, and technological knowledge. C) Incentives and organization. D) History, ideas, culture, geography, and luck. Show Answer Correct Answer: A) Property rights, honest government, political stability, a dependable legal system, and competitive and open markets. 13. Purchases of high order goods become more and more common. 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. 14. In GDP, this is long-term spending by businesses and individuals. A) Consumption. B) Investment. C) Net exports. D) Imports. Show Answer Correct Answer: B) Investment. 15. Which statement is true about the circular flow diagram? [Product Market:where final G&S are sold. Factor Market:factors of production (land, labour ..... )] A) Households are demanders in the product market and suppliers in the factor market. B) Businesses are demanders in the product market and suppliers in the factor market. C) Households are demanders in the factor market and suppliers in the product market. D) Businesses and households are not components of the circular flow diagram. Show Answer Correct Answer: A) Households are demanders in the product market and suppliers in the factor market. 16. Suppose that in the country of Xanadu, the real GDP in 2004 was R1883 billion. In 2005, real GDP was R1610 billion. In Xanadu, real GDP grew by A) 14.5%. B) 17%. C) -14.5%. D) -17%. Show Answer Correct Answer: C) -14.5%. 17. What is the term used to describe the phase when growth is rampant and above potential? A) Boom. B) Slowdown. C) Recession. D) Trough. Show Answer Correct Answer: A) Boom. 18. What are the four main categories of productive resources? A) Food, games, and drinks. B) Air, trees, life, and water. C) I dont know the answer . D) Human capital, capital goods, and entrepreneurship. Show Answer Correct Answer: D) Human capital, capital goods, and entrepreneurship. 19. What is the term coined by Joseph Schumpeter to describe the replacement of old methods with new and more productive ways? A) Creative destruction. B) Technological unemployment. C) Innovation today. D) Appropriation. E) Creative inception. Show Answer Correct Answer: A) Creative destruction. 20. The relationship between the literacy rate and standard of living in Southwest Asia is ..... A) The literacy rate has no effect on the standard of living. B) The standard of living is independent of the literacy rate. C) A low literacy rate creates a higher standard of living. D) The higher the literacy rate the higher the standard of living. Show Answer Correct Answer: D) The higher the literacy rate the higher the standard of living. ← 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