This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 96 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 96 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Sustainable economic growth aims to: A) Maximize short-term gains regardless of long-term consequences. B) Deplete natural resources as quickly as possible to boost the economy. C) Balance economic development with environmental and social considerations. D) Maintain high inflation rates for an extended period. Show Answer Correct Answer: C) Balance economic development with environmental and social considerations. 2. If everyone who wants to work can can find a job, a country has: A) Inflation. B) Economic Freedom. C) Full Employment. D) Employment Insurance. Show Answer Correct Answer: C) Full Employment. 3. In an economy, economic growth always occurs when: A) There is more spending on goods and services between one year and the next. B) There is more production of goods and services between one year and the next. C) There are more resources available between one year and the next. D) Business activity is steady between one year and the next. Show Answer Correct Answer: B) There is more production of goods and services between one year and the next. 4. Using the chart under Data analysis, (on page 51) What country has the highest literacy rate? A) Haiti. B) Brazil. C) Mexico. D) All of the above. Show Answer Correct Answer: B) Brazil. 5. True or False:The assembly line created a large number of unskilled labor jobs in cities. A) True. B) False. Show Answer Correct Answer: A) True. 6. Which is true of industrialized nations? A) They have little economy. B) They offer basic military training. C) They offer no education. D) They have high literacy rates. Show Answer Correct Answer: D) They have high literacy rates. 7. Which is the best description of Gross Domestic Product (GDP)? A) Grocery stores. B) Public banking. C) Estimate of the goods and services that are manufactured and produced within one year of a country. D) A measurement that compares and contrasts real estate and real estate investments. Show Answer Correct Answer: C) Estimate of the goods and services that are manufactured and produced within one year of a country. 8. What is the Economic Freedom Index (EFI) of Israel? A) Not open to entrepreneurship. B) Highly open to entrepreneurship. C) No impact on entrepreneurship. D) Moderately open to entrepreneurship. Show Answer Correct Answer: D) Moderately open to entrepreneurship. 9. Things needed to produce goods and services A) Capital Goods. B) Factors of Production. C) Standard of Living. D) Gross Domestic Product (GDP). Show Answer Correct Answer: B) Factors of Production. 10. Germany specializes in the production of automobiles. Based on this information, which statement is MOST LIKELY correct? A) Germany has no natural resources that other countries demand. B) Germany has a low gross domestic product and high unemployment. C) Germany can produce automobiles more efficiently than other countries. D) Germany sells automobiles to domestic consumers for very low prices. Show Answer Correct Answer: C) Germany can produce automobiles more efficiently than other countries. 11. Which concept describes how investment in business can lead to wider improvements in the local area? A) Multiplier effect. B) Demographic Transition Model. C) Gini coefficient. D) Hoyt sector model. Show Answer Correct Answer: A) Multiplier effect. 12. How does investment in capital (money) influence GDP? A) Education and healthcare will increase. B) To put in time, money, or energy will decrease the GDP. C) If you invest money, you will make more money and then the GDP will increase. D) None of above. Show Answer Correct Answer: C) If you invest money, you will make more money and then the GDP will increase. 13. Which of the following is an example of a government policy that can promote economic growth? A) Providing tax breaks for individuals, reducing infrastructure spending, and cutting funding for education and research. B) Tax incentives for businesses, infrastructure development, and investment in education and research. C) Increasing taxes on businesses, reducing infrastructure spending, and cutting funding for education and research. D) Implementing strict regulations on businesses, neglecting infrastructure development, and reducing funding for education and research. Show Answer Correct Answer: B) Tax incentives for businesses, infrastructure development, and investment in education and research. 14. What is the main factor that makes Indonesia favorable for investors? A) Limited Natural Resources. B) Government Opposition to FDI. C) Strong Fundamentals and Government Support. D) Low Population Size. Show Answer Correct Answer: C) Strong Fundamentals and Government Support. 15. A nation's ..... determine the strength of its economy A) Productive resources. B) Goods & services produced. C) Others do not. D) Per person. E) Weaker economies. Show Answer Correct Answer: A) Productive resources. 16. James Watt invented the steam engine in 1765, resulting in the industrial revolution, which is a characteristic of society according to Rostow, namely society..... A) Takeoff Prerequisites. B) Traditional. C) High Level Consumption. D) Economic Maturity. E) Takeoff Phase. Show Answer Correct Answer: E) Takeoff Phase. 17. The forecast of Germany's GDP growth in 2013 was 1.5%.What might cause economic growth? A) AN increase in imports. B) An increase in interest rates. C) An increase in productivity. D) An increase in unemployment. Show Answer Correct Answer: C) An increase in productivity. 18. The four facts of Economic Growth include:Capital, entrepreneurs, ....., and ..... A) Uranium & Oil. B) Human capital & oil. C) Natural Resources & capital. D) Human capital and natural resources. Show Answer Correct Answer: D) Human capital and natural resources. 19. What was the long term impact of the decreasing buffalo population on Native American tribes? A) Native Americans were forced on to reservations. B) Native Americans began to raise buffalo on farms. C) Native Americans moved to cities. D) Native Americans began hunting wild horses. Show Answer Correct Answer: A) Native Americans were forced on to reservations. 20. Why should a country invest in infrastructure/capital? A) Increasing investments in infrastructure will eventually increase the GDP. B) Increasing innovative thinkers will increase the GDP. C) Decreasing infrastructure will help the country decrease unemployment. D) Investing in infrastructure would not be beneficial and should be avoided. Show Answer Correct Answer: A) Increasing investments in infrastructure will eventually increase the GDP. ← 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