This quiz works best with JavaScript enabled. Home > Finance > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 11 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What must be present for an economy to be measured? A) Trade barriers. B) A nation watching. C) Some form of measurement. D) A union. Show Answer Correct Answer: C) Some form of measurement. 2. Mass production led to: A) Goods became less expensive. B) Industries moved to rural areas. C) Laborers received higher wages. D) Products being more superior in quality. Show Answer Correct Answer: A) Goods became less expensive. 3. Who was one of the most successful cowgirls in Texas history? A) Amelia Earhart. B) Ladybird Johnson. C) Lizzie Johnson. D) Sam Houston. Show Answer Correct Answer: C) Lizzie Johnson. 4. What do we call the phase in an economic cycle when the economy is doing really well? A) A recession. B) An explosion. C) A trough. D) A boom. Show Answer Correct Answer: D) A boom. 5. A country experiencing a high rate of economic growth may take some of the benefits in the form of increased ..... A) Per head. B) Net investment. C) Mobility. D) Non replaceable. E) Leisure. Show Answer Correct Answer: E) Leisure. 6. Economic growth is measured through GDP while human development is measured through levels of education, healthcare and other quality of life measures. A) FALSE. B) TRUE. Show Answer Correct Answer: B) TRUE. 7. What role does education play in economic growth? A) Education leads to the depletion of resources and slows down economic growth. B) Education leads to the development of human capital, which increases productivity and innovation, and can lead to the creation of new industries and the growth of existing ones. C) Economic growth is solely dependent on natural resources and not education. D) Education has no impact on economic growth. Show Answer Correct Answer: B) Education leads to the development of human capital, which increases productivity and innovation, and can lead to the creation of new industries and the growth of existing ones. 8. A country can increase its human capital by investing in ..... A) Education for its citizens. B) New machinery for factories. C) Railroads and airports. D) None of above. Show Answer Correct Answer: A) Education for its citizens. 9. The curve above shows economic growth..... A) Catch-Up. B) No catch-up. Show Answer Correct Answer: A) Catch-Up. 10. The economy fluctuates between periods of ..... in the short run, but economic growth can occur in the long run. A) Expansion and contraction. B) Day and night. C) Fight or flight. D) War and peace. Show Answer Correct Answer: A) Expansion and contraction. 11. Higher the literacy rate, generally the A) Lower the standard of living. B) Higher the standard of living. C) Standard of living decreases. D) Standard of living stays the same. Show Answer Correct Answer: B) Higher the standard of living. 12. What is the latest scientific method and production technique that helps increase productivity? A) Technology. B) Robots. C) Computers. D) Social media. Show Answer Correct Answer: A) Technology. 13. How have investments in Human Capital and capital goods impacted the UK and Germany's economy? A) Both have high GDP and strong economies. B) Both have low GDP and weak economies. C) Both have good football clubs. D) Both have terrible capital cities. Show Answer Correct Answer: A) Both have high GDP and strong economies. 14. A benefit of economic growth is that the government tax revenue will increase, and the amount spent on unemployment benefits reduce 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. 15. Using the chart under Data analysis, (on page 51) Which country has the lowest literacy rate? A) Brazil. B) Haiti. C) Mexico. D) All the above. Show Answer Correct Answer: B) Haiti. 16. When an economy produces more output per capital the economy is said to be having A) Inflation. B) Economic growth. C) Economic planning. D) Living standard. Show Answer Correct Answer: B) Economic growth. 17. An economic recession is defined as ..... A) Two consecutive months of economic contraction. B) Two consecutive years of economic contraction. C) Two consecutive quarters of economic contraction. D) Two consecutive weeks of economic contraction. Show Answer Correct Answer: C) Two consecutive quarters of economic contraction. 18. What will generally happen to the aggregate demand curve when consumer confidence is too low? A) No change in the AD curve. B) AD Curve slopes up. C) AD Curve shifts right. D) AD Curve shifts left. Show Answer Correct Answer: D) AD Curve shifts left. 19. In a production possibilities frontier model, a point ..... the frontier is productively inefficient. A) Inside. B) Along. C) At either intercept of. D) Outside. Show Answer Correct Answer: A) Inside. 20. Which of the following is NOT a form of capital? A) Knowledge. B) Workers. C) Machinery. D) Tools. Show Answer Correct Answer: B) Workers. 21. What are the costs of economic growth for consumers? A) Increase in inequality. B) Increase in consumer confidence. C) Decrease in demand-pull inflation. D) Decrease in shoe leather costs. Show Answer Correct Answer: A) Increase in inequality. 22. Which country has invested capital good toward telecommunications? A) Russia. B) Germany. C) United Kingdom. D) None of above. Show Answer Correct Answer: C) United Kingdom. 23. What measures could help India take advantage of Western efforts to shift supply chains out of China? A) Privatisation and looser foreign-investment rules. B) Increased retirement ages and financial market reforms. C) Improved health insurance and social care. D) Higher female participation in the labour force. Show Answer Correct Answer: A) Privatisation and looser foreign-investment rules. 24. Which of these natural resources is in extremely short supply in the Middle East? A) Coal. B) Oil. C) Iron. D) Water. Show Answer Correct Answer: D) Water. 25. A resource used to produce a good or service A) Creation. B) Manufacturing. C) Productive resource. D) Building. Show Answer Correct Answer: C) Productive resource. 26. Low labour mobility can lead to unemployment: A) Yes, structural unemployment. B) Yes, general unemployment. C) No, it cannot. D) Yes, cyclical unemployment. Show Answer Correct Answer: A) Yes, structural unemployment. 27. The (value of exports-value of imports) is also used to calculate GDP. A) False. B) True. Show Answer Correct Answer: B) True. 28. Which of the following is a criticism of using expansionary fiscal policy? A) There is a multiplier effect. B) Fiscal policy is highly ineffective in solving demand-deficient recessions. C) The government may need to run a budget deficit. D) The economy will not necessarily self-correct when aggregate demand isdepressed. Show Answer Correct Answer: C) The government may need to run a budget deficit. 29. America's ..... is calculated by adding up consumer spending, government spending, national investments and net exports. A) Per capita. B) Gross domestic product. C) Inflation. D) None of above. Show Answer Correct Answer: B) Gross domestic product. 30. Who would be most likely to OPPOSE the concept of 'Free Silver' and the Populist Party? A) Bankers. B) Soldiers. C) Farmers. D) None of above. Show Answer Correct Answer: A) Bankers. ← 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