This quiz works best with JavaScript enabled. Home > Finance > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 13 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The knowledge, skills, and relative health of a nation's labor force/ A) Human Capital. B) Capital Good. C) Literate. D) Standard of living. Show Answer Correct Answer: A) Human Capital. 2. What do we use National Income for? A) To predict the weather patterns. B) To determine the best vacation spots. C) To measure the economic performance of a country and compare the standard of living between different countries. D) To calculate the population growth rate. Show Answer Correct Answer: C) To measure the economic performance of a country and compare the standard of living between different countries. 3. In Australia, what is the proportion of investment (I) in national income? A) 40%. B) 10%. C) 20%. D) 5%. Show Answer Correct Answer: C) 20%. 4. What is export led growth? A) When countries open up their economies to the international market. B) When countries reduce their export activities. C) When countries focus only on domestic production. D) When countries close their economies to the international market. Show Answer Correct Answer: A) When countries open up their economies to the international market. 5. What does HDI look at? A) A long and healthy life:Life expectancy at birth, Education index:Mean years of schooling and Expected years of schooling, A decent standard of living:GNI per capita. B) Life expectancy from birth to death, ability to access school, A decent standard of living:GNI per capita. C) Education index:Mean years of schooling and Expected years of schooling, A decent standard of living:GNI per capita. D) Ability to access school, A decent standard of living:GNI per capita, Happiness index. Show Answer Correct Answer: A) A long and healthy life:Life expectancy at birth, Education index:Mean years of schooling and Expected years of schooling, A decent standard of living:GNI per capita. 6. Define "economic growth" . What is the meaning of Economic Growth? A) Continuous increaseContinuous increase. B) An increase in the production of goods and services in an economy. C) An increase that occurs in a certain timeAn increase that occurs in a certain time. D) Peningkatan dalam hal kinerja tenaga kerja sehingga meningkatkan produktifitas barang dan jasa (ekspor dan impor)An increase in labor performance to boost productivity of goods and services (exports and imports). Show Answer Correct Answer: B) An increase in the production of goods and services in an economy. 7. What is GDP per capita? A) The annual income of citizens within a nation. B) The countries import and export costs. C) The amount of banks that open in a certain area. D) The amount of houses and building that are constructed. Show Answer Correct Answer: A) The annual income of citizens within a nation. 8. What is one potential advantage of achieving strong and sustainable economic growth? A) Increased environmental degradation. B) Improved living standards for the population. C) Higher levels of income inequality. D) Short-term economic gains without long-term consequences. Show Answer Correct Answer: B) Improved living standards for the population. 9. You don't need formal education to develop your human resources. A) False. B) True. Show Answer Correct Answer: B) True. 10. Why might supply-side policies alone not solve the problem of deficient aggregate demand during a recession? A) Because supply-side policies increase demand. B) Because supply-side policies take time to have an effect and do not directly stimulate demand. C) Because supply-side policies immediately solve the problem of deficient aggregate demand. D) None of the above. Show Answer Correct Answer: B) Because supply-side policies take time to have an effect and do not directly stimulate demand. 11. A skill is an area of expertise or the ability to carry out specific job functions. A) Manager. B) Order. C) Skill. D) Resource. Show Answer Correct Answer: C) Skill. 12. How many parts is the General Assembly divided into? A) 4. B) 5. C) 2. D) 3. Show Answer Correct Answer: C) 2. 13. Which of these examples would describe growth due to technology? A) Harvard College was founded in 1636 and is still open to this day. B) German inventor Johannes Gutenberg invented the printing press. C) The U.S funded the building of the Panama Canal, completed in 1914. D) NAFTA was created to promote trade among the North American countries. Show Answer Correct Answer: B) German inventor Johannes Gutenberg invented the printing press. 14. What is the term for a good that is impossible to prevent people from accessing? A) Ample reserves. B) Excludable good. C) Non-excludable good. D) Non-rival good. E) Rival good. Show Answer Correct Answer: D) Non-rival good. 15. What is a concern related to tied aid in developing countries? A) It promotes economic development. B) It reduces demand for skilled workers. C) It encourages domestic production. D) It leads to dependency on the donor country. Show Answer Correct Answer: D) It leads to dependency on the donor country. 16. Which South Africa president primarily focus on economic growth? A) Jacob Zuma. B) Cyril Ramaphosa. C) Thabo Mbeki-The Best Of Thabo Mbeki. D) Nelson Mandela. Show Answer Correct Answer: C) Thabo Mbeki-The Best Of Thabo Mbeki. 17. Economic growth can be seen by an outward shift of A) The Minimum Efficient Scale. B) The Gross Domestic Barrier. C) The Marginal Consumption Frontier. D) The Production Possibility Curve. Show Answer Correct Answer: D) The Production Possibility Curve. 18. Discuss the limitations of using GDP as a measure of economic growth. A) GDP accounts for all economic activities. B) GDP reflects the quality of life accurately. C) GDP does not account for informal economy, non-market transactions, income distribution, quality of life, and environmental impact. D) GDP accurately measures income distribution. Show Answer Correct Answer: C) GDP does not account for informal economy, non-market transactions, income distribution, quality of life, and environmental impact. 19. Supports strong tertiary, quaternary, and quinary sectors. A) Stage 5:High Mass Consumption. B) Stage 2:Pre-Condition for Take-Off. C) Stage 1:Traditional Society. D) Stage 4:Drive to Maturity. E) Stage 3:Take-Off. Show Answer Correct Answer: A) Stage 5:High Mass Consumption. 20. True or False:Plessy v Ferguson upheld segregation with the ruling that facilities could be "separate but equal." A) True. B) False. Show Answer Correct Answer: A) True. 21. Thomas is a member of the House of Delegates. He wants to help make the state laws. In which branch of the Virginia state government does he work? A) Executive branch. B) Legislative branch. C) Judicial branch. D) None of above. Show Answer Correct Answer: B) Legislative branch. 22. How do industrialized nations keep the literacy rate high? A) By offering training in other countries. B) By not sharing economies. C) By offering better education. D) None of the above. Show Answer Correct Answer: C) By offering better education. 23. Which statement about AD is most correct? A) Aggregate demand is the total of all types of spending in Australia represented by C + I + G + X + M. B) C represents private household consumption of, for example, take-away food, shelter, cars, holidays and clothes. C) I represents business spending, which would rise if business confidence fell. D) If AD rose, GDP would fall. Show Answer Correct Answer: B) C represents private household consumption of, for example, take-away food, shelter, cars, holidays and clothes. 24. A country's literacy rate is the percentage of adults who ..... A) Can read & write. B) Material comfort. C) Educated and skilled. D) Pays a higher salary. E) Standard of living. Show Answer Correct Answer: A) Can read & write. 25. The global unemployment rate in 2017 was: A) 7%. B) 6%. C) 10%. D) 5.6 %. Show Answer Correct Answer: D) 5.6 %. 26. How did Lizzie WIlliams Johnson earn her nickname, The Texas Cattle Queen? A) She was very wealthy and hired many workers to take her cattle to the market. B) She was married to the King of the Cows. C) She went with her cattle on the trail drive to the market. D) She ate a lot of hamburgers. Show Answer Correct Answer: C) She went with her cattle on the trail drive to the market. 27. The Japanese economy has to make up for the country's lack of: A) Education. B) Fish. C) Population. D) Natural resources. Show Answer Correct Answer: D) Natural resources. 28. Use the information in the box below to answer this question. In order to produce a good or a service, four factors of production are needed-natural resources (land) human resources (labor)capital resources (buildings and machinery) entrepreneurship (organization). A sixth-grade class decides to open a popcorn stand. The stand and the popcorn popper are examples of which factor of production? A) Capital resources. B) Human resources. C) Entrepreneurship. D) Natural resources. Show Answer Correct Answer: A) Capital resources. 29. A rise in the quality or quantity of factor inputs will lead to long run economic growth 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. 30. Which of the following is not a consequence of economic growth? A) Increased standard of living. B) Decreased national income. C) More employment opportunities. D) Technological advancement. Show Answer Correct Answer: B) Decreased national income. ← 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