This quiz works best with JavaScript enabled. Home > Finance > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 18 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 18 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Economic migration has to do with people that choose to move to improve the standard of living by gaining a better paid job A) False. B) True. Show Answer Correct Answer: B) True. 2. Depreciation is when ..... A) The value of an asset increases over time. B) The value of an asset is not affected by time. C) The value of an asset remains constant over time. D) The value of an asset decreases over time. Show Answer Correct Answer: D) The value of an asset decreases over time. 3. What did the Homestead Act do? A) It limited immigration. B) It regulated businesses. C) It increased the tariff. D) It gave free land to those who settled in the West. Show Answer Correct Answer: D) It gave free land to those who settled in the West. 4. Use the map to answer the following question. What industry is primarily found in the Blue Ridge Mountains? A) Shipbuilding. B) Recreation. C) Coal. D) Technology. Show Answer Correct Answer: B) Recreation. 5. Which of the following decreased the cost of manufacturing products? A) Moving Assembly Line. B) Philanthropy. C) Monopolies. D) None of above. Show Answer Correct Answer: A) Moving Assembly Line. 6. A PPF diagram can illustrate short run and 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. 7. What does sustainable development means? A) Sustained rise in real GDP. B) Reducing inequality and unemployment. C) Exploitation of natural resources. D) Sustainable growth that doesn't harm the environment. Show Answer Correct Answer: D) Sustainable growth that doesn't harm the environment. 8. NO.2 Which of the following is a necessary condition for sustainable development? A) Increase in the quality of life. B) Reduction in the level of pollution. C) Conservation of stock of natural capital. D) All of these. Show Answer Correct Answer: D) All of these. 9. Skilled workers to fill jobs within the economy are considered to be ..... A) Productive resources. B) Natural resources. C) Capital goods. D) Human capital. Show Answer Correct Answer: D) Human capital. 10. Taking over companies that are your competition in order to try to have a monopoly is called ..... integration. A) Vertical. B) Horizontal. C) Diagonal. D) None of above. Show Answer Correct Answer: B) Horizontal. 11. Which one is the correct formula to calculate unemployment rate? A) (Number of employed / Labor force) x 100. B) (Labor force / Number of unemployed) x 100. C) (Number of unemployed / Labor force) x 100. D) (Number of unemployed / Number of employed) x 100. Show Answer Correct Answer: C) (Number of unemployed / Labor force) x 100. 12. A country investing in newer technology. A) Capital goods. B) Human capital. Show Answer Correct Answer: A) Capital goods. 13. Productivity describes the ability of individuals or a production system to: A) Produce a number of goods or services in a given period of time. B) Produce a high quality of work in a given period of time. Show Answer Correct Answer: A) Produce a number of goods or services in a given period of time. 14. Settlement that developed at the intersection of railroad lines and cattle trails. A) Cowtown. B) Capital. C) Port. D) Bullburg. Show Answer Correct Answer: A) Cowtown. 15. Who sets the price for goods in Australia? A) Buyers and sellers agree upon price. B) The governor-general sets prices for most goods. C) Parliament sets a price for all goods in the country. D) Prices for goods are set based on customs and beliefs of the Aborigines. Show Answer Correct Answer: A) Buyers and sellers agree upon price. 16. Abe loves the outdoors and participates in many types of recreation. What region of Virginia is best known for its recreation industry? A) Coastal Plain (Tidewater). B) Valley and Ridge. C) Blue Ridge Mountains. D) Appalachian Plateau. Show Answer Correct Answer: C) Blue Ridge Mountains. 17. Natural Resources A) The total dollar value of all goods and services produced by a country in one year. B) The materials that come from nature, such as land, forests, minerals, water, etc. C) A physical object that is sold to make money. D) The man-made materials that are needed to produce goods and services. Show Answer Correct Answer: B) The materials that come from nature, such as land, forests, minerals, water, etc. 18. How much money do the businesses in Dharavi contribute to Mumbai's economy per year? A) £350 million. B) £300 million. C) £200 million. D) £100 million. Show Answer Correct Answer: A) £350 million. 19. The measurement of the annual income of citizens in a country A) Investment. B) GDP per capita. C) Relationship. D) Human capital. E) GDP. Show Answer Correct Answer: B) GDP per capita. 20. What was the goal of the Dawe's Act? A) Encourage Native Americans to become farmers and accept white culture. B) To provide Native Americans with payment for all the mistreatment they received. C) To return all the gold that was stolen from them by the U.S. government. D) None of above. Show Answer Correct Answer: A) Encourage Native Americans to become farmers and accept white culture. 21. Which factor is NOT a cause of potential economic growth? A) Discovery of natural resources. B) Recession. C) Investment in new capital. D) Technical progress. Show Answer Correct Answer: B) Recession. 22. Starts to improve farming techniques and shift more towards commercial agriculture. A) Stage 1:Traditional Society. B) Stage 2:Pre-Condition for Take-Off. C) Stage 4:Drive to Maturity. D) Stage 3:Take-Off. E) Stage 5:High Mass Consumption. Show Answer Correct Answer: B) Stage 2:Pre-Condition for Take-Off. 23. Main/critical/fundamental issue A) Economic recovery. B) Key question. C) Clear evidence. D) A great deal of. Show Answer Correct Answer: B) Key question. 24. Fiscal policy addressing an inflationary gap might involve: A) Increasing government expenditure. B) Cutting welfare programs. C) Encouraging private investments. D) Raising taxes. Show Answer Correct Answer: D) Raising taxes. 25. Which of the following contributed MOST to the decrease in Buffalo in the West? A) Rising demand for buffalo robes in cities back east. B) Poor soil quality in the buffalo-rich region of Oklahoma. C) The relocation of the Arapaho and Lakota tribes to South Dakota. D) A series of broken treaties between the United States and Plains Indians. Show Answer Correct Answer: A) Rising demand for buffalo robes in cities back east. 26. Excluding the agricultural sector, ..... percent of all workers fell into this employment category. A) A lot. B) 56%. C) 77!. D) 51. Show Answer Correct Answer: D) 51. 27. If a country is experiencing a recession, which of these might be observed? A) PPC shifting outward. B) Decrease in unemployment. C) Decrease in total demand. D) Increase in investment. Show Answer Correct Answer: C) Decrease in total demand. 28. True or False:Irish and Chinese immigrants mainly built the Transcontinental RR. A) True. B) False. Show Answer Correct Answer: A) True. 29. Which country specializes in fishing? A) United Kingdom. B) Russia. C) Germany. D) None of above. Show Answer Correct Answer: A) United Kingdom. 30. Which area in Mumbai is home to over 5000 small-scale businesses and factories? A) Mumbai's rural urban fringe. B) Dharavi. C) Mumbai's container port. D) Mumbai's waterfront. Show Answer Correct Answer: B) Dharavi. ← 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