This quiz works best with JavaScript enabled. Home > Finance > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 19 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 19 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. ..... was a muckraker that exposed the corruption of politicians like "Boss" Tweed. A) Sinclair. B) Tarbell. C) Nast. D) Wells. Show Answer Correct Answer: C) Nast. 2. Skills, education, and experience of workers-labor, cook, librarian, teachers, coach A) Capital goods. B) Entrepreneurship. C) Natural resources. D) Human capital. Show Answer Correct Answer: D) Human capital. 3. What is a country investing in if they spend money on solar energy to power government offices? A) Natural resources. B) Infrastructure/capital. C) People/human capital. D) Entrepreneurship. Show Answer Correct Answer: B) Infrastructure/capital. 4. Just doubling the amount of L under constant returns to scale: A) We leave the output of the intensity product K unchanged. B) We more than double the production of the product of intensity L. C) We double the production of the product of intensity L. D) We double the output of the product of intensity K. Show Answer Correct Answer: B) We more than double the production of the product of intensity L. 5. Which of the following can BEST be inferred from this map? A) The Northern Pacific Railroad helped establish many prosperous cities. B) Denver and Kansas City benefited from the growing railroad system of the United States. C) The Southern Pacific Railroad contributed to the growth of cities including San Francisco and Los Angeles. D) The connection of the Central Pacific and Union Pacific Railroads led to the development of a major city. Show Answer Correct Answer: C) The Southern Pacific Railroad contributed to the growth of cities including San Francisco and Los Angeles. 6. When economists look at inflation, the focus is on the ..... A) Changes in the price of a certain good. B) Changes in the prices of all goods. C) Changes in the prices of all services. D) Changes in the prices of all goods and services. Show Answer Correct Answer: D) Changes in the prices of all goods and services. 7. Which one IS NOT a natural resource? A) Cars. B) Oil. C) Lumber. D) Gold and silver. Show Answer Correct Answer: A) Cars. 8. The activity of creating a new business A) Chief executive officer. B) Secretary of the tresury. C) The boss. D) Entrepreneurship. Show Answer Correct Answer: D) Entrepreneurship. 9. What is the definition of GDP? A) The total market value of all final goods and services provided within an economy. B) The total output of a country at a given time period. C) The total market value of all intermediate goods and services provided within an economy by its factors of production in a given period of time. D) The total output of a country over a period of 10 years. Show Answer Correct Answer: B) The total output of a country at a given time period. 10. At which stage of the economic cycle would you expect to see demand for goods and services begin to rise again? A) Recovery. B) Boom. C) Slump. D) Recession. Show Answer Correct Answer: A) Recovery. 11. Which is not a determining factor for economic growth? Which option does not contribute to economic growth? A) Land and other natural resourcesLand and other natural resources. B) The quality and quantity of population and labors. C) Export goodsExport goods. D) Technological developmentTechnological development. Show Answer Correct Answer: C) Export goodsExport goods. 12. An innovation is A) An invention. B) A new idea that can be monetize. Show Answer Correct Answer: B) A new idea that can be monetize. 13. The "Fire" Nation's GDP in 2018 was £2380 & 2019 was £2615. If we use 2018 as the base year, how much will the Fire Nation's economy grow? A) 12%. B) 10%. C) 11%. D) 8%. E) 9%. Show Answer Correct Answer: B) 10%. 14. A place where business pay little or no tax. A) Hypermarket. B) Business Bay. C) Tax-Free Zone. D) Free Zone. Show Answer Correct Answer: D) Free Zone. 15. What is the primary consequence of a fall in asset prices during a recession? A) Higher budget surplus. B) Increased consumer confidence. C) Decline in investment. D) Rise in production. Show Answer Correct Answer: C) Decline in investment. 16. What is the state in which a country's successes become the norm, or habit, according to Rostow's model? A) Preconditions for Takeoff. B) Drive to Maturity. C) Traditional Society. D) High Mass Consumption. Show Answer Correct Answer: B) Drive to Maturity. 17. Which of the following is NOT a possible outcome when AD increases? A) Higher general price level. B) Higher real national income. C) Higher unemployment. D) Higher material standard of living. Show Answer Correct Answer: C) Higher unemployment. 18. Edoardo tutors children in need and gets paid in cash each week. Is this included in GDP? A) Yes-Consumer Spending. B) No-Underground Economy. C) Yes-Investment. D) No-Purely financial transaction. Show Answer Correct Answer: B) No-Underground Economy. 19. At which stage of the economic cycle would you expect consumers to have the highest levels of disposable income? A) Boom. B) Recovery. C) Recession. D) Slump. Show Answer Correct Answer: A) Boom. 20. GDP = Consumption by households + Investment by producers + government spending + (imports-exports) A) False. B) True. Show Answer Correct Answer: A) False. 21. Why have the Israelis made a big investment in human capital? A) They need capital tools to extract the abundance of oil profits. B) Investing in human capital will decrease the standard of living an overall quality of life. C) They have to bring in workers (labor) from other countries. D) They need well trained workers because their economy is diversified with advanced technology. Show Answer Correct Answer: D) They need well trained workers because their economy is diversified with advanced technology. 22. Future rates of economic growth are likely to decline as a consequence of: A) Stronger productivity growth. B) An ageing population. C) An increased labour force participation rate. D) Decreased incidence of health pandemiccoronavirus). Show Answer Correct Answer: B) An ageing population. 23. What does standard of living mean? A) How to live where you are living. B) Different levels of living for different people. C) Standards of how everyone should live in countries. D) Levels of wealth and material comfort available in a country. Show Answer Correct Answer: D) Levels of wealth and material comfort available in a country. 24. Which factor is being described in the following list:oil, plants, water, gold? A) Human resources. B) Capital goods. C) Natural resources. D) Entrepreneur. Show Answer Correct Answer: C) Natural resources. 25. Which of the following is not a part of the National Income? A) Undistributed profits. B) Income from government expenditure. C) The interest amount on the unproductive national debt. D) The payments made by a household to a firm for purchasing goods and services. Show Answer Correct Answer: C) The interest amount on the unproductive national debt. 26. What was the main effect of buying stocks on margin? A) Stabilized the stock market. B) Led to economic recession. C) Increased government revenue. D) Created quick wealth. Show Answer Correct Answer: D) Created quick wealth. 27. The percentage of people who are over 15 years old who have the ability to read and write A) Literacy. B) Literacy rate. C) Standard of living. D) Balkans. Show Answer Correct Answer: B) Literacy rate. 28. Which one of the following would have an effect on the rate of economic growth that is different to that of the other three? A) The government announces a cut in income tax. B) Households feel pessimistic about future employment prospects and fear that they may soon become unemployed. C) The rate of economic growth in the United States and Japan strengthens, combined with a lower exchange rate for the A$ . D) Interest rates fall following an announcement by the RBA. Show Answer Correct Answer: B) Households feel pessimistic about future employment prospects and fear that they may soon become unemployed. 29. Economic growth can be measured as the growth rate in ..... over time. A) Price levels. B) CPI. C) Real GDP. D) Real GDP per capita. Show Answer Correct Answer: D) Real GDP per capita. 30. According to paragraph 2, one effect of the desire to increase food production was that A) Forests and wetlands were used for farming. B) Land was cultivated in a different way. C) The rural economy was weakened. D) More farmers were needed. Show Answer Correct Answer: A) Forests and wetlands were used for farming. ← 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