This quiz works best with JavaScript enabled. Home > Finance > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 20 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 20 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Give an example of a natural resource used in the economy. A) Coal. B) Gold. C) Oil. D) Water. Show Answer Correct Answer: C) Oil. 2. All of the following stimulate Economic Growth except A) Highly skilled work force. B) Advancements in technology. C) A population highly dependent on welfare. D) Land and other natural resources. Show Answer Correct Answer: C) A population highly dependent on welfare. 3. How does Bangladesh's wealth impact its citizens? A) It has no impact on its citizens. B) It only affects the government officials. C) It can affect their standard of living, access to education and healthcare, and overall quality of life. D) It leads to increased crime rates. Show Answer Correct Answer: C) It can affect their standard of living, access to education and healthcare, and overall quality of life. 4. John learns a skill A) Natural Resources. B) Human Capital. C) Entrepreneur. D) Capital Goods. Show Answer Correct Answer: B) Human Capital. 5. People that are willing to take risks and start new businesses or invent new items help to stimulate their countries economies. What factor of production does this represent? A) Entrepreneurship. B) Natural resources. C) Capital goods. D) Human capital. Show Answer Correct Answer: A) Entrepreneurship. 6. Oil refinery is an industrial process where crude oil is transformed into more useful products such as petroleum. A) True. B) False. Show Answer Correct Answer: A) True. 7. What is the relationship between education and training in a country and the country's gross domestic product (GDP)? A) Countries with a high level of education and training have a higher GDP. B) Gross domestic product only deals with the amount of investment in factories and machinery. C) The role of entrepreneurs is the only factor affecting gross domestic product. D) There is no relationship between education and training and gross domestic product. Show Answer Correct Answer: A) Countries with a high level of education and training have a higher GDP. 8. Amiyah opens a hair shop A) Capital Goods. B) Entrepreneur. C) Natural Resources. D) Human Capital. Show Answer Correct Answer: B) Entrepreneur. 9. Gustavus Swift invented the ..... A) Refrigerated RR car. B) Airplane. C) Telephone. D) Light bulb and electricity power plant. Show Answer Correct Answer: A) Refrigerated RR car. 10. Country has a high ratio of investment to GDP and rapid economic growth. If the net capital inflow from abroad is zero, what will be a necessary cost of such growth? A) An increase in taxation. B) The sacrifice of present consumption by residents of the country. C) Increased imports of goods from abroad. D) Increased consumption of luxury goods by richer residents. Show Answer Correct Answer: B) The sacrifice of present consumption by residents of the country. 11. At which stage of the economic cycle would you expect to see negative economic growth? A) Slump. B) Recession. C) Boom. D) Recovery. Show Answer Correct Answer: B) Recession. 12. According to paragraph 6, merchants were able to avoid the risk of carrying large amounts of gold and silver by A) Bills of exchange. B) Banks. C) Business investment. D) Exchangers who took loans. Show Answer Correct Answer: B) Banks. 13. ..... is the total value of all goods produced by a country in one year. A) Gross Profit. B) Gross Domestic Product. C) Profit. D) Investment. Show Answer Correct Answer: B) Gross Domestic Product. 14. Granted 17 million acres of Federal land to states ..... use the money to build colleges-stressed agriculture and engineering. A) Homestead Act. B) Morrill Act. C) Treaty of Fort Laramie. D) Sherman Anti-Trust Act. Show Answer Correct Answer: B) Morrill Act. 15. How does sustainable economic growth contribute to future generations? A) By depleting natural resources. B) By creating significant economic problems. C) By maintaining a degraded natural environment. D) By avoiding significant economic problems. Show Answer Correct Answer: D) By avoiding significant economic problems. 16. What were the negative effects on cities around the factories that sprung up during Industrial Revolution? A) The opening of the Erie Canal. B) The negative environmental impact of steel mills and factories. C) The decline of steamboat transportation. D) The development of the Bessemer Process. Show Answer Correct Answer: B) The negative environmental impact of steel mills and factories. 17. What key factor affects a nation's economicgrowth the MOST? A) The goods its trading partners specialize in. B) The length of time its leader has been in office. C) The education and skill level of its workforce. D) The amount of choices available to its consumers. Show Answer Correct Answer: C) The education and skill level of its workforce. 18. Which of the following best describes gross domestic product? A) The growth in the number of goods and services bought over a period of time. B) The value of good and services bought over a period of time. C) The number of goods and services produced over a period of time. D) The value of goods and services produced over a period of time. Show Answer Correct Answer: D) The value of goods and services produced over a period of time. 19. URBAN societies typically mean what kind of economy? A) Agricultural. B) Industrial. Show Answer Correct Answer: B) Industrial. 20. Select all the items that DO NOT determine a country's standard of living and quality of life A) Real GDP. B) Life expectancy. C) Diet and Nutrition. D) Freedom and Justice. E) All of the above are used to determine standard of living and quality of life. Show Answer Correct Answer: E) All of the above are used to determine standard of living and quality of life. 21. What is the example of growth miracles mentioned in the text? A) China, Korea, and Japan. B) United States, Great Britain, and Australia. C) India, Brazil, and Russia. D) Germany, France, and Italy. Show Answer Correct Answer: A) China, Korea, and Japan. 22. What is the main drawback of long term loans as a form of development aid? A) It leads to income equality. B) It reduces demand for skilled workers. C) It encourages domestic production. D) It increases the debt burden on the recipient country. Show Answer Correct Answer: D) It increases the debt burden on the recipient country. 23. Why do government experts track the business cycle? A) To give the government a competitive advantage over businesses. B) To help maintain competitive balance between businesses. C) To try to predict what will happen to the U.S. economy. D) To provide a record of what has gone wrong in the past. Show Answer Correct Answer: C) To try to predict what will happen to the U.S. economy. 24. What is a consequence of not achieving strong and sustainable economic growth on living standards? A) Environmental degradation. B) Improved environmental conditions. C) Higher life expectancy. D) Lower inflation rates. Show Answer Correct Answer: A) Environmental degradation. 25. What are negative effects of Growth A) Increase in resources, increased inflation. B) Increased equity, increased equality. C) Resource Depletion, Increased inflation. D) Environmental damage, increases in resources found. Show Answer Correct Answer: C) Resource Depletion, Increased inflation. 26. Education, training, skills and health care of the workers in a business or country. A) Capital goods. B) None of these. C) Human capital. D) Natural resources. Show Answer Correct Answer: C) Human capital. 27. What has happened to the income of the BRIC countries since 2001? A) It has increased rapidly. B) It has remained the same. C) It has fluctuated. D) It has decreased. Show Answer Correct Answer: A) It has increased rapidly. 28. Virginia's economy is greatly dependent on ..... A) Timber. B) Tourism. C) Sheep. D) Gravel. Show Answer Correct Answer: B) Tourism. 29. Which of the following is a major goal of short-run macroeconomic policy? A) Shift the production possibilities curve outward. B) Move toward the production possibilities curve. C) Shift the aggregate supply curve to the left. D) None of the choices are correct. Show Answer Correct Answer: B) Move toward the production possibilities curve. 30. Human capital includes the ..... people use to produce goods and services. A) Raw materials. B) Factories machines, & technology. C) Skills, knowledge, and experience. D) None of above. Show Answer Correct Answer: C) Skills, knowledge, and experience. ← 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