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Economic Growth Quiz 21 (25 MCQs)

Quiz Instructions:

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1. What is the impact of having natural resources on a country's GDP?
2. What are the 4 factors that lead to a country's economic growth?
3. An economy is most likely to be in the boom phase of the economic cycle when there is a rise in
4. Why might Net Social Welfare be a better measure of growth than real GDP?
5. An increase in the labour force participation rate is most likely to
6. A product sent and sold to another country.
7. If Mrs. Sherman's family find oil in her back yard, how can she invest in capital goods to help her make money off of her newfound oil?
8. The closer the HDI is to 0, the _____ developed the country is.
9. Your friend and you decide to open a snow cone stand. The training you give to the people you hire to run the stand are examples of which factor of production?
10. Economic migration has to do with people that choose to move to improve the standard of living by gaining a better paid job
11. Which diagram best fits the following change:a violent conflict destroys a portion of a country's factories, machine, and road systems
12. Depreciation is when _____
13. What did the Homestead Act do?
14. Use the map to answer the following question. What industry is primarily found in the Blue Ridge Mountains?
15. Which of the following decreased the cost of manufacturing products?
16. A PPF diagram can illustrate short run and long run economic growth
17. What does sustainable development means?
18. NO.2 Which of the following is a necessary condition for sustainable development?
19. Skilled workers to fill jobs within the economy are considered to be _____
20. Taking over companies that are your competition in order to try to have a monopoly is called _____ integration.
21. Which one is the correct formula to calculate unemployment rate?
22. A country investing in newer technology.
23. Productivity describes the ability of individuals or a production system to:
24. Settlement that developed at the intersection of railroad lines and cattle trails.
25. Who sets the price for goods in Australia?
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