This quiz works best with JavaScript enabled. Home > Finance > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 30 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 30 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following represents human resources in the context of economics? A) Money and investments. B) Land and buildings. C) Labor and skills. D) Oil and minerals. Show Answer Correct Answer: C) Labor and skills. 2. Among the following 5 countries, which country has the highest quality of life index? A) Japan. B) Sweden. C) People Republic of China. D) United States. E) Luxembourg. Show Answer Correct Answer: B) Sweden. 3. What is the value that each employed person creates per unit of his or her input? A) Human Capital. B) Labor productivity. C) Physical Capital. D) Technological Change. Show Answer Correct Answer: B) Labor productivity. 4. Discuss two causes of economic barriers. A) Decrease in population growth. B) 1. Lack of access to capital 2. Government regulations and policies. C) Low unemployment rate. D) High demand for goods and services. Show Answer Correct Answer: B) 1. Lack of access to capital 2. Government regulations and policies. 5. Doesn't always provide the basic needs to everyone in a society (the weak, sick, disabled, or elderly). A) Disadvantage of Traditional Economy. B) Disadvantage of Market Economy. Show Answer Correct Answer: B) Disadvantage of Market Economy. 6. The continent of Africa has a lot of natural resources such as diamonds. A) False. B) True. Show Answer Correct Answer: B) True. 7. What will be most likely to decrease a country's national output in the short run but to increase its potential for long-run growth? A) An increase in female participation in the labour force. B) An increase in the money supply. C) A decrease in the level of import tariffs. D) A decrease in the rate of immigration. Show Answer Correct Answer: C) A decrease in the level of import tariffs. 8. Some examples of ..... include factories, machinery, technology, buildings, tools, etc. A) Natural Resources. B) Gross Domestic Goods. C) Human capital. D) Capital goods. Show Answer Correct Answer: D) Capital goods. 9. A high literacy rate helps make standard of living ..... A) Decrease. B) Increase. Show Answer Correct Answer: B) Increase. 10. At which stage of the economic cycle would you most likely expect to see an increase in the number of firms shutting down? A) Recession. B) Recovery. C) Slump. D) Boom. Show Answer Correct Answer: A) Recession. 11. One potential negative consequence of rapid economic growth is ..... ? A) Reduced income inequality. B) Environmental degradation. C) Lower inflation. D) Decreased technological innovation. Show Answer Correct Answer: B) Environmental degradation. 12. Why were most people opposed to trusts and monopolies? A) Limit competitoin=higher prices. B) Too easy to invest. C) Too much competition. D) None of above. Show Answer Correct Answer: A) Limit competitoin=higher prices. 13. Congress reduces the requirements needed to begin receiving unemployment benefits. Will economic growth occur? Which growth factor contributed is the cause? (If none, only select one answer) A) Technology. B) Growth will not occur. C) Growth will occur. D) Human Capital. E) Economic Environment. Show Answer Correct Answer: B) Growth will not occur. 14. How two or more things are connected A) Capital. B) Sector. C) Obsolete. D) GDP per capita. E) Relationship. Show Answer Correct Answer: E) Relationship. 15. What was Warren Harding's economic policy known as? A) New Deal. B) Return to Normalcy. C) Square Deal. D) Great Society. Show Answer Correct Answer: B) Return to Normalcy. 16. Phases of the economic cycle:boom, peak, recession trough and recovery 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. 17. GDP stands for..... A) Gross Domestic Price. B) Given Domestic Price. C) Given Domestic Product. D) Gross Domestic Product. Show Answer Correct Answer: D) Gross Domestic Product. 18. What was one of the main goals of Warren Harding's economic policy? A) Nationalizing industries. B) Reducing taxes. C) Implementing price controls. D) Increasing government regulation. Show Answer Correct Answer: B) Reducing taxes. 19. Discuss the impact of globalization on industrial and economic growth. A) Globalization has led to increased trade, investment, and technological advancements, which have contributed to industrial and economic growth. B) Globalization has led to decreased trade and investment, which have hindered industrial and economic growth. C) Globalization has had no impact on industrial and economic growth. D) Globalization has led to increased trade and investment, but has not contributed to technological advancements or industrial and economic growth. Show Answer Correct Answer: A) Globalization has led to increased trade, investment, and technological advancements, which have contributed to industrial and economic growth. 20. The Philippine Development Plan aims towards the goals of improving Filipino lives by improving all of these dimensions EXCEPT: A) Strongly-bonded relationships. B) Comfortable lifestyle. C) Secure future. D) All of the above are included. Show Answer Correct Answer: D) All of the above are included. 21. How can we fix the problem? A) Giving jobs to people. B) Investing in companies. C) Giving money to the people. D) Investing in education. Show Answer Correct Answer: D) Investing in education. 22. A high GDP per capita necessarily indicates ..... ? A) An equal distribution of income. B) A high standard of living. C) A large population size. D) High national debt. Show Answer Correct Answer: B) A high standard of living. 23. To increase literacy rate, a country MUST invest in A) Capital Goods. B) Productive Resources. C) Physical Capital. D) Human Capital. Show Answer Correct Answer: D) Human Capital. 24. About 1/2 half of the world's diamonds are found here: A) Middle East. B) Africa. C) Europe. D) USA. Show Answer Correct Answer: B) Africa. 25. Which country is likely to become aged by 2028 with an average income a third lower than Thailand's? A) Japan. B) South Korea. C) Thailand. D) Sri Lanka. Show Answer Correct Answer: D) Sri Lanka. 26. Jack buys a tractor for his farm A) Capital Goods. B) Entrepreneur. C) Natural Resources. D) Human Capital. Show Answer Correct Answer: A) Capital Goods. 27. What are the two characteristics of Entrepreneurship? A) ScaredAlone. B) HappyCheerful. C) InnovativeTake Risk. D) Brave Noble. Show Answer Correct Answer: C) InnovativeTake Risk. 28. Which region of Europe has countries with higher GDP per capita? A) Southern Europe. B) Northern Europe. C) Western Europe. D) Eastern Europe. Show Answer Correct Answer: C) Western Europe. 29. Full employment means everyone is employed and there is zero unemployment. A) True. B) False. Show Answer Correct Answer: B) False. 30. What best refers to the area of a country, usually with access to a port where, among other benefits, the government does not tax trade? A) Special Economic Zone. B) North American Free Trade Agreement. C) World Trade Organization. D) Fair Trade Zone. Show Answer Correct Answer: A) Special Economic Zone. ← 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