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Economic Growth Quiz 33 (25 MCQs)

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1. Doubling the amount of L and K under constant returns to scale does all of the following except:
2. With economic growth, the proportion of labour-force engaged in agriculture
3. The first labor union was the _____
4. If Canada wanted increase the value of its "human capital, " which of these would be the BEST course of action?
5. How do changes in technology primarily affect economic growth?
6. Someone who takes risks to start a new business:
7. What does Gross Domestic Productmean?
8. How does improved technology allow the economy to operate more efficiently?
9. In what way did white settlers misinterpret the Ghost Dance?
10. What best refers to a pattern in which economies with low per capita incomes grow faster than economies with high per capita incomes?
11. What is one reason that a population ages?
12. What was the cowboys' job?
13. Suppose Congress passed a bill funding research into alternative sources of energy. What best describes this government action?
14. Investing in Health
15. Which of the following acts of Congress contributed to an increase in settlement in the West by granting free land to individuals after they had lived on it for five years?
16. GDP minus indirect taxes + subsidies is _____
17. The spent money or a resource for some benefit in the future
18. Turkey invests 3 percent of its GDP into education for its citizens-which productive resource is this an example of?
19. Why may an economy experience an increase in potential economic growth despite net investment remaining unchanged?
20. Vertical integration is when a company buys out the Resources (raw materials, fields, forests, and farms), Manufacturing (production and processing), and Distribution (shipping, transportation, delivery to customers).
21. Explain the concept of GDP and its significance in measuring economic growth.
22. What is the impact of human capital on economic growth?
23. If consumer spending is $10, exports are $5, government spending is $6, investment spending is $3, and imports are $1, what is GDP?
24. What best refers to a process whereby an economy as a whole turns economic inputs such as human capital, physical capital, and technology into output measured as GDP per capita?
25. Who takes on the financial risk in starting a new business in a market economy?
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