This quiz works best with JavaScript enabled. Home > Finance > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 35 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 35 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Raw materials from nature-land, time, trees, grass, sunlight, minerals, car, bus, water/pond, cotton A) Human capital. B) Entrepreneurship. C) Capital goods. D) Natural resources. Show Answer Correct Answer: D) Natural resources. 2. If nominal GDP is $ 100 in 2019 and nominal GDP is $ 200 in 2020, how much did the economy grow by? A) It is uncertain. B) $ 100. C) -$ 100. D) None of above. Show Answer Correct Answer: A) It is uncertain. 3. Between 2014 and 2015 the Polish economy expanded at a rate of 3.3%.What necessarily follows from this statement? A) There was increased demand which caused inflation. B) The cost of living rose by 3.3%. C) There was positive economic growth. D) The output of the industrial sector rose by 3.3%. Show Answer Correct Answer: C) There was positive economic growth. 4. A nation with a high GDP typically does not invest in capital, while a nation with a low GDP doesinvest in human capital. A) False. B) True. Show Answer Correct Answer: B) True. 5. Steve Jobs created the technology company Apple, Inc. Which is an example of which economic growth aspect? A) Capital Goods. B) Specialization. C) Tariff. D) Entrepreneurship. Show Answer Correct Answer: D) Entrepreneurship. 6. What social trend caused the demand for beef to rise immediately following the Civil War? A) Mexican immigrants popularized cattle herding. B) New methods of refrigeration made preparing beef easier. C) Cities in the East and West began increasing in population. D) Many former soldiers were cattle herders. Show Answer Correct Answer: D) Many former soldiers were cattle herders. 7. Measure of the proportion of adult population (15 years and up) which can read and write a simple statement A) Education level. B) Literacy rate. Show Answer Correct Answer: B) Literacy rate. 8. During the 1800s the U.S. experienced a dramatic increase in the production of manufactured goods because of A) The amount of European investment in U.S. industry. B) An increase in the number of skilled workers who had a public education. C) The invention of interchangeable parts and the development of other mass-production techniques. D) An increase in the amount of imported raw materials available for production. Show Answer Correct Answer: C) The invention of interchangeable parts and the development of other mass-production techniques. 9. Why is political stability important for economic growth? A) To protect investments. B) To enforce contracts. C) To create competitive and open markets. D) To give investors confidence to invest. Show Answer Correct Answer: D) To give investors confidence to invest. 10. The total value of all final goods and service produced by a country's citizens A) Real GDP. B) GNI. C) GDP. D) GNP. Show Answer Correct Answer: D) GNP. 11. ..... makes all other resources useful and puts them to productive use. A) Land. B) Money. C) Technology. D) Human Resource. Show Answer Correct Answer: D) Human Resource. 12. How did slavery impact the economy of South Carolina? A) It caused the colony to struggle for years. d. It caused quick fortunes and terrible losses. B) It made the colony very prosperous. C) It made the colony go broke. D) It made the colony more open-minded. Show Answer Correct Answer: B) It made the colony very prosperous. 13. Can a human be considered physical capital? A) No. B) Yes. Show Answer Correct Answer: A) No. 14. The primary sector begins to shrink and the secondary sectors begins to grow. A) Stage 4:Drive to Maturity. B) Stage 1:Traditional Society. C) Stage 5:High Mass Consumption. D) Stage 2:Pre-Condition for Take-Off. E) Stage 3:Take-Off. Show Answer Correct Answer: E) Stage 3:Take-Off. 15. Name one factor that can hinder economic growth. A) Technological advancements. B) Lack of natural resources. C) Political instability. D) High taxes. Show Answer Correct Answer: C) Political instability. 16. Governments often encourage increased competition to lower price A) False. B) True. Show Answer Correct Answer: B) True. 17. Investing in human capital will raise a countries ..... A) Oil sales. B) GDP. C) Exports. D) ABC. Show Answer Correct Answer: B) GDP. 18. An increase in which of the following would cause a decrease in aggregate demand? A) Exports. B) Government Spending. C) Imports. D) Investment. Show Answer Correct Answer: C) Imports. 19. What is the focus of export-led growth strategy? A) Increasing exports. B) Increasing foreign aid. C) Increasing government spending. D) Increasing imports. Show Answer Correct Answer: A) Increasing exports. 20. Which country specializes in natural gas? A) United Kingdom. B) Russia. C) Germany. D) None of above. Show Answer Correct Answer: B) Russia. 21. The level of material comfort at which people in a country live ..... including access to quality shelter, food, water, and other essential goods and services. A) Welfare state. B) Standard of living. C) Democratic socialism. D) Nationalization. Show Answer Correct Answer: B) Standard of living. 22. What is the purpose of investing in capital goods? A) To limit market competition. B) To increase barriers to trade. C) To improve workers' skills. D) To improve productive efficiency. Show Answer Correct Answer: D) To improve productive efficiency. 23. Which one of the following is most likely to result in a demand-side shock to the UK economy? A large rise in A) The price of imported semi-manufactured goods. B) World commodity prices. C) UK interest rates. D) UK wages due to a wave of strikes. Show Answer Correct Answer: C) UK interest rates. 24. Concerning the five-sector circular flow model of the Australian economy, which statement about the value of aggregate demand and GDP is true? The values of aggregate demand or GDP equal: A) The total value of S + T + M. B) The total value of C + I + G + X-M. C) The total value of C + I + G + X. D) None of the above totals is correct. Show Answer Correct Answer: B) The total value of C + I + G + X-M. 25. If the consumer price index (CPI) for year 2013 is equal to 180 and for year 2014 is equal to 198, calculate the inflation rate level in year 2014. A) 98%. B) 80%. C) 10%. D) 18%. Show Answer Correct Answer: C) 10%. 26. If a natural disaster strikes, the production possibilities curve can shift A) To the right. B) To the left. C) Outward on one axis only. D) No shift. Show Answer Correct Answer: B) To the left. 27. What was a key factor in the economic growth and prosperity of the 1920s? A) Decreased production efficiencies. B) Increased production efficiencies. C) Expansion of government bureaucracy. D) Rapid population growth. Show Answer Correct Answer: B) Increased production efficiencies. 28. What is the main barrier to export diversification strategy? A) High levels of inflation. B) Lack of skilled workforce. C) Tariff escalation. D) Low demand for manufactured products. Show Answer Correct Answer: C) Tariff escalation. 29. I RailroadsII Silver miningIII Cotton farmingIV Cattle ranchingV Computer technologyVI Oil drillingVII ManufacturingVIII Education Which industries listed above improved the economy of TX after the Civil War? A) I, II, VI. B) III, IV, VI. C) 3, 6, 7. D) And, B, VI. Show Answer Correct Answer: B) III, IV, VI. 30. Forcing native children to attend boarding schools were an attempt to stamp out their ..... A) History. B) Culture. C) Youth. D) Farming skills. Show Answer Correct Answer: B) Culture. ← 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