This quiz works best with JavaScript enabled. Home > Finance > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 4 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 4 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In what way is capitalism good for consumers? A) Increased competition leads to quality products at low prices. B) Trains citizens for war. C) Provides consumers free education. D) Government programs provide jobs to citizens. Show Answer Correct Answer: A) Increased competition leads to quality products at low prices. 2. This value is adjusted for inflation A) Nominal GDP. B) Real GDP. C) Other things being equal. D) GDP per capita. Show Answer Correct Answer: B) Real GDP. 3. Ideas and organization, board of education, Mrs. Mason, God, Kendall Brantley A) Entrepreneurship. B) Capital goods. C) Natural resources. D) Human capital. Show Answer Correct Answer: A) Entrepreneurship. 4. Why did a number of the countries of the United Nations have an embargo on South Africa? A) South Africa refused to take part in international trade. B) They wanted South Africa to end its system of apartheid. C) Some were hoping for better oil deals from the South African government. D) They wanted South Africa to lower the world price of gold and diamonds. Show Answer Correct Answer: B) They wanted South Africa to end its system of apartheid. 5. Taking a CPR class to be able to babysit. A) Natural Resources. B) Entrepreneur. C) Human Capital. D) Capital Goods. Show Answer Correct Answer: C) Human Capital. 6. A nation's productive resources determine the strength of its economy. A) False. B) True. Show Answer Correct Answer: B) True. 7. In which country do entrepreneurs play a vital role but few banks are willing to fund their ideas. A) South Africa. B) Botswana. C) Nigeria. D) Egypt. Show Answer Correct Answer: C) Nigeria. 8. The part of the economy owned and operated by private citizens. A) Private sector. B) Literacy rate. C) Public sector. D) Natural resources. Show Answer Correct Answer: A) Private sector. 9. Labor productivity is measured as the A) Output per labor-hour. B) Dollar value of inputs per unit of output. C) Dollar value of output per unit of labor. D) Hourly wage rate divided by output per labor-hour. Show Answer Correct Answer: A) Output per labor-hour. 10. What does Gross Domestic Product (GDP) measure? A) The total value of all goods and services produced by a country's citizens, including those produced abroad. B) The total value of imports and exports of a country. C) The total wealth of a country's citizens. D) The total value of all goods and services produced within a country's borders in a given time period. Show Answer Correct Answer: D) The total value of all goods and services produced within a country's borders in a given time period. 11. Developing your skills make you earn more money. A) True. B) False. Show Answer Correct Answer: A) True. 12. Does social work affect emigration? A) Negatively since there would be less demand for products. B) It would not affect to economy in any way. C) It has nothing to do with it. D) Positively since there will be more and more work demand. Show Answer Correct Answer: D) Positively since there will be more and more work demand. 13. The branch of government that determines if a law applies with Virginia's state constitution is the ..... A) Executive branch. B) Legislative branch. C) Judicial branch. D) None of above. Show Answer Correct Answer: C) Judicial branch. 14. Which country is an example of an emerging economy? A) United Arab Emirates. B) Brazil. C) United Kingdom. D) Europe. Show Answer Correct Answer: B) Brazil. 15. How did the Transcontinental Railroad impact he population of the western territories? A) Their population increased and many became states. B) Their population decreased and were sold to other countries. C) The Transcontinental Railroad had no impact on their populations. D) None of above. Show Answer Correct Answer: A) Their population increased and many became states. 16. Depends upon primary sector activities, such as farming, fishing, and hunting, for subsistence. A) Stage 1:Traditional Society. B) Stage 4:Drive to Maturity. C) Stage 2:Pre-Condition for Take-Off. D) Stage 3:Take-Off. E) Stage 5:High Mass Consumption. Show Answer Correct Answer: A) Stage 1:Traditional Society. 17. What are the key factors for achieving macroeconomic stability? A) High inflation, fluctuating exchange rates, unsustainable fiscal policies, and an unstable financial system. B) Maintaining high inflation, fluctuating exchange rates, unsustainable fiscal policies, and an unstable financial system. C) Maintaining low inflation, fluctuating exchange rates, unsustainable fiscal policies, and an unstable financial system. D) Maintaining low inflation, stable exchange rates, sustainable fiscal policies, and a stable financial system. Show Answer Correct Answer: D) Maintaining low inflation, stable exchange rates, sustainable fiscal policies, and a stable financial system. 18. What are capital goods? A) Goods that are produced in the capital. B) Goods that are produced without natural resources. C) The factories, machinery, and technology used to produce goods and services. D) Goods that are produced by the government. Show Answer Correct Answer: C) The factories, machinery, and technology used to produce goods and services. 19. According to the Human Development Index, the Philippines has a ..... HDI. A) Medium. B) Low. C) High. D) Very high. Show Answer Correct Answer: C) High. 20. What are natural resources A) Tools that make other goods. B) A person who takes a risk to start a new business. C) Materials that are a source of wealth-gifts from the earth. D) The value that people bring to the work force. Show Answer Correct Answer: C) Materials that are a source of wealth-gifts from the earth. 21. Investing in Skills A) Human Capital. B) Capital Goods. Show Answer Correct Answer: A) Human Capital. 22. What is the GDP per capita? A) The annual income of citizens with a nation. B) The countries import and export costs. C) The amount of banks that open in a certain area. D) The amount of houses and building that are constructed. Show Answer Correct Answer: A) The annual income of citizens with a nation. 23. How is human capital MOST similar to physical capital? A) It is intangible. B) It is a private good. C) It requires technological knowledge. D) It is protected by the political and legal environment. E) It is created by sacrificing current consumption. Show Answer Correct Answer: E) It is created by sacrificing current consumption. 24. Education and training does NOT lead to economic development. A) False. B) True. Show Answer Correct Answer: A) False. 25. Which item is an example of a natural resource? A) Cars. B) Ovens. C) Education. D) Workers. E) Oil. Show Answer Correct Answer: E) Oil. 26. What is the main focus of supply-side policies during a recession? A) Reducing inflation. B) Boosting consumer spending. C) Enhancing the flexibility of labor markets. D) Increasing government spending. Show Answer Correct Answer: C) Enhancing the flexibility of labor markets. 27. If the rate of growth of aggregate demand becomes greater than the trend rate of economic growth of output, then in the short run the economy is likely to experience A) A decrease in national output. B) An increase in unemployment. C) An increase in the rate of inflation. D) A decrease in the demand for imports. Show Answer Correct Answer: C) An increase in the rate of inflation. 28. Focusing on education and skills is an example of: A) Infrastructure. B) Natural resources. C) Human capital. D) Capital. Show Answer Correct Answer: C) Human capital. 29. Cowboys led ..... from Texas to northern cities. A) American Indians. B) Cattle Drives. C) Troops. D) Expeditions. Show Answer Correct Answer: B) Cattle Drives. 30. Which of the following would consumers MOST OFTEN need to consider when trying to make a rational economic decision? A) The impact of government subsidies. B) Factors of Productions. C) Net Exports. D) Potential opportunity costs. Show Answer Correct Answer: D) Potential opportunity costs. ← PreviousNext →Related QuizzesMacroeconomics QuizzesEconomics QuizzesEconomic Growth Quiz 1Economic Growth Quiz 2Economic Growth Quiz 3Economic Growth Quiz 5Economic Growth Quiz 6Economic Growth Quiz 7Economic Growth Quiz 8Economic Growth Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books