This quiz works best with JavaScript enabled. Home > Finance > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 42 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 42 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which productive resource can be a source of income when exported? A) Human Capital. B) Human Resources. C) Natural Wonders. D) Natural Resources. Show Answer Correct Answer: D) Natural Resources. 2. The number of years it takes for GDP to double is found by A) Multiplying 72 by per capita GDP. B) Dividing 72 by the growth rate. C) Dividing the growth rate by 72. D) Multiplying 72 by the growth rate. Show Answer Correct Answer: B) Dividing 72 by the growth rate. 3. "Population growth will reduce economic growth to a lower level because of the Law of diminishing returns." is the definition of economic growth by A) Rod Stewart. B) David Ricardo. C) Adam Smith. D) Daniel Ricciardo. E) Bryan Adams. Show Answer Correct Answer: B) David Ricardo. 4. Military bases were opened and expanded at Fort Jackson, Greenville, Charleston, and Myrtle Beach. A) True. B) False. Show Answer Correct Answer: A) True. 5. How much have house prices increased since 2009? A) 65%. B) 205%. C) 15%. D) 85%. Show Answer Correct Answer: A) 65%. 6. The United States GDP is about $ 58, 000, while the GDP of most African countries is less than $ 5, 000. What can you infer about the standard of living in most African countries compared with the U.S.? A) The standard of living is lower in the U.S. B) The standard of living is lower in most African countries. C) The GDP has no effect on the standard of living. D) None of above. Show Answer Correct Answer: B) The standard of living is lower in most African countries. 7. What does physical capital refer to? A) Human skills. B) Man-made means of production. C) Technological inventions. D) Natural resources. Show Answer Correct Answer: B) Man-made means of production. 8. India's economy grew up by approximately 7% in 2016. What must have increased in India in 2016? A) Labour Productivity. B) Rate of Inflation. C) Gross Domestic Product. D) The government's budget deficit. Show Answer Correct Answer: C) Gross Domestic Product. 9. How is gross domestic product used to monitor the business cycle? A) GDP indicates whether a business is expanding or contracting. B) GDP indicates whether a city's economy is expanding or contracting. C) GDP indicates whether the nation's economy is expanding or contracting. D) GDP indicates whether the world's economy is expanding or contracting. Show Answer Correct Answer: C) GDP indicates whether the nation's economy is expanding or contracting. 10. The goods used in the production process such as factories, machinery and equipment A) Land. B) Labor. C) Resources. D) Capital(physical). Show Answer Correct Answer: D) Capital(physical). 11. Which of the following is NOT a way in which education can contribute to economic growth? A) Increased job opportunities. B) Reduced income inequality. C) Improved productivity and innovation. D) All of the above. Show Answer Correct Answer: D) All of the above. 12. How is economic growth measured in a country? A) Stock market performance. B) Unemployment rate. C) Inflation rate. D) Gross Domestic Product (GDP) growth. Show Answer Correct Answer: D) Gross Domestic Product (GDP) growth. 13. Which of the following is a benefit of economic growth? A) Increased inequality. B) Depletion of natural resources. C) Higher prices (inflation). D) Improved living standards. Show Answer Correct Answer: D) Improved living standards. 14. California admitted to the US as a free stateTexas gave up disputed land to US in return for 10 millionFugitive Slave Act passed The events above were part of the A) Kansas-Nebraska Act. B) US-Mexican War. C) Compromise of 1850. D) Treaty of Guadalupe-Hidalgo. Show Answer Correct Answer: C) Compromise of 1850. 15. The British were extremely strict on the trade relations of South Carolina with other colonies. A) True. B) False. Show Answer Correct Answer: B) False. 16. What best refers to the machines, equipment, and buildings that one uses to produce the product? A) Labor Productivity. B) Physical Capital. C) Human Capital. D) Technological Change. Show Answer Correct Answer: B) Physical Capital. 17. National Income can also be measured by adding up the total amount of outputs produced in an economy A) True. B) False. Show Answer Correct Answer: A) True. 18. Why does capital deepening work with human capital? A) Human capital increases GDP. B) Greater skill increases workers' output. C) Capital deepening increases people's savings rate. D) Capital deepening means there is more money to hire workers. Show Answer Correct Answer: B) Greater skill increases workers' output. 19. How does innovation affect economic growth? A) Innovation has no impact on economic growth. B) Innovation leads to higher unemployment rates and lower living standards. C) Innovation only benefits a small group of individuals and does not contribute to overall economic growth. D) Innovation affects economic growth by driving productivity, creating new industries and jobs, and improving living standards. Show Answer Correct Answer: D) Innovation affects economic growth by driving productivity, creating new industries and jobs, and improving living standards. 20. Each individual person A) Per capita. B) Production. C) Investment. D) Standard of living. Show Answer Correct Answer: A) Per capita. 21. Factories, machinery, and technology A) GDP per capita. B) Relationship. C) Obsolete. D) Capital. E) Sector. Show Answer Correct Answer: D) Capital. 22. What does infrastructure mean? A) Education and skills. B) Natural resources. C) Bridges, factories and roads. D) Do have an unequal distribution. Show Answer Correct Answer: C) Bridges, factories and roads. 23. What present day states were added by the Treaty of Guadalupe-Hidalgo? A) Arizona, California, New Mexico, Nevada. B) North Carolina, South Carolina, Georgia, Alabama. C) Texas, Oklahoma, Colorado, North Dakota. D) Maine, New York, Massachusetts, Michigan. Show Answer Correct Answer: A) Arizona, California, New Mexico, Nevada. 24. Which amendment gave women the right to vote? A) 19th amendment. B) 18th amendment. C) 17th amendment. D) 20th amendment. Show Answer Correct Answer: A) 19th amendment. 25. Short-run growth is aggregate demand shifting to the right. However, it can be aggregate supply shifting to the right if a new equilibrium is created 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. 26. Which answer choice below describes a KEY difference between "capital goods" and "human capital" ? A) Human capital is the amount of money made by a human or population at their job; capital goods are humans that work at a job. B) Human capital is the level of training a human or population has in their work field ; capital goods are the machines and tools used by the population to create goods. C) Human capital is the amount of people over 15 that can read and write; capital goods are people that invest money into a business. D) None of above. Show Answer Correct Answer: B) Human capital is the level of training a human or population has in their work field ; capital goods are the machines and tools used by the population to create goods. 27. Which of the following is not included in the calculation of Australia's Gross Domestic Product [GDP]? A) The amount paid by the government go build a new hospital. B) Backyard production of vegetables. C) A consumer purchasing a new TV set. D) A firm purchasing a new piece of equipment. Show Answer Correct Answer: B) Backyard production of vegetables. 28. How much land did the Homestead Act give those that moved out to the Great Plains? A) 160 acres. B) 270 acres. C) 25 acres. D) 175 acres. Show Answer Correct Answer: A) 160 acres. 29. You can only acquire education in a school. A) True. B) False. Show Answer Correct Answer: B) False. 30. Illustrate a negative output gap and positive output gap on a production possibility frontier 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. ← 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