This quiz works best with JavaScript enabled. Home > Finance > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 45 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 45 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. How were Native American nations regionally divided? A) Based on birth place of parents. B) Based on where they lived and birth place of family. C) According to social class. D) Based on where they lived and language groups. Show Answer Correct Answer: D) Based on where they lived and language groups. 2. Which of the following contributed MOST to this process toward territories gaining statehood? A) Overcrowded cities in the East pushed European immigrants to go west to seek better opportunities. B) The expansion of major railroads linking the West and the East enabled people and supplies to move cheaply. C) With the signing of the Fort Laramie Treaty, there was less fighting with American Indians. D) Because of the new restrictions on monopolies, many businesses moved out West. Show Answer Correct Answer: B) The expansion of major railroads linking the West and the East enabled people and supplies to move cheaply. 3. When labour demand curve shifts left, equilibrium price will ..... and equilibrium qty of labour will ..... A) Decrease / decrease. B) Increase / increase. C) Increase / decrease. D) Decrease / increase. Show Answer Correct Answer: A) Decrease / decrease. 4. What allows companies to manufacture products much faster than before the use of technology? A) Physical capital. B) Skilled workforce. C) Human capital. D) Advanced facilities. Show Answer Correct Answer: C) Human capital. 5. A benefit of economic growth is that wages and employment will rise 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. 6. Long-term impact of child labor. A) Diseases past on to younger generations. B) Lack of education limited their future. C) Child laborers became expert craftsmen. D) None of above. Show Answer Correct Answer: B) Lack of education limited their future. 7. Turner's thesis on the American ..... said that this is where the American character comes from. A) Horror story. B) Revolution. C) Frontier. D) Dream. Show Answer Correct Answer: C) Frontier. 8. A financial record of a country's transactions (goods and services) with the rest of the world is called: A) International Specialisation. B) Balance of Payments. C) Regional Specialisation. D) Fiscal Policy. E) Visible Trade Balance. Show Answer Correct Answer: B) Balance of Payments. 9. What is the economic sector most affected by the pandemic? A) Restaurants. B) Technology. C) Textiles. D) Tourism. Show Answer Correct Answer: D) Tourism. 10. When the amount of capital per worker increases, labor productivity also increases. A) False. B) True. Show Answer Correct Answer: B) True. 11. What is a potential outcome of economic growth that is too high? A) Reduced income inequality. B) Increased life expectancy. C) High unemployment rates. D) High inflation rates. Show Answer Correct Answer: D) High inflation rates. 12. Explain the concept of sustainable economic development. A) Maximizing profits at the expense of environmental and social concerns. B) Focusing solely on short-term economic gains without considering long-term consequences. C) Promoting economic development without any regard for the environment or future generations. D) Achieving economic growth while ensuring the long-term well-being of the environment, society, and future generations. Show Answer Correct Answer: D) Achieving economic growth while ensuring the long-term well-being of the environment, society, and future generations. 13. Gave government owned land to small farmers-had to stay on the land for 5 years. A) Morrill Act. B) Land Act. C) Homestead Act. D) Reservation Act. Show Answer Correct Answer: C) Homestead Act. 14. Enes lives in Turkey. He travels to China for business. When he arrives, he visits a small restaurant. What will Enes need to do before he is able to purchase a meal? A) File paperwork to become a temporary Chinese citizen. B) Pay a specified fee to Chinese government officials. C) Find a job in China in order to earn Chinese money. D) Exchange his Turkish money for Chinese money. Show Answer Correct Answer: D) Exchange his Turkish money for Chinese money. 15. Economic growth measures the A) Growth of productivity. B) Increase in nominal income. C) Increase in output. D) None of the above. Show Answer Correct Answer: C) Increase in output. 16. Why did the African's population increase during the colonial period? A) Africans wanted to come to the New World for a better way of life. B) Africans came to the New World looking for gold and silver. C) Africans were brought to the New World to provide free labor to colonial settlers. D) Africans migrated to the New World during the Ice Age. Show Answer Correct Answer: C) Africans were brought to the New World to provide free labor to colonial settlers. 17. Which of the following factors is most lkely to increase Economic Growth? A) Higher exchange rate. B) Higher interesr rates. C) Higher terms of trade. D) Higher import demand. Show Answer Correct Answer: C) Higher terms of trade. 18. Advancement in communication during the Industrial Age. A) Telephone. B) Internet. C) Railroad. D) None of above. Show Answer Correct Answer: A) Telephone. 19. What are some of the challenges that countries face in achieving sustainable economic growth? A) High employment rates, low inflation, and stable currency exchange rates. B) Rapid population growth, technological advancement, and increased foreign investment. C) Decreased government spending, increased taxes, and reduced international trade. D) Income inequality, environmental degradation, and resource depletion. Show Answer Correct Answer: D) Income inequality, environmental degradation, and resource depletion. 20. What are the benefits of investing in human capital? A) No impact on productivity, skills and knowledge, earning potential, job opportunities, and economic growth. B) Increased productivity, improved skills and knowledge, higher earning potential, better job opportunities, but no impact on overall economic growth. C) Decreased productivity, outdated skills and knowledge, lower earning potential, limited job opportunities, and overall economic decline. D) Increased productivity, improved skills and knowledge, higher earning potential, better job opportunities, and overall economic growth. Show Answer Correct Answer: D) Increased productivity, improved skills and knowledge, higher earning potential, better job opportunities, and overall economic growth. 21. The United Kingdom has few natural resources. However, they do very well in manufacturing, banking, and technology services. They focus on these parts of their economy and trade for natural resources. What economic term describes what the United Kingdom is doing? A) Specialization. B) Mixed Economy. C) Entrepreneurship. D) Trade Barriers. Show Answer Correct Answer: A) Specialization. 22. Financial difficulties, unrest in the army, native conflicts, trouble with Mexico were all problems faced by the Republic of Texas. Which scenario identifies with these struggles? A) Houston decides that these problems could be solved by more immigrants. B) Houston and others wanted annexation to the US. C) Jones raised an Army and Navy to attract more settlers. D) Houston signs a treaty with Mexico. Show Answer Correct Answer: B) Houston and others wanted annexation to the US. 23. Iron, precious metals, and fuel, such as oil and coal, are the top three categories of EXPORTS from Russia. What conclusion about the Russian economy can be drawn based on this information? A) Russia has a pure market economy. B) Russia has a pure command economy. C) The Russian economy relies on manufacturing. D) The Russian economy relies on natural resources. Show Answer Correct Answer: D) The Russian economy relies on natural resources. 24. Which of the following countries has a high standard of living due to oil reserves? A) A. Mexico. B) B. Saudi A rabia. C) C. Germany. D) D. England. E) And. India. Show Answer Correct Answer: B) B. Saudi A rabia. 25. What is the difference between actual growth rates and long-term trends in growth rates? A) Actual growth is the long run expansion of the productive potential of an economy, while long-term trends are the percentage increase in a country's real GDP. B) Actual growth is caused by increases in AS, while long-term trends are caused by increases in AD. C) Actual growth is caused by increases in AD, while long-term trends are the long run expansion of the productive potential of an economy. D) Actual growth is the percentage increase in a country's real GDP, while long-term trends are caused by increases in AS. Show Answer Correct Answer: D) Actual growth is the percentage increase in a country's real GDP, while long-term trends are caused by increases in AS. 26. At which stage of the economic cycle would you expect living standards to be at their highest? A) Recession. B) Boom. C) Recovery. D) Slump. Show Answer Correct Answer: B) Boom. 27. Capital goods are ..... A) A person that invests their own money in starting a business. B) The training that workers need to be good at their job. C) Factories, tools and machines used to produce other goods and products. D) None of above. Show Answer Correct Answer: C) Factories, tools and machines used to produce other goods and products. 28. Which country is described as having substantial regional differences in terms of wealth and age structure? A) Japan. B) Thailand. C) India. D) South Korea. Show Answer Correct Answer: C) India. 29. What animal did many Native American tribes of the Great Plains depend upon for their survival? A) Buffalo. B) Boar. C) Moose. D) None of above. Show Answer Correct Answer: A) Buffalo. 30. What is a recommended policy for achieving inclusive growth? A) Exploiting child labor. B) Limiting access to finance for the poor. C) Enhancing environmental sustainability. D) Promoting geographical immobility of labor. Show Answer Correct Answer: C) Enhancing environmental sustainability. ← 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