This quiz works best with JavaScript enabled. Home > Finance > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 46 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 46 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the key sign of recovery in the economy? A) Decrease in consumer confidence. B) Increase in investment. C) Fall in house prices. D) Lower interest rates. Show Answer Correct Answer: B) Increase in investment. 2. What is the main advantage of Mumbai's location on the west coast of India? A) Access to Middle East and European markets. B) Access to African markets. C) Access to Asian markets. D) Access to North American markets. Show Answer Correct Answer: A) Access to Middle East and European markets. 3. What might refuse to open up to other markets and limit trade and economic growth? A) Politics. B) Culture. C) Natural resources. D) Overpopulation. Show Answer Correct Answer: B) Culture. 4. What is the significance of natural resources in the economy? A) Natural resources are essential for economic growth and development. B) Natural resources are only important for certain industries. C) Natural resources hinder economic growth and development. D) Natural resources have no impact on the economy. Show Answer Correct Answer: A) Natural resources are essential for economic growth and development. 5. Bianca is in form two. She attends classes daily and works hard to get good grades in all her subjects. This situation falls under ..... education. A) Formal. B) Informal. C) Special. D) None of above. Show Answer Correct Answer: A) Formal. 6. ..... have training in a particular are and can work independently. A) Skilled. B) Semi-skilled. C) Highly skilled. D) Unskilled. Show Answer Correct Answer: A) Skilled. 7. When did United Nations published the first Human Development Report? A) 1990. B) 1999. C) 1929. D) 2021. Show Answer Correct Answer: A) 1990. 8. Short run economic growth can be created by increasing aggregate demand 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. 9. The ..... Act made monopolies illegal in the U.S., which is why there aren't any today. A) Labor Union. B) Meat Inspection. C) Sherman Anti-Trust. D) None of above. Show Answer Correct Answer: C) Sherman Anti-Trust. 10. How do natural resources contribute to the economy? A) Natural resources have no impact on the economy. B) Natural resources are a burden on the economy. C) Natural resources only benefit foreign countries. D) Natural resources contribute to the economy by providing raw materials for industries, creating job opportunities, generating revenue through exports, and attracting foreign investment. Show Answer Correct Answer: D) Natural resources contribute to the economy by providing raw materials for industries, creating job opportunities, generating revenue through exports, and attracting foreign investment. 11. ..... does not consider the depletion of natural resources which might lead to pollution, congestion & disease. A) Economic Growth. B) Economic Development. Show Answer Correct Answer: A) Economic Growth. 12. Which factor of economic growth is all of the goods that are produced in the country and then used to make other goods & services? A) Natural Resources. B) Human Capital. C) Entrepreneurship. D) Capital Goods. Show Answer Correct Answer: D) Capital Goods. 13. The Difference between Economic Growth and Economic development are ..... A) Economic development is single dimension for example economic activities, & economic growth is multiple dimension (social, environment & politic). B) Economic development is single dimension & economic growth is qualitative change (all sectors). C) Economic growth is possible without development & economic development is gradual & steady change. D) Development relate to growth of human capital indexes & economic growth focus on product. Show Answer Correct Answer: C) Economic growth is possible without development & economic development is gradual & steady change. 14. What are some examples of government policies that can promote economic growth? A) Increased taxes, decreased government spending, raising interest rates, protectionist trade policies, divestment in infrastructure, cutting education and skills development programs, increased regulation. B) Increased taxes, decreased government spending, raising interest rates, protectionist trade policies, divestment in infrastructure, cutting education and skills development programs, increased regulation. C) Tax cuts, increased government spending, lowering interest rates, trade policies, investment in infrastructure, education and skills development programs, deregulation. D) Increased taxes, decreased government spending, raising interest rates, protectionist trade policies, divestment in infrastructure, cutting education and skills development programs, increased regulation. Show Answer Correct Answer: C) Tax cuts, increased government spending, lowering interest rates, trade policies, investment in infrastructure, education and skills development programs, deregulation. 15. Israel's literacy rate is 99%. What does this mean? A) 99% of Israeli adults are entrepreneurs. B) 99% of Israeli adults have a low standard of living. C) 99% of Israeli adults are unemployed. D) 99% of Israeli adults can read and write. Show Answer Correct Answer: D) 99% of Israeli adults can read and write. 16. One supply-side mechanism that the government can use to stimulate economic growth is: A) Increasing tariffs. B) Decreasing tariffs. C) Increasing aggregate demand. D) Decreasing aggregate deman. Show Answer Correct Answer: B) Decreasing tariffs. 17. The Human Development Index (HDI) is a summary measure of average achievement in key dimensions of human development. Option that is not in the mentioned dimensions is ..... A) A long and healthy life. B) Decent standard of living. C) Being knowledgeable. D) Community Generosity. Show Answer Correct Answer: D) Community Generosity. 18. Money exchanged between businesses and individuals for labour: A) Spending. B) Wages. C) Profit. D) Revenue. Show Answer Correct Answer: B) Wages. 19. What is the impact of climate change on Bangladesh's economy? A) Improved agricultural productivity. B) No impact on the economy. C) The impact of climate change on Bangladesh's economy includes increased frequency of natural disasters, loss of agricultural productivity, and displacement of people due to rising sea levels. D) Decreased frequency of natural disasters. Show Answer Correct Answer: C) The impact of climate change on Bangladesh's economy includes increased frequency of natural disasters, loss of agricultural productivity, and displacement of people due to rising sea levels. 20. Consecutive means A) Randomly scattered. B) Opposite in order. C) Skipping in order. D) Following in order. Show Answer Correct Answer: D) Following in order. 21. In an effort to avoid recession, the government implements a tax rebate program, effectively cutting taxes for households. We would expect this to: A) Affect neither aggregate supply nor aggregate demand. B) Increase aggregate demand. C) Reduce aggregate demand. D) Reduce aggregate supply. Show Answer Correct Answer: B) Increase aggregate demand. 22. Improving the economic situation $\rightarrow$ better lives for people A) Modernization. B) Industrialization. C) Urbanization. D) Economic Development. Show Answer Correct Answer: D) Economic Development. 23. The business cycle ..... A) Describes the evolution of the trade balance. B) Describes the evolution of the interest rates. C) None of the options are correct. D) Describes the evolution of the businesses. E) Describes the evolution of the balance of payments. Show Answer Correct Answer: C) None of the options are correct. 24. Why may GDP not be a good measure to compare the living standard of two countries? A) It is based on sample basket of goods. B) It does not take account of population size. C) It only compares export prices with import prices. D) It does not include government expenditure. Show Answer Correct Answer: B) It does not take account of population size. 25. A lack of investment in human capital has led to high poverty (70%) & unemployment in which country? A) Egypt. B) South Africa. C) Nigeria. D) Kenya. Show Answer Correct Answer: C) Nigeria. 26. What can a government do to increase demand in its economy? A) Budget for a surplus. B) Cut taxes. C) Reduce its expenditure. D) Encourage savings. Show Answer Correct Answer: B) Cut taxes. 27. Tradeoffs, Opportunity costs, marginal costs, marginal benefits, and personal priorities are all important to consider when A) Dealing with fiscal policy. B) Making a rational economic choice. C) Using credit. D) Responding to monetary policy. Show Answer Correct Answer: B) Making a rational economic choice. 28. The percentage change in real GDP from one period to another is called A) GDP per capita. B) Real GDP. C) Nominal GDP. D) The growth rate. Show Answer Correct Answer: D) The growth rate. 29. A deflationary gap is characterized by: A) Excessive spending. B) Low levels of unemployment. C) Aggregate demand being lower than potential output. D) Rapid economic growth. Show Answer Correct Answer: C) Aggregate demand being lower than potential output. 30. What are the 3 questions countries need to ask in when setting up their economic system up? A) What kind of producing, where to produce, how to produce. B) What to produce, who is going to produce it, how to produce. C) What to produce, where to produce, how to produce. D) What to produce, how to produce, for whom to produce. Show Answer Correct Answer: D) What to produce, how to produce, for whom to produce. ← 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