This quiz works best with JavaScript enabled. Home > Finance > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 47 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 47 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is both a demand and supply factor influencing the level of Economic Growth? A) Productivity. B) Interest rates. C) Consumer confidence. D) The level of disposable income. Show Answer Correct Answer: B) Interest rates. 2. Households do NOT use income to A) Buy services. B) Buy factors of production. C) Pay taxes. D) Purchase goods. E) Save money. Show Answer Correct Answer: B) Buy factors of production. 3. What is the usual relationship between a country's standard of living and the literacy rate of that country? A) The higher the standard of living, the lower the literacy rate. B) There is no relationship between these two items. C) The lower the literacy rate, the lower the standard of living. D) If there is a low population, there will be a low literacy rate. Show Answer Correct Answer: C) The lower the literacy rate, the lower the standard of living. 4. A country's ..... is the total dollar value of all goods and services produced in one year. A) Gross Domestic Resources (GDR). B) Gross Domestic Product (GDP). C) Gross Domestic Exports (GDE). D) Gross Domestic Imports (GDI). Show Answer Correct Answer: B) Gross Domestic Product (GDP). 5. Outdated and slow A) GDP per capita. B) Obsolete. C) Sector. D) Capital. E) Relationship. Show Answer Correct Answer: B) Obsolete. 6. What is the relationship between adding elements of a market system to a country's economy and the country's economic growth? A) When there is total government control. B) When countries lift some government control, they experience economic growth. C) When countries have no government or citizen control, then they will experience economic growth. D) None of above. Show Answer Correct Answer: B) When countries lift some government control, they experience economic growth. 7. Human resources can be developed through sports and culture. A) True. B) False. Show Answer Correct Answer: A) True. 8. According to paragraph 1, what was true of Europe during the medieval period? A) There was relatively little economic growth. B) Foreign trade began to play an important role in the economy. C) The general level of prosperity declined. D) Agricultural productivity declined. Show Answer Correct Answer: A) There was relatively little economic growth. 9. Economic growth happens when A) The needs and wants of a growing population are satisfied and new jobs are created for those who enter the workforce. B) The needs and wants of a population are satisfied and new jobs are created for those who enter the workforce. C) The needs and wants of a growing population are satisfied. D) None of above. Show Answer Correct Answer: A) The needs and wants of a growing population are satisfied and new jobs are created for those who enter the workforce. 10. Which of the following correctly shows how natural resources are unevenly distributed in Southwest Asia? A) Abundance of water, but a scarcity of phosphates. B) Abundance of coal, but a scarcity of copper. C) Abundance of oil, but a scarcity of water. D) Abundance of natural gas, but a scarcity of oil. Show Answer Correct Answer: C) Abundance of oil, but a scarcity of water. 11. Which of the following is not a requirement for increased growth? A) Increased labour force. B) Increased productivity. C) Capital expenditure. D) Increased human capital. Show Answer Correct Answer: A) Increased labour force. 12. Things that come from nature A) Human Capital. B) Natural Resources. C) Capital Goods. D) Entrepreneur. Show Answer Correct Answer: B) Natural Resources. 13. A characteristic of a recession is A) High level of outputs. B) High prices. C) High unemployment. D) High inflation. Show Answer Correct Answer: C) High unemployment. 14. Why did Texas give land grants to railroad companies? A) To expand the railroad system in Texas. B) To give them full control of Texas. C) To destroy the environment. D) None of above. Show Answer Correct Answer: A) To expand the railroad system in Texas. 15. What incentive might a national government have for improving education and literacy in their country? A) Educated populations do not need to trade with other countries. B) Educated populations have a higher standard of living than uneducated populations. C) Educated populations are less likely to distrust the government. D) Educated populations produce more agricultural goods than. Show Answer Correct Answer: B) Educated populations have a higher standard of living than uneducated populations. 16. ..... workers have very specialized skills and can usually supervise others. A) Unskilled. B) Semi skilled. C) Highly skilled. D) Skilled. Show Answer Correct Answer: C) Highly skilled. 17. What key factor affects a nation's economic growth the MOST? A) The goods in which its trading partners specializes. B) The amount of choices available to its consumers. C) The education and skill level of its workforce. D) The length of time its leader has been in office. Show Answer Correct Answer: C) The education and skill level of its workforce. 18. Starts to develop and improve infrastructure (roads, electrical grid, water systems, etc.) A) Stage 3:Take-Off. B) Stage 1:Traditional Society. C) Stage 2:Pre-Condition for Take-Off. D) Stage 5:High Mass Consumption. E) Stage 4:Drive to Maturity. Show Answer Correct Answer: C) Stage 2:Pre-Condition for Take-Off. 19. It also leads to the creation of more opportunities in the sectors of education, healthcare, employment, and the conservation of the environment. It implies an increase in the per capita income of every citizen. A) Economic Growth. B) Economic Development. Show Answer Correct Answer: B) Economic Development. 20. Who was the first African American to win a major tennis championship? A) Oliver Hill. B) Harry F Byrd. C) Arthur Ashe. D) Linwood Holton. Show Answer Correct Answer: C) Arthur Ashe. 21. According to the economist Raul Fabella, increasing the percentage of foreign ownership as allowed in the 1987 Constitution would not guarantee an increase of foreign investment if: A) The foreigners cannot become Filipino citizens. B) The costs of electricity are too high, and infrastructures are still substandard. Show Answer Correct Answer: B) The costs of electricity are too high, and infrastructures are still substandard. 22. Which of the words below describe the performance of China's retail sales? A) Expansion. B) Steady. C) Contraction. D) None of above. Show Answer Correct Answer: C) Contraction. 23. If real GDP in 2018 is $ 100 and real GDP in 2019 is $ 125, how much did real GDP change by? A) 0%. B) 25%. C) 20%. D) 100%. Show Answer Correct Answer: B) 25%. 24. Starts individual socio-economic mobility and growth. Starts to become possible to climb socio-economic classes. A) Stage 1:Traditional Society. B) Stage 5:High Mass Consumption. C) Stage 3:Take-Off. D) Stage 2:Pre-Condition for Take-Off. E) Stage 4:Drive to Maturity. Show Answer Correct Answer: D) Stage 2:Pre-Condition for Take-Off. 25. Natural resources are the materials that ....., such as land, forests, minerals, water, etc. A) Materials & labor. B) Come from nature. C) Income when exported. D) Four main categories. Show Answer Correct Answer: B) Come from nature. 26. Which country has the largest per capita GDP A) Nigeria. B) South Africa. C) GDP information is not available. D) The GDPs are almost all the same. Show Answer Correct Answer: B) South Africa. 27. What is the production possibilities curve? A) A graph that shows how much an economy can produce between two goods. B) The price of two goods in an economy. C) The absolute advantage one economy has over another. D) Land, labour, capital, entrepreneurs. Show Answer Correct Answer: A) A graph that shows how much an economy can produce between two goods. 28. What occurred soon after the formation of the Organization of the Petroleum Exporting Countries (OPEC)? A) OPEC members gained more influence over the price of oil. B) OPEC became less dependent on the sale of oil. C) OPEC became more dependent on the sale of oil. D) OPEC members lost their influence over the price of oil. Show Answer Correct Answer: A) OPEC members gained more influence over the price of oil. 29. In division of labour, each worker handles a specific task A) False. B) True. Show Answer Correct Answer: B) True. 30. A newspaper reports that there has been economic growth in an economy.What does this mean to an economist? A) Population has increased. B) Saving has increased. C) Taxation has increased. D) Production has increased. Show Answer Correct Answer: D) Production has increased. ← 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