This quiz works best with JavaScript enabled. Home > Finance > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 50 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 50 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. According to paragraph 8, each of the following was a source of funds used to finance economic expansion EXCEPT A) Groups of investors engaged in short-term financial cooperation. B) The state. C) Wealthy merchants. D) Joint-stock companies. Show Answer Correct Answer: B) The state. 2. What are the benefits of economic growth for firms? A) Decrease in business confidence. B) Decrease in investment. C) Development of new technologies. D) More menu costs. Show Answer Correct Answer: C) Development of new technologies. 3. GDP + earnings from overseas is ..... A) GNP/GNI. B) NNI. C) GVA. D) GDP. Show Answer Correct Answer: A) GNP/GNI. 4. The total market value of the goods and servicesproduced by a country in a specific year A) Gross domestic prenuptials. B) Gross domestic population. C) Gross domestic product (GDP). D) Gross domestic people. Show Answer Correct Answer: C) Gross domestic product (GDP). 5. It is the movement of people from rural areas to urban areas with the aim of finding jobs. A) Immigrants. B) Immigration. C) Migration. D) Urbanization. Show Answer Correct Answer: D) Urbanization. 6. Potential economic growth is a situation where an economy's productive capacity improved. A) True. B) False. Show Answer Correct Answer: A) True. 7. A financial record of the export and import of physical goods is called: A) Visible Trade Balance. B) International Specialisation. C) Fiscal Policy. D) Regional Specialisation. E) Balance of Payments. Show Answer Correct Answer: A) Visible Trade Balance. 8. What is the basis of Nigeria's economy? A) Gold. B) Timber. C) Oil. D) Diamonds. Show Answer Correct Answer: C) Oil. 9. When the government takes control of businesses and industries that were formerly privately owned. A) Nationalization. B) Democratic socialism. C) Martial law. D) Welfare state. Show Answer Correct Answer: A) Nationalization. 10. What contributed to quick wealth creation in the 1920s? A) Investment in agricultural commodities. B) Gold and silver mining. C) Real estate investment, especially buying on credit. D) Stock market investment, especially buying on margin. Show Answer Correct Answer: D) Stock market investment, especially buying on margin. 11. ..... was a muckraker that exposed civil rights violations. A) Nast. B) Wells. C) Sinclair. D) Tarbell. Show Answer Correct Answer: B) Wells. 12. An inflationary gap occurs when: A) Aggregate demand is below potential output. B) The economy is at full employment. C) Aggregate demand exceeds potential output. D) Interest rates are excessively high. Show Answer Correct Answer: C) Aggregate demand exceeds potential output. 13. According to world system theory, which countries dominate and take advantage of peripheral countries for labor and raw materials? A) Core countries. B) Peripheral countries. C) Semi-peripheral countries. D) None of the above. Show Answer Correct Answer: A) Core countries. 14. What is one way firms try to appropriate the value of innovation? A) Secrecy. B) Competition. C) Government intervention. D) Corruption. E) Collaboration. Show Answer Correct Answer: A) Secrecy. 15. What is the main goal of foreign direct investment (FDI) flows in developing countries? A) To promote protectionism. B) To encourage export promotion. C) To reduce government intervention. D) To increase technology transfer and job creation. Show Answer Correct Answer: D) To increase technology transfer and job creation. 16. Measured in the millions, billions and trillions. Determines economic growth. A) Capital Goods. B) Gross Domestic Product. C) Natural Resources. D) Human Capital. Show Answer Correct Answer: B) Gross Domestic Product. 17. Hundreds of Lakota men, women, and children were killed by ..... at ..... A) Apaches; Pikes Peak. B) The U.S. Army; Wounded Knee. C) Vigilantes; Fort Laramie. D) George Custer's soldiers; Sand Creek. Show Answer Correct Answer: B) The U.S. Army; Wounded Knee. 18. Development means increasing standards and quality of life A) False. B) True. Show Answer Correct Answer: B) True. 19. ..... was a leader in the banking and steel industries. A) Rockefeller. B) Walker. C) Carnegie. D) Morgan. E) Vanderbilt. Show Answer Correct Answer: D) Morgan. 20. Which is the best definition of a "boom and bust cycle" ? A) A period of growth leading to higher employment. B) A period of high unemployment followed by a growth period. C) A period of business growth followed by a period in industry failures. D) A period of low profits followed by a large growth in an industry. Show Answer Correct Answer: C) A period of business growth followed by a period in industry failures. 21. Why don't government planners try to end seasonal unemployment? A) It would eliminate too many jobs. B) Many people do not want to work all year. C) It would be too expensive. D) It is a natural part of a healthy economy. Show Answer Correct Answer: D) It is a natural part of a healthy economy. 22. Which of the following is an example of human capital? A) Factories. B) Education. C) Highways. D) Trucks. Show Answer Correct Answer: B) Education. 23. An appropriate fiscal policy to combat a recession would be to increase which of the following? A) Taxes. B) Government spending. C) The money supply. D) Interest rates. Show Answer Correct Answer: B) Government spending. 24. Economic growth should always be the top priority of the country, therefore converting ancestral land to productive land is correct always. A) FALSE. B) TRUE. Show Answer Correct Answer: A) FALSE. 25. Doing or making a lot. A) Productive. B) Net. C) Per capita. D) None of above. Show Answer Correct Answer: A) Productive. 26. ..... resources come from nature. A) Natural. B) Labour. C) Physical. D) Human. Show Answer Correct Answer: A) Natural. 27. This type of government has many laws that support the needs and well being of its citizens e.g free health care, subsidized housing & childcare, and unemployment compensation A) Reformist socialism. B) Welfare state. C) Bretton woods agreement. D) Federal system. Show Answer Correct Answer: B) Welfare state. 28. What is the main condition necessary for the success of import substitution industrialization (ISI)? A) Liberalized trade. B) Protectionist system with tariff barriers. C) Free movement of labor. D) Subsidies for domestic industries. Show Answer Correct Answer: B) Protectionist system with tariff barriers. 29. Central Asia has an abundance of mineral resources such as gold. A) False. B) True. Show Answer Correct Answer: B) True. 30. D. an increase in the government deficit following a decrease in personal income taxes. A) Increased economic growth. B) Decreased economic growth. C) No change in economic growth. D) None of above. Show Answer Correct Answer: B) Decreased economic growth. ← 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