This quiz works best with JavaScript enabled. Home > Finance > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 56 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 56 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is not a form of labour? A) Immigrant's work. B) Children's work. C) Machine's work. D) Adult's work. Show Answer Correct Answer: C) Machine's work. 2. Which of the following does not fall within the category of land as a factor of production? A) A building. B) Coal. C) Water. D) Trees. Show Answer Correct Answer: B) Coal. 3. Which country in order of GDP is the highest A) Haiti. B) Cuba. C) Brazil. D) Mexico. Show Answer Correct Answer: C) Brazil. 4. I calculated the country's ..... education spending by diving its education budget by its population. A) Economy. B) Per capita. C) Net. D) None of above. Show Answer Correct Answer: B) Per capita. 5. Explain how poverty cycle impacts economic growth. A) The poverty cycle only affects individual households and does not impact economic growth. B) The poverty cycle increases productivity and access to education and healthcare, and creates high consumer demand. C) The poverty cycle reduces productivity, limits access to education and healthcare, and creates a lack of consumer demand. D) The poverty cycle has no impact on economic growth. Show Answer Correct Answer: C) The poverty cycle reduces productivity, limits access to education and healthcare, and creates a lack of consumer demand. 6. The total GDP divided by the population of the said country A) GDP per capita. B) Real GDP. C) Nominal GDP. D) Other things being equal. Show Answer Correct Answer: A) GDP per capita. 7. What occurs over decades and generations, when seemingly small differences of a few percentage points in the annual rate of economic growth make an enormous difference in per capita GDP? A) Convergence. B) Human Capital. C) Sustained Economic Growth. D) Labor Productivity. Show Answer Correct Answer: C) Sustained Economic Growth. 8. In the long run, sustained economic growth requires ..... ? A) Consistent weather patterns. B) Growth in the factors of production. C) A fixed exchange rate. D) A stable political system. Show Answer Correct Answer: B) Growth in the factors of production. 9. It is often argued that the present rate of economic growth will soon lead to the exhaustion of reserves of material resources, such as minerals and oil. What does this argument fail to take into account? A) The drawbacks of present GDP levels as an indicator of the 'happiness' of the population. B) The effect of increasing resource prices on the discovery and exploitation of new reserves. C) The right of future generations to enjoy present standards of living. D) The role of education in economic development. Show Answer Correct Answer: B) The effect of increasing resource prices on the discovery and exploitation of new reserves. 10. What does the smooth upward sloping line on the diagram represent? A) Recession phase. B) Boom phase. C) Actual growth. D) Trend growth. Show Answer Correct Answer: D) Trend growth. 11. Movement of settlers into the American West, began with the Louisiana Purchase and the belief in "manifest destiny" . A) James Hogg. B) Buffalo Soldiers. C) Westward Expansion. D) Open-range system. Show Answer Correct Answer: C) Westward Expansion. 12. What does "gross domestic product" mean? A) Total value of goods & services produced in one year. B) Total number of natural resources. C) Total number of people that cannot read or write. D) GDP per capita. Show Answer Correct Answer: A) Total value of goods & services produced in one year. 13. Which Cuban industry depends mostly on a labor force with a high human capital? A) Cuba's tourist industry. B) Cuba's health care industry. C) Cuba's tobaccos industry. D) Cuba's sugar and agri-businesses. Show Answer Correct Answer: B) Cuba's health care industry. 14. What does a Tax Commissioner do to help govern a city? A) Helps the sheriff keep the citizens safe. B) -Pays taxes for county-Maintains Tax Records-Receives Tax Returns. C) -Sets the amount of income a person can receive. D) -Judges a court hearing. Show Answer Correct Answer: B) -Pays taxes for county-Maintains Tax Records-Receives Tax Returns. 15. What best refers to the the widespread use of power-driven machinery and the economic and social changes that occurred in the first half of the 1800s? A) Industrial Revolution. B) Mercantilism. C) Special Economic Zone. D) Modern Economic Growth. Show Answer Correct Answer: A) Industrial Revolution. 16. What is an example of capital goods? A) Tools. B) Equipment. C) Technology. D) Lumber. E) All of the above. Show Answer Correct Answer: E) All of the above. 17. Which of the following is NOT a function of education?1. Improve skills2. promote leisure time activities3. produce knowledge and improve creativity4. promote ethical behaviour and pass on cultural values and traditions A) 1. B) 4. C) 2. D) 3. Show Answer Correct Answer: C) 2. 18. Free zone is the basic physical and organizational structures and facilities. A) True. B) False. Show Answer Correct Answer: B) False. 19. Limited formal education prevents economic development. A) False. B) True. Show Answer Correct Answer: B) True. 20. The principle established that protects individual and entity rights to use their property as they see fit; This must be clear, public, fair, and enforced, and applicable to all members of society? A) Let it happen. B) Rule of Law. C) Contractual Rights. D) Convergence. Show Answer Correct Answer: B) Rule of Law. 21. Which of the following defines economic growth? A) Increase in Government revenue. B) Increase in total output. C) Increase in exports. D) Increase in Imports. Show Answer Correct Answer: B) Increase in total output. 22. Younger populations require the government to spend LESS on education. A) True. B) False. Show Answer Correct Answer: B) False. 23. A fall in unemployment affects which determinant of consumption most directly? A) Interest rates. B) Asset prices. C) Consumer confidence. D) None of above. Show Answer Correct Answer: C) Consumer confidence. 24. When countries focus on making certain goods because they are cheaper and more efficient to make. Also known as "Do what you do best, and trade for the rest" . A) Globalization. B) Exports. C) Specialization. D) Imports. Show Answer Correct Answer: C) Specialization. 25. A policy focusing on technological innovation impacts sustainable economic growth by: A) Reducing the need for skilled labor. B) Increasing short-term environmental harm. C) Enhancing long-term productive efficiency. D) Encouraging monopolistic practices. Show Answer Correct Answer: C) Enhancing long-term productive efficiency. 26. Which of the following is NOT a difficulty when measuring GDP? A) Governments may spend money in the economy to provide education. B) Spending on regrettable distort data. C) Some income is not declared in economic data. D) Doesn't take into account externalities. E) Increases in population may be higher than output. Show Answer Correct Answer: A) Governments may spend money in the economy to provide education. 27. The Australian government seeks to achieve the goal of a strong and sustainable rate of economic growth. This is currently defined as an annual long-term rise in GDP averaging around: A) 1-2 per cent. B) 2-3 per cent. C) 3-3.5 per cent. D) Above 4-5 per cent. Show Answer Correct Answer: C) 3-3.5 per cent. 28. What is the equation to calculate Gross National Income (GNI)? A) GNI = GDP + Net Factor Income. B) GNI = GDP-Environmental Costs. C) GNI = GDP / Population. D) GNI = GDP-Income earned by foreign workers and firms. Show Answer Correct Answer: A) GNI = GDP + Net Factor Income. 29. Which best describes the goal of mercantilism? A) To give Africans a share of the profits. B) To help planters grow more crops. C) To make merchants rich. D) The mother country obtains its wealth by exporting more than it imports. Show Answer Correct Answer: D) The mother country obtains its wealth by exporting more than it imports. 30. When a company has near complete control of all the business in an industry. A) Monopoly. B) Dividend. C) Vertical Integration. D) None of above. Show Answer Correct Answer: A) Monopoly. ← 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