This quiz works best with JavaScript enabled. Home > Finance > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 57 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 57 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which one of these is not a benefit of economic growth? A) Increased tax revenues spent on education. B) Increased tax revenues spent on health service. C) Increased pollution and destruction of the environment. D) Increased revenues spent on research anddevelopment. Show Answer Correct Answer: C) Increased pollution and destruction of the environment. 2. An individual receives an additional $ 100 in income and saves $ 20. Which of the following is true? A) The average propensity to consume is 0.2. B) The marginal propensity to consume is 0.8. C) The marginal propensity to consume is 0.2. D) The average propensity to consume is 0.8. Show Answer Correct Answer: B) The marginal propensity to consume is 0.8. 3. What do we call the phase when the economy improves again after a recession? A) A high. B) A reborn. C) A boom. D) An expansion. Show Answer Correct Answer: D) An expansion. 4. An entrepreneur needs to be innovative. What does that word mean? A) A person who is static (not a constant learner). B) A follower. C) A risk taker. D) Comes up with new ideas. Show Answer Correct Answer: D) Comes up with new ideas. 5. Developing countries, like Trinidad and Tobago, tend to have young populations because the birth rate is ..... A) Low. B) High. Show Answer Correct Answer: B) High. 6. A country invests in its human capital by ..... A) Allowing people to work without training. B) Buying more tools than another country. C) Building schools and universities, investing in educational programs and work training programs. D) None of above. Show Answer Correct Answer: C) Building schools and universities, investing in educational programs and work training programs. 7. Natural resources are man made. A) True. B) False. Show Answer Correct Answer: A) True. 8. Which country specializes in automobiles? A) United Kingdom. B) Russia. C) Germany. D) None of above. Show Answer Correct Answer: C) Germany. 9. National Income is defined as A) Total population of a country. B) Total area of a country. C) Total number of businesses in a country. D) Total value of all goods and services produced within a country's borders in a specific time period. Show Answer Correct Answer: D) Total value of all goods and services produced within a country's borders in a specific time period. 10. A developed country often has greater economic growth and a developing country. A) True. B) False. Show Answer Correct Answer: B) False. 11. There are many similarities between the US and TX Constitutions. Which one is a difference? A) US has been amended 27 times, TX has been amended 450 times. B) US has 3 branches and the TX does not. C) TX has a Bill of Rights and the US doesn't. D) TX has a Supreme court and the US does not. Show Answer Correct Answer: A) US has been amended 27 times, TX has been amended 450 times. 12. The ability to read and write at an eighth grade level is called ..... A) Readability rate. B) Illiterate rate. C) Writerability rate. D) Literacy rate. Show Answer Correct Answer: D) Literacy rate. 13. Factories, machines, technologies, and property are all examples of A) Natural resources. B) Gross domestic product. C) Human capital. D) Capital goods. Show Answer Correct Answer: D) Capital goods. 14. Explain two factors contributing to inequality. A) High taxes and government regulations, lack of technological advancement. B) Equal distribution of wealth and income, lack of access to education and healthcare. C) Lack of natural resources, overpopulation. D) Unequal distribution of wealth and income, lack of access to education and healthcare. Show Answer Correct Answer: D) Unequal distribution of wealth and income, lack of access to education and healthcare. 15. MOST of the difference in standards of living between North and South Korea can b e attributed to differences in A) Physical capital. B) Natural resources. C) Human capital. D) Governmental institutions. E) Land costs. Show Answer Correct Answer: D) Governmental institutions. 16. Which factor BEST explains the price decreasing in the Model T automobile? A) Low demand. B) Organized labor. C) Mass production. D) Wartime inflation. Show Answer Correct Answer: C) Mass production. 17. Which is NOT an example of a natural resource? A) Land. B) Sun. C) Broccoli. D) Minerals. Show Answer Correct Answer: C) Broccoli. 18. Wealth of a nation, minus depreciation is ..... A) GNP/GNI. B) NNI. C) GDP. D) GVA. Show Answer Correct Answer: B) NNI. 19. What caused the cattle ranching industry to struggle in the late 1800s? A) Farmers fenced off land where cattle could previously graze freely. B) A severe drought led to the death of grass on the prairie. C) WIldfires killed large number of cattle. D) None of above. Show Answer Correct Answer: A) Farmers fenced off land where cattle could previously graze freely. 20. Which taxes were eliminated or lowered during the 1920s? A) Taxes on luxury items. B) Taxes on foodstuffs and consumer goods. C) Taxes on freight and transportation. D) All of the above. Show Answer Correct Answer: D) All of the above. 21. Would the following be included or not included in GDP? Grandpa Smith's Social Security check from the government. A) Included. B) Not included. Show Answer Correct Answer: B) Not included. 22. Which of these examples would describe growth due to improved physical capital? A) Harvard College was founded in 1636 and is still open to this day. B) German inventor Johannes Gutenberg invented the printing press. C) The U.S funded the building of the Panama Canal, completed in 1914. D) NAFTA was created to promote trade among the North American countries. Show Answer Correct Answer: C) The U.S funded the building of the Panama Canal, completed in 1914. 23. What product most often comes from the Coastal Plain (Tidewater) region? A) Technology. B) Coal. C) Seafood. D) Apples. Show Answer Correct Answer: C) Seafood. 24. Which branch of Virginia's government enforces the laws? A) Executive branch. B) Legislative branch. C) Judicial branch. D) None of above. Show Answer Correct Answer: A) Executive branch. 25. An organization of workers established to serve and advance its members' interests in terms of wages, benefits, and working hours and conditions A) Labor union. B) Lockout. C) Closed shop. D) Blacklist. Show Answer Correct Answer: A) Labor union. 26. The number of adults who are able to read and write in a country is the ..... A) Per capita rate. B) Proportion of labor. C) Literacy rate. D) GNI. Show Answer Correct Answer: C) Literacy rate. 27. What was one of the main factors that contributed to the economic growth and prosperity of the 1920s? A) Labor union strikes. B) Stock market investment. C) Government regulations. D) International trade barriers. Show Answer Correct Answer: B) Stock market investment. 28. What is the potential economic growth? A) An increase in the output of an economy (long-run). B) An increase in an economy's productive capacity (long-run). C) An increase in an economy's productive capacity (short-run). D) An increase in the output of an economy (short-run). Show Answer Correct Answer: B) An increase in an economy's productive capacity (long-run). 29. What are the possible advantages of economic integration? A) Larger export markets. B) Increased trade diversion. C) Undermining the role of the WTO. D) Increased unemployment. Show Answer Correct Answer: A) Larger export markets. 30. Which of the following BEST represents the role of an entrepreneur? A) A person who creates a new business. B) A leader (CEO) who runs the business. C) A worker in a factory who gets a raise for working hard. D) A student who decides to further their education and get their masters degree. Show Answer Correct Answer: A) A person who creates a new business. ← 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