This quiz works best with JavaScript enabled. Home > Finance > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 6 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which population has the LOWEST human capital? A) Sudan. B) South Africa. C) Egypt. D) Nigeria. Show Answer Correct Answer: D) Nigeria. 2. The diagram that illustrates the set of interactions between the major sets of economic actors in our economy is called the A) Economic agent model. B) Business model. C) Household model. D) Agent-principal model. E) Circular flow model. Show Answer Correct Answer: E) Circular flow model. 3. Something that comes from Earth or nature that is useful to humans A) Human capital. B) Capital goods. C) Natural resources. D) None of the above. Show Answer Correct Answer: C) Natural resources. 4. What did eager consumers use to purchase goods during the 1920s? A) Credit cards. B) Bartering. C) Installment plans. D) Cash payments. Show Answer Correct Answer: C) Installment plans. 5. True or False-A country will always have a strong economy if it has one valuable resource. A) True. B) False. Show Answer Correct Answer: B) False. 6. How has Russia worked to improve its GDP per capita in recent years? A) Focusing on saving, not spending. B) Spending billions to train its workforce and update its factories. C) Spending billions to build defenses for possible wars. D) None of above. Show Answer Correct Answer: B) Spending billions to train its workforce and update its factories. 7. What value is assigned to the "base year" of a price index? A) 100. B) 120. C) 1. D) 90. Show Answer Correct Answer: A) 100. 8. Doubling L with trade in a large L-sufficient country is more likely to: A) Reduce the volume of trade. B) Increase the welfare of individual citizens. C) Increase the social welfare of the country. D) Hampers the country's terms of trade. Show Answer Correct Answer: D) Hampers the country's terms of trade. 9. ..... is composed of goods and services produced for sale in the market and also includes some nonmarket production, such as defense or education services provided by the government A) Export. B) Consumption of Government. C) GDP. D) Import. Show Answer Correct Answer: C) GDP. 10. A model of government in which the powers and responsibilities of governing a country are divided between national and local authorities A) Federal system. B) Welfare system. C) Democratic socialism. D) Recession. Show Answer Correct Answer: A) Federal system. 11. Which sector normally grows a nations GDP and why? A) The public sector grows the GDP because it is operated by entrepreneurs who start businesses. B) The private sector grows the GDP because it is operated by entrepreneurs who start businesses. C) The private sector grows the GDP because it is operated by government who start businesses. D) The public sector grows the GDP because it is operated by government who start businesses. Show Answer Correct Answer: B) The private sector grows the GDP because it is operated by entrepreneurs who start businesses. 12. Sustainability refers to the process of using resources so as not to ..... A) Recycle them. B) Reduce them. C) Re-use them. D) Deplete them. Show Answer Correct Answer: D) Deplete them. 13. Which country is sometimes added to the BRIC countries to form the group 'Mint'? A) Turkey. B) Mexico. C) Nigeria. D) Indonesia. Show Answer Correct Answer: B) Mexico. 14. Ca.ital goods are the ..... people use to produce goods and services A) Raw materials. B) Factories machines, & technology. C) Skills, knowledge, and experience. D) None of above. Show Answer Correct Answer: B) Factories machines, & technology. 15. A period of strong economic growth followed by a period of sharp decline A) Westward Expansion. B) Open-range system. C) Richard King. D) Boom and Bust Cycle. Show Answer Correct Answer: D) Boom and Bust Cycle. 16. Which of the following industries made an impact on the Texas economy? A) Cotton. B) Railroads. C) Oil. D) All of the above. Show Answer Correct Answer: D) All of the above. 17. How does technological advancement impact industrial and economic growth? A) It only benefits a few industries and has no overall impact on economic growth. B) It leads to decreased efficiency and productivity in industries, hindering economic growth. C) It leads to increased efficiency, productivity, and innovation in industries, driving economic growth. D) It has no impact on industrial and economic growth. Show Answer Correct Answer: C) It leads to increased efficiency, productivity, and innovation in industries, driving economic growth. 18. What is likely to happen to unemployment during a recession? A) Increase. B) Remain low. C) Stagnate. D) Decrease. Show Answer Correct Answer: A) Increase. 19. Farming organization created to promote teamwork between farmers and reduce their costs. A) National Grange. B) Populist Party. C) Ku Klux Klan. D) Corporation. Show Answer Correct Answer: A) National Grange. 20. In which year was Akbar born? A) 1951. B) 1542. C) 1674. D) 1500. Show Answer Correct Answer: B) 1542. 21. The countries of Europe's southeastern Balkan peninsula. A) Balkans. B) Europe. C) Germany. D) Northern Europe. Show Answer Correct Answer: A) Balkans. 22. What event led to a decrease in labor union membership? A) Haymarket Riot. B) Triangle Fire. C) Invention of light bulb. D) None of above. Show Answer Correct Answer: A) Haymarket Riot. 23. If the national income increases from one year to another then economic growth occurs A) False. B) True. Show Answer Correct Answer: B) True. 24. What is likely to be an advantage of economic growth? A) The country's resources will be depleted. B) The price level will increase. C) The rate of employment will fall. D) The standard of living will increase. Show Answer Correct Answer: D) The standard of living will increase. 25. What did the term 'laissez-faire' imply about government intervention in the economy? A) Extensive government intervention. B) Selective government intervention. C) Complete government control. D) Minimal government intervention. Show Answer Correct Answer: D) Minimal government intervention. 26. What did Warren Harding's Return to Normalcy aim to achieve? A) Stimulate economic growth. B) Promote social equality. C) Increase government intervention. D) Reduce international trade. Show Answer Correct Answer: A) Stimulate economic growth. 27. What is the measurement that shows how poor or rich a country is? A) Dollars. B) GDP. C) Economy. D) Money. Show Answer Correct Answer: B) GDP. 28. Which country has been building more schools in rural areas, improving roads and providing more electricity in order to help it's economy grow? A) Nigeria. B) Sudan. C) Kenya. D) South Africa. Show Answer Correct Answer: C) Kenya. 29. What is the Economic growth rate at the moment A) 1.2. B) 0.67. C) 0.8. D) 0.94. Show Answer Correct Answer: C) 0.8. 30. The total value of goods and services produced within the borders of a country during a specific time period, usually one year. A) HDI. B) GNI. C) GDP per capita. D) GDP. Show Answer Correct Answer: D) GDP. ← PreviousNext →Related QuizzesMacroeconomics QuizzesEconomics QuizzesEconomic Growth Quiz 1Economic Growth Quiz 2Economic Growth Quiz 3Economic Growth Quiz 4Economic Growth Quiz 5Economic Growth Quiz 7Economic Growth Quiz 8Economic Growth Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books