This quiz works best with JavaScript enabled. Home > Finance > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 60 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 60 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. True or False:A claim is a topic sentence that is written as a neutral fact about a topic. A) False. B) True. Show Answer Correct Answer: A) False. 2. Adolf Dassler was the founder of the German sportswear company Adidas. His brother Rudolf founded Puma. Both of these Germans are examples of which factor of production? A) Entrepreneurship. B) Capital goods. C) Human capital. D) Natural resources. Show Answer Correct Answer: A) Entrepreneurship. 3. Capital goods are the ..... that are needed to produce goods and services A) Man-made materials. B) Technology. C) Stronger its economy. D) Boosts a country's exports. E) More goods & services. Show Answer Correct Answer: A) Man-made materials. 4. GDP of "Water" Countries in 2017 was £12489 & 2018 was £13422. If we use 2018 as the base year, how much will the Fire Nation's economy grow? A) 7.44%. B) 7.47%. C) 7.49%. D) 7.74%. E) 7.77%. Show Answer Correct Answer: B) 7.47%. 5. Would the following be included or not included in GDP? Income earned from cashing in a U.S. savings bond. A) Included. B) Not included. Show Answer Correct Answer: B) Not included. 6. Discuss the potential negative effects of rapid economic growth on the environment. A) Increased pollution, deforestation, loss of biodiversity, and depletion of natural resources. B) Improved living standards for the population. C) Enhanced access to education and healthcare. D) Increased employment opportunities. Show Answer Correct Answer: A) Increased pollution, deforestation, loss of biodiversity, and depletion of natural resources. 7. I'm able to show trend growth and actual growth on the same diagram, and I am able to illustrate the negative output gap and positive output gap on the same diagram. A) Yes, I understand this from the notes. B) No, I don't understand this from the notes. C) No, I don't understand this, as I have not read the notes. D) None of above. Show Answer Correct Answer: A) Yes, I understand this from the notes. 8. At which stage of the economic cycle would you expect unemployment to begin to rise / employment begin to fall? A) Recovery. B) Boom. C) Slump. D) Recession. Show Answer Correct Answer: C) Slump. 9. What is the example of a country that experienced rapid growth once better incentives and institutions were put into place? A) United States. B) Brazil. C) India. D) China. Show Answer Correct Answer: D) China. 10. Which of the following is NOT a goal of a labor union? A) No child labor. B) Higher wages. C) Safer work conditions. D) Shorter hours. E) Ownership in the company. Show Answer Correct Answer: E) Ownership in the company. 11. The most accurate definition of GDP is A) The value of goods and services produced in an economy. B) The value of goods and services produced in an economy in a year. C) The ttotal value of goods and services produced in a year. D) The total value of goods and services produced in an economy in a year. Show Answer Correct Answer: D) The total value of goods and services produced in an economy in a year. 12. What is the main natural resource found in Southwest Asia? A) Trees. B) Gold. C) Oil. D) Water. Show Answer Correct Answer: C) Oil. 13. How is economic growth and development measured? A) Using indicators such as temperature, rainfall, and wind speed. B) Using indicators such as GDP, GNI, HDI, and other economic and social indicators. C) Measuring economic growth and development is not possible. D) By counting the number of cars and houses in a country. Show Answer Correct Answer: B) Using indicators such as GDP, GNI, HDI, and other economic and social indicators. 14. What is Short-Run Economic Growth? A) An increase in Real GDP over time. B) An increase in the quality/quantity of the factors of production. C) Where all factors of production vary. D) A shift right in the PPC. Show Answer Correct Answer: A) An increase in Real GDP over time. 15. If the real GDP for a given period is divided by the size of the population for that same period, it is known as A) Real GDP. B) GDP at market prices. C) GDP at factor cost. D) GDP per capita. Show Answer Correct Answer: D) GDP per capita. 16. Brazil is building new factories and using newer technology. These are examples of ..... A) Gross domestic product. B) Investment in capital goods. C) Investment in human capital. D) Opportunity costs. Show Answer Correct Answer: B) Investment in capital goods. 17. Some American Indians on the Great Plains lived in tepees because A) They were difficult for enemies to spot. B) They could support a nomadic lifestyle. C) They would last a long time in a single place. D) They could be built in many sizes for large or small families. Show Answer Correct Answer: B) They could support a nomadic lifestyle. 18. Which of the following was NOT a disadvantage of urbanization? A) Overcrowding. B) Sanitation issues. C) Jobs. D) None of above. Show Answer Correct Answer: C) Jobs. 19. Use the following quote to answer question # ..... : "The countries of Latin America and the Caribbean have invested strongly in education over the past decades, and our societies and economies are benefiting today from this investment. Enrollment has increased spectacularly in primary and secondary education." Marcio Barbarosa, United Nations, 2009 What is a likely consequence of the actions taken in the quote above? A) A decrease in productivity. B) An increase in unemployment. C) More machinery will be available for use. D) An eventual increase in GDP. Show Answer Correct Answer: D) An eventual increase in GDP. 20. The country of Brownsville has decided to invest heavily in new capital equipment and technology. The factor that has been described BEST influences ..... A) Economic freedom. B) Supply and demand. C) Economic growth. D) Opportunity costs. Show Answer Correct Answer: C) Economic growth. 21. What economic practice helps motivate companies to keep prices low and improve product quality? A) Overproduction. B) Competition. C) Consolidation. D) Combination. Show Answer Correct Answer: B) Competition. 22. Which of these examples would describe growth due to improved human 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: A) Harvard College was founded in 1636 and is still open to this day. 23. A country's GDP is the total dollar value of all ..... in one year. A) Per person. B) Productive resources. C) Goods & services produced. D) Others do not. E) Weaker economies. Show Answer Correct Answer: C) Goods & services produced. 24. ..... was a leader in the oil industry. A) Rockefeller. B) Walker. C) Carnegie. D) Morgan. E) Vanderbilt. Show Answer Correct Answer: A) Rockefeller. 25. Define maximum output A) An increase in real GDP or the real quantity of goods and services produced over a period of time (typically a year), and is usually expressed as a percentage change in real GDP or GDP/capita over a period of time. B) Refers to the natural rate of unemployment, or unemployment of labour that prevails when the economy is producing potential output, or real GDP, determined by the position of the LRAS curve (long run equilibrium). C) Refer to the maximum output of combination of two goods that can be produced in an economy with fixed resources and technology, provided there is full or maximum employment of resource and efficiency in production, implying zero unemployment. D) Levels of income, wealth and consumption of goods and services, including healthcare and education. Show Answer Correct Answer: C) Refer to the maximum output of combination of two goods that can be produced in an economy with fixed resources and technology, provided there is full or maximum employment of resource and efficiency in production, implying zero unemployment. 26. How do ranchers identify their cattle? A) Branding. B) Cattle drives. C) Line riders. D) Round ups. Show Answer Correct Answer: A) Branding. 27. What is the main source of economic growth in Bangladesh? A) Tourism industry. B) Ready-made garment industry. C) Agriculture sector. D) Technology sector. Show Answer Correct Answer: B) Ready-made garment industry. 28. By including the quotation in paragraph 6 by the financier from Antwerp, the author is emphasizing that A) Waiting to pay for goods until the goods had been delivered. B) Paying for their purchases through bills of exchange. C) Doing all their business by using Dutch currency. D) Using third parties in Marseille to buy goods for them. Show Answer Correct Answer: B) Paying for their purchases through bills of exchange. 29. How did the Oil Industry and Railroad Industry affect the Texas Population? A) Population decreased in the East. B) Population increased in the West. C) Population decreased in the West. D) Population increased in the East. Show Answer Correct Answer: D) Population increased in the East. 30. Jessie's grandfather tells him that a dollar went farther when he was a child than it does today. What does he mean? A) People today do not take care of their money. B) U.S. currency is used in more countries today. C) A dollar had more purchasing power when he was young. D) Currency was more durable when he was young. Show Answer Correct Answer: C) A dollar had more purchasing power when he was young. ← 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