This quiz works best with JavaScript enabled. Home > Finance > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 7 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Who started and owned the largest Cattle Ranch in Texas? A) Oliver Loving. B) Charles Goodnight. C) Richard King. D) Bill Pickens. Show Answer Correct Answer: C) Richard King. 2. What are the different types of capital goods? A) Machinery, equipment, vehicles, and buildings. B) Raw materials, labor, and technology. C) Consumer goods, services, and natural resources. D) Money, stocks, and bonds. Show Answer Correct Answer: A) Machinery, equipment, vehicles, and buildings. 3. What is Capital Goods? A) Goods and tools that are used in producing other goods, rather than being bought by consumers. B) Good and tools purchased rather than imported to another country. C) Goods and tools manufactured in a country rather than bought by businesses. D) Goods and tools shipped globally rather than being exported internationally. Show Answer Correct Answer: A) Goods and tools that are used in producing other goods, rather than being bought by consumers. 4. Take off stage' in an economy means A) Steady growth begins. B) Economy is stagnant. C) Economy is about to collapse. D) All controls are removed. Show Answer Correct Answer: A) Steady growth begins. 5. The word Vigilante means: A) People who didn't obey the law. B) People who obeyed the law. C) People who kept a lookout for Indian attacks. D) People who took the law into their own hands. Show Answer Correct Answer: D) People who took the law into their own hands. 6. Nominal GDP can rise in value because of two of the below reasons. Which reason is not correct? A) The output of the country increases. B) The general level of prices in the country decreases. C) The general level of prices in the country increases. D) None of above. Show Answer Correct Answer: B) The general level of prices in the country decreases. 7. What was the purpose of raising protective tariffs during the 1920s? A) Promote free trade agreements. B) Lower consumer prices. C) Protect domestic industries from foreign competition. D) Encourage foreign investment. Show Answer Correct Answer: C) Protect domestic industries from foreign competition. 8. High interest rates will benefit ..... A) Borrowers. B) Businesses wanting to invest. C) Savers. D) Businesses wanting to expand. Show Answer Correct Answer: C) Savers. 9. Which was a major result of the Homestead Act of 1862? A) Increased public awareness of the need for conservation of natural resources. B) Increased development of western lands. C) Decreased conflicts between American Indians and white settlers. D) Decreased economic opportunities for easterners. Show Answer Correct Answer: B) Increased development of western lands. 10. Which of the following statements accurately describes Demand-side sources of economic growth? A) Demand-side sources of growth focus on increasing the factors of production, such as labor and capital. B) Demand-side growth is driven by technological advancements and improvements in efficiency. C) Demand-side sources emphasise boosting consumer spending and government expenditure. D) Demand-side sources primarily involve increasing exports and improving international trade. Show Answer Correct Answer: C) Demand-side sources emphasise boosting consumer spending and government expenditure. 11. What is the lowest point of the actual growth line called? A) Recession. B) Boom. C) Slowdown. D) Trough. Show Answer Correct Answer: D) Trough. 12. If there is an improvement in technology then the ..... A) AD curve shifts left. B) AD curve shifts right. C) AS curve shifts right. D) AS curve shifts left. Show Answer Correct Answer: C) AS curve shifts right. 13. Human resources can be developed through education and health care. A) False. B) True. Show Answer Correct Answer: B) True. 14. What are the two ways you can invest in human capital? A) Education and training. B) Training and capital goods. C) Education and healthcare. D) None of above. Show Answer Correct Answer: C) Education and healthcare. 15. What is an unavoidable cost of long-run economic growth? A) An increase in the working hours of the population. B) Greater inequality in the distribution of income. C) A sacrifice of potential present consumption. D) An increase in inflation. Show Answer Correct Answer: C) A sacrifice of potential present consumption. 16. What is the main industry contributing to Bangladesh's wealth? A) Textile and garment industry. B) Agriculture. C) Technology. D) Mining. Show Answer Correct Answer: A) Textile and garment industry. 17. What are some examples of government policies that can promote economic development? A) Increasing taxes on businesses, reducing government spending, implementing strict regulations on businesses, limiting international trade, cutting funding for education and training programs. B) Investment in infrastructure, tax incentives for businesses, deregulation, trade policies, education and training programs. Show Answer Correct Answer: B) Investment in infrastructure, tax incentives for businesses, deregulation, trade policies, education and training programs. 18. What is the latest generation of technology used by the Port of Singapore to improve its performance and efficiency? A) Technology. B) Computers. C) Robots. D) Social media. Show Answer Correct Answer: A) Technology. 19. A decent job is one that ..... A) Originates honest work. B) Protect the rights. C) Ensure labor protection. D) All of the above are correct. Show Answer Correct Answer: D) All of the above are correct. 20. Economic development is usually accompanied by? A) Stagflation. B) Deflation. C) Increased unemployment. D) Inflation. Show Answer Correct Answer: D) Inflation. 21. Japan has been an economic superpower since 1900. Yet Japan is physically isolated and dependent on foreign oil, imported agricultural products, and mineral resources. How can Japan remain so prosperous? A) Japan has a well-educated skilled labor force. B) Japan's population growth has stopped. C) Japan has a powerful military that influences other countries. D) Japan receives reduced prices on imports. Show Answer Correct Answer: A) Japan has a well-educated skilled labor force. 22. What are the factors that contribute to economic growth? A) Investment, technological progress, education, infrastructure, and natural resources. B) Lack of access to technology. C) Rising unemployment rates. D) Decreased government spending. Show Answer Correct Answer: A) Investment, technological progress, education, infrastructure, and natural resources. 23. How is saving linked to increased capital? A) Low savings means there is more money put toward capital formation. B) When money is saved, it is left in the bank and not available for capital formation. C) Saving provides money for investment in human and physical capital. D) When savings rise, the GDP drops, making capital formation more difficult. Show Answer Correct Answer: C) Saving provides money for investment in human and physical capital. 24. According to W.W. Rostow, the stages of economic growth are A) 3. B) 4. C) 2. D) 5. Show Answer Correct Answer: D) 5. 25. Use of technology starts to become more common and widespread. A) Stage 3:Take-Off. B) Stage 1:Traditional Society. C) Stage 4:Drive to Maturity. D) Stage 2:Pre-Condition for Take-Off. E) Stage 5:High Mass Consumption. Show Answer Correct Answer: D) Stage 2:Pre-Condition for Take-Off. 26. How are entrepreneurs important to a country's growth? A) Entrepreneurs create new markets that provide jobs. B) Entrepreneurs strengthen governmental control. C) Entrepreneurs provide political stability. D) Entrepreneurs provide compulsory education. Show Answer Correct Answer: A) Entrepreneurs create new markets that provide jobs. 27. Which of these countries had the best income equality A) Finland. B) Japan. C) Netherlands. D) Belgium. Show Answer Correct Answer: B) Japan. 28. If a country has not built new factories or used new technology in many years, then the country is not investing in what? A) Natural resources. B) Human capital. C) Physical or capital goods. D) Opportunity costs. Show Answer Correct Answer: C) Physical or capital goods. 29. I know what is meant by positive output gap, and I am able to draw this on an aggregate demand and aggregate supply 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. 30. When economy outlook is good and more foreign companies are opening up, there will be a/an: A) Increase in labour demand. B) Decrease in labour demand. C) Increase in labour supply. D) Decrease in labour supply. Show Answer Correct Answer: A) Increase in labour demand. ← 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 8Economic Growth Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books