This quiz works best with JavaScript enabled. Home > Finance > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 9 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What's the average salary per week in South Cambridgeshire? A) £714. B) £2500. C) £274. D) £586. Show Answer Correct Answer: A) £714. 2. Why is economic growth important? A) To decrease government revenue. B) To stagnate technological advancements. C) To increase per Capita income. D) To limit capital investment. Show Answer Correct Answer: C) To increase per Capita income. 3. What is the literacy rate of Saudi Arabia? A) 85.0%. B) 87.2%. C) 97.1%. D) 50%. Show Answer Correct Answer: B) 87.2%. 4. Which of the following is the cost of economic growth A) Create poverty and hunger. B) Negative impacts on the environment, social inequality, and depletion of natural resources. C) Same level of job opportunities. D) Increase the level of choice and possibly international transaction such as import. Show Answer Correct Answer: B) Negative impacts on the environment, social inequality, and depletion of natural resources. 5. Creates new industries while strengthening the existing ones. A) Stage 4:Drive to Maturity. B) Stage 2:Pre-Condition for Take-Off. C) Stage 3:Take-Off. D) Stage 1:Traditional Society. E) Stage 5:High Mass Consumption. Show Answer Correct Answer: A) Stage 4:Drive to Maturity. 6. Samuel Gompers was the founder of ..... A) Telegraph. B) AFL. C) Knights of Labor. D) U.S. Steel. Show Answer Correct Answer: B) AFL. 7. Which of the following is NOT part of GDP definition? A) Market value. B) Intermediate goods and services. C) Produced within a country. D) Given time period. Show Answer Correct Answer: B) Intermediate goods and services. 8. Cody buys a new baler for his cotton field. A) Capital Goods. B) Natural Resources. C) Human Capital. D) Entrepreneur. Show Answer Correct Answer: A) Capital Goods. 9. The stated goal of the Organization of Petroleum Exporting Countries is to A) Stabilize the market for oil. B) Remove barriers to trade in oil. C) Invest in new oil technologies. D) Standardize tariffs on crude oil. Show Answer Correct Answer: A) Stabilize the market for oil. 10. What percentage of India's international trade goes through Mumbai? A) 10%. B) 15%. C) 20%. D) 25%. Show Answer Correct Answer: D) 25%. 11. For a given population and a given quantity of labor employed, what will happen to aggregate production and income per capita if there is an increase in a nation's capital stock? A) Aggregate production will increase, and income per capita will decrease. B) Aggregate production will increase, and income per capita will increase. C) Aggregate production will decrease, and income per capita will be indeterminate. D) Aggregate production will decrease, and income per capita will increase. Show Answer Correct Answer: B) Aggregate production will increase, and income per capita will increase. 12. Which of the following is a method to measure the National Income? A) Expenditure method. B) Income method. C) Product method. D) All of the option. Show Answer Correct Answer: D) All of the option. 13. All of the following are reasons why early European settlers came to Carolina and the new world, EXCEPT: A) To gain religious freedom. B) To find silver and gold. C) To establish colonies. D) To civilize the Indians. Show Answer Correct Answer: D) To civilize the Indians. 14. What can we do to fix some of the issues? A) Cry. B) Provide youth the best opportunity to transition to a decent job. C) Invest in bitcoin and start your own business. D) Give up unfair jobs. Show Answer Correct Answer: B) Provide youth the best opportunity to transition to a decent job. 15. In division of labour, workers are ..... A) Independent. B) Interdependent. Show Answer Correct Answer: B) Interdependent. 16. Educated workers have helped the U.S. to have a high gross domestic product. A) False tagsS2789894. B) True. Show Answer Correct Answer: B) True. 17. To boost economic growth the government is most likely to A) Increase interest rates. B) Provide incentives to invest. C) Increase taxation rates. D) Provide incentives to save. Show Answer Correct Answer: B) Provide incentives to invest. 18. It is an increase in a country's real level of national output.which can be caused by an increase in the quality of resources (by education etc.), increase in the quantity of resources & improvements in technology or in another way an increase in the value of goods and services produced by every sector of the economy. A) Economic Development. B) Economic Growth. Show Answer Correct Answer: B) Economic Growth. 19. The diagram shows an economy's production possibility curve. What causes a movement from point X to point Y? A) A recession. B) Actual economic growth. C) Potential economic growth. D) A positive output gap. Show Answer Correct Answer: B) Actual economic growth. 20. A ..... factor for urbanization (movement to cities from rural areas) was jobs. A) Sweep. B) Fear. C) Pull. D) Push. Show Answer Correct Answer: C) Pull. 21. Economic growth can be shown diagrammatically as A) A rightward shift of the SRAS curve. B) A rightward shift of the LRAS curve. C) A rightward shift of AD curve. D) All of the options. Show Answer Correct Answer: D) All of the options. 22. What invention did Joseph Glidden invent? A) Revolver. B) Oil. C) Barbed Wire. D) The Light Bulb. Show Answer Correct Answer: C) Barbed Wire. 23. An example of human capital is A) Job training and education. B) New factories and technology. C) Natural resources. D) Value of all goods and services produced in a year. Show Answer Correct Answer: A) Job training and education. 24. What do firms receive in return for selling goods and services? A) Taxes. B) Rent. C) Wages. D) Revenue. E) Expenditures. Show Answer Correct Answer: D) Revenue. 25. True or False:The Dawes Act broke up tribal reservations into individual lots, like the Homestead Act. A) False. B) True. Show Answer Correct Answer: B) True. 26. Which is an example of entrepreneurship? A) Tre volunteers at a local nursing home that is in need of help. B) Peter got a job at a mechanic's shop repairing cars and trucks. C) Sarah does her chores every day in order to earn her allowance. D. D) Jemele uses her money to open a restaurant in her neighborhood. Show Answer Correct Answer: D) Jemele uses her money to open a restaurant in her neighborhood. 27. In what area did airplanes for prove to be of practical value? A) Military operations. B) Tourism. C) Mail delivery. D) Stunt shows. Show Answer Correct Answer: A) Military operations. 28. What happened as a result of the discovery of Oil in Spindletop? A) Demand for lumber. B) Demand for kerosene. C) Shipping. D) Boomtowns. Show Answer Correct Answer: D) Boomtowns. 29. What are the consequences of economic recession? A) Negative economic growth rate for at least 2 quarters. B) Unemployment may decrease. C) Government spending on benefits may decrease. D) Tax revenue may increase. Show Answer Correct Answer: A) Negative economic growth rate for at least 2 quarters. 30. Real Gross Domestic Product (GDP) is: A) GDP adjusted for terms of trade. B) GDP at market prices adjusted for the effects of inflation. C) A measure of production at current prices. D) The total market value of final goods and services. Show Answer Correct Answer: B) GDP at market prices adjusted for the effects of inflation. ← 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