This quiz works best with JavaScript enabled. Home > Development > Growth > Economic Growth – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 5 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The countries with the highest HDIs mostly belong to which continent? A) Asia. B) Africa. C) Europe. D) None of above. Show Answer Correct Answer: C) Europe. 2. The capital-output ratio in a country during the different phases of growth A) Remains unchanged. B) Fluctuates widely. C) Changes within narrow limits. D) Shows a secular declining trend. Show Answer Correct Answer: C) Changes within narrow limits. 3. A person who takes the risk and starts up a company is known as a ..... A) Human capitalist. B) Capital goods. C) Entrepreneur. D) Natural resource. Show Answer Correct Answer: C) Entrepreneur. 4. What companies were created in Japan after WWII? A) Sony. B) Nitendo. C) Nike. D) Apple. Show Answer Correct Answer: A) Sony. 5. Why did railroad companies hire Chinese and Irish immigrants to construct the Transcontinental Railroad? A) They would work for low wages. B) They had adapted to the harsh climate they would be working in. C) They were especially skilled in explosive devices. D) None of above. Show Answer Correct Answer: A) They would work for low wages. 6. The rate of growth of an economy mainly depends upon A) The rate of growth of the labour force. B) B)The proportion of national income saved and invested. C) C) The rate of technological improvements. D) D) All of the above. Show Answer Correct Answer: D) D) All of the above. 7. The qualitative measure of progress in an economy is A) Economic Development. B) Economic growth. C) Economic planning. D) Economic Living standard. Show Answer Correct Answer: A) Economic Development. 8. A product sent and sold to another country. A) Export. B) Net. C) Import. D) None of above. Show Answer Correct Answer: A) Export. 9. The following list is describing which factor of production:education, health, and showing up ready to work? A) Entrepreneur. B) Human capital. C) Natural resources. D) Capital goods. Show Answer Correct Answer: B) Human capital. 10. Which of these is MOST LIKELY to occur after the government increases taxes? A) Annual deficits increase. B) The national debt increases. C) Consumer spending decreases. D) Government programs decrease. Show Answer Correct Answer: C) Consumer spending decreases. 11. Spanish is to Romance as ..... is to Germanic. A) English. B) Russian. C) French. D) Italian. Show Answer Correct Answer: A) English. 12. If a country votes to raise tariffs on steel, what is most likely their goal? A) To lower the cost of making steel. B) To raise demand for steel in Europe. C) To protect its domestic steel industry. D) To increase trade with the United States. Show Answer Correct Answer: C) To protect its domestic steel industry. 13. The increase in the production of goods and services over a specific period is know as A) GDP. B) Economic Growth. C) GNP. D) Economic Development. Show Answer Correct Answer: B) Economic Growth. 14. 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. 15. What will result in the short run from rising unemployment in an economy? A) The government's budget deficit will fall. B) Any existing inflationary pressure will be reduced. C) Potential output will fall. D) The economy's production possibility curve will shift inwards. Show Answer Correct Answer: B) Any existing inflationary pressure will be reduced. 16. Calculate the economic growth rate if GDP was £60 billion in Year 1 and £63 billion in Year 2. A) 1%. B) 5%. C) 10%. D) 15%. Show Answer Correct Answer: B) 5%. 17. During a recession, which of the following is likely to occur? A) An increase in real wages. B) An increase in production. C) And increase in the GDP growth rate. D) An increase in the unemployment rate. Show Answer Correct Answer: D) An increase in the unemployment rate. 18. Which of the following is right for Green Economy of UAE A) Income by moving away from oil. B) To preserve its environment for future generations. C) New environmental and constructional policies. D) All of these. Show Answer Correct Answer: D) All of these. 19. The percent of a nation's population over the age of 15 who are able to read and write. A) Literate. B) Private sector. C) Public sector. D) Literacy Rate. Show Answer Correct Answer: D) Literacy Rate. 20. There are no truly pure market economic systems, but which of the following countries is closest? A) United Kingdom. B) Germany. C) Russia. D) Cuba. Show Answer Correct Answer: A) United Kingdom. ← PreviousNext →Related QuizzesDevelopment QuizzesEconomic Growth Quiz 1Economic Growth Quiz 2Economic Growth Quiz 3Economic Growth Quiz 4Economic Growth Quiz 6Economic Growth Quiz 7Economic Growth Quiz 8Economic Growth Quiz 9Economic Growth Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books