This quiz works best with JavaScript enabled. Home > Development > Growth > Economic Growth – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 6 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Unemployment that rises during economic downturns and falls when the economy improves. A) Seasonal Unemployment. B) Structural Unemployment. C) Frictional Unemployment. D) Cyclical Unemployment. Show Answer Correct Answer: D) Cyclical Unemployment. 2. Sustainable economic growth depends upon A) Investment, not saving. B) Saving, not investment. C) Both saving and investment. D) Neither saving nor investment. Show Answer Correct Answer: C) Both saving and investment. 3. Suppose that in the country of Xanadu, the real GDP in 2004 was R1883 billion. In 2005, real GDP was R1610 billion. In Xanadu, real GDP grew by A) 14.5%. B) 17%. C) -14.5%. D) -17%. Show Answer Correct Answer: C) -14.5%. 4. What was Japan's economy like after WW2 A) Neutral (Not good, Not bad). B) Struggling. C) Declining. D) Very prosperous. Show Answer Correct Answer: D) Very prosperous. 5. The extent to which workers are willing and able to move to different locations for employment A) Productivity. B) Investment expenditure. C) Geographical mobility. D) Occupational mobility. Show Answer Correct Answer: C) Geographical mobility. 6. Which part of Europe has the lowest literacyrates? A) Eastern Europe. B) Balkans. C) Northern Europe. D) All of Europe has high literacy rates. Show Answer Correct Answer: B) Balkans. 7. A recession is defined as A) Two months of negative economic growth. B) Two quarters of negative economic growth. C) A fall in GDP. D) A fall in national income. Show Answer Correct Answer: B) Two quarters of negative economic growth. 8. Monthly, quarterly, semiannual, or annual price paid for an insurance policy A) Borrowers. B) Diversification. C) Financial system. D) Premium. Show Answer Correct Answer: D) Premium. 9. What is an unavoidable cost of long-run economic growth? A) An increase in inflation. B) An increase in the working hours of the population. C) A sacrifice of potential present consumption. D) Greater inequality in the distribution of income. Show Answer Correct Answer: C) A sacrifice of potential present consumption. 10. Given the following information, calculate the correct GDP per capita. GDP is $ 460 billion, population is 28 million A) $ 16429. B) $ 21377. C) #27347. D) $ 26923. Show Answer Correct Answer: A) $ 16429. 11. Gifts of nature are called ..... A) Entrepreneur. B) Natural resources. C) Capital goods. D) Human capital. Show Answer Correct Answer: B) Natural resources. 12. An increase in which of the following would cause a decrease in aggregate demand? A) Exports. B) Imports. C) Government Spending. D) Investment. Show Answer Correct Answer: B) Imports. 13. What is one way to measure average labor productivity A) Output per employed worker. B) The output of the best workers. C) The output of the median worker. D) Calories in vs calories out, you can't explain that mr lowe. Show Answer Correct Answer: A) Output per employed worker. 14. Which of the following is NOT a goal that our government tries to meet for the people? A) Maintain steady economic growth. B) Ensure economic stability over a long period of time. C) Maintain low unemployment. D) Offer incentives for people to start their own businesses. Show Answer Correct Answer: D) Offer incentives for people to start their own businesses. 15. The maximum potential output of the economy is the definition of what? A) Real GDP. B) Productive Capacity. C) Nominal GDP. D) Net Social Welfare. Show Answer Correct Answer: B) Productive Capacity. 16. How can we fix the problem? A) Giving money to the people. B) Investing in companies. C) Investing in education. D) Giving jobs to people. Show Answer Correct Answer: C) Investing in education. 17. Mass production led to: A) Products being more superior in quality. B) Goods became less expensive. C) Laborers received higher wages. D) Industries moved to rural areas. Show Answer Correct Answer: B) Goods became less expensive. 18. Which one of the following is NOT a method of calculating real GDP? A) Income method. B) Savings method. C) Expenditure method. D) None of above. Show Answer Correct Answer: B) Savings method. 19. According to the Human Development Index, the Philippines has a ..... HDI. A) Low. B) Very high. C) High. D) Medium. Show Answer Correct Answer: C) High. 20. Which one of these is a consequence of a recession? A) Increase in inflation. B) Increase in employment. C) Decrease in income. D) Increase in Aggregate Supply. Show Answer Correct Answer: C) Decrease in income. ← PreviousNext →Related QuizzesDevelopment QuizzesEconomic Growth Quiz 1Economic Growth Quiz 2Economic Growth Quiz 3Economic Growth Quiz 4Economic Growth Quiz 5Economic Growth Quiz 7Economic Growth Quiz 8Economic Growth Quiz 9Economic Growth Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books