This quiz works best with JavaScript enabled. Home > Development > Growth > Economic Growth – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 7 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. How does improving technology help the economy? A) It makes the overall economy more efficient and competitive. B) Technology creates many jobs for people. C) Technology allows people to work less. D) It helps increase the Gross Domestic Product of a country. Show Answer Correct Answer: A) It makes the overall economy more efficient and competitive. 2. Which of the following will likely raise the GDP of a country? A) Picking trade partners. B) Tariffs and banking. C) Imports and exports. D) Investing in new technology. Show Answer Correct Answer: D) Investing in new technology. 3. Improving the economic situation $\rightarrow$ better lives for people A) Urbanization. B) Industrialization. C) Modernization. D) Economic Development. Show Answer Correct Answer: D) Economic Development. 4. GDP is a measure of A) The standard of living of a population. B) Human well being. C) The effectiveness of government economic management. D) That part of a nation's output than can be fairly accurately measured. Show Answer Correct Answer: D) That part of a nation's output than can be fairly accurately measured. 5. Which economy answers the basic economic questions by following customs and habits of the past? A) Command. B) Market. C) Traditional. D) Mixed. Show Answer Correct Answer: C) Traditional. 6. What are the four types of economies? A) Command, demand, capitalist, communism. B) Traditional, command, market, mixed. C) Mixed, market, traditional, primary. D) None of the above. Show Answer Correct Answer: B) Traditional, command, market, mixed. 7. Increased financial rewards would be included in which measure of economic growth? A) Real Income/GDP. B) Productive capacity. C) Net social welfare. D) None of above. Show Answer Correct Answer: A) Real Income/GDP. 8. Consequences of Import Substitution A) Lack of government intervention. B) Negative impacts on employment. C) Undervalued exchange rates. D) Improvement in the balance of payments and debt position. Show Answer Correct Answer: B) Negative impacts on employment. 9. Spending by businesses replacing old machinery A) Exports. B) Government spending. C) Consumption. D) Investment. Show Answer Correct Answer: D) Investment. 10. Fund that collects and invests income until payments are made A) Pension fund. B) Pension. C) Credit union. D) Financial system. Show Answer Correct Answer: A) Pension fund. 11. What is meant by economic growth? A) A decrease in the budget deficit. B) An increase in population. C) An increase in budget surplus. D) An increase in real GDP. Show Answer Correct Answer: D) An increase in real GDP. 12. The GDP (Gross Domestic Product) is: A) The total output of a firm. B) The total output of a country. C) The number of products purchased by an average household. D) Number of products the country exports. Show Answer Correct Answer: B) The total output of a country. 13. If you traveled from London, England to Moscow, Russia, which two language families would you come in contact with? A) Germanic/Slavic. B) English/Romance. C) Romance/Germanic. D) Slavic/Romance. Show Answer Correct Answer: A) Germanic/Slavic. 14. Which factor is being described in the following list:oil, plants, water, gold? A) Capital goods. B) Natural resources. C) Human resources. D) Entrepreneur. Show Answer Correct Answer: B) Natural resources. 15. A state paying for a student to become a doctor to work in a local hospital is an example of ..... A) Investment in human capital. B) Investment in capital goods. C) Investment in entrepreneurship. D) Investment in natural resources. Show Answer Correct Answer: A) Investment in human capital. 16. If someone says that Japan's citizens make an average of $ 48, 919 a year, they are describing Japan's ..... A) Natural resources. B) GDP per capita. C) Capital goods. D) GDP. Show Answer Correct Answer: B) GDP per capita. 17. If someone says that the country of China is worth over $ 12 trillion dollars, they are talking about their A) Human capital. B) GDP. C) Capital goods. D) GDP per capita. Show Answer Correct Answer: B) GDP. 18. Remaining after deducting taxes and other expenses. A) Productive. B) Net. C) Service. D) None of above. Show Answer Correct Answer: B) Net. 19. The alternative combinations of final goods and services that could be produced, in a given time period with available resources and technology, are known as A) Production possibilities. B) Consumption possibilities. C) Real GDP. D) Nominal GDP. Show Answer Correct Answer: A) Production possibilities. 20. If GDP increased from $ 3685 million to $ 3791 million in 1 year, what is the economic growth rate? (Note:the formula is the change divided by the original value, x 100.) A) 2.87%. B) 3.42%. C) 1.84%. D) 2.35%. Show Answer Correct Answer: A) 2.87%. ← PreviousNext →Related QuizzesDevelopment QuizzesEconomic Growth Quiz 1Economic Growth Quiz 2Economic Growth Quiz 3Economic Growth Quiz 4Economic Growth Quiz 5Economic Growth Quiz 6Economic Growth Quiz 8Economic Growth Quiz 9Economic Growth Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books