This quiz works best with JavaScript enabled. Home > Economics > Development > General > Economic Development – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Development Quiz 11 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In a market economy, who or what determines prices of goods and services? A) Government. B) Industrial output. C) Supply and demand. D) Religious beliefs. Show Answer Correct Answer: C) Supply and demand. 2. Which is an example of investing in capital goods? A) Training workers to do their jobs better. B) Keeping old delivery trucks. C) Constructing a new factory. D) Keeping old computers in order to save money. Show Answer Correct Answer: C) Constructing a new factory. 3. Financial market activities affect A) Personal wealth. B) Spending decisions by individuals and business firms. C) The economy's location in the business cycle. D) All of the above. Show Answer Correct Answer: D) All of the above. 4. Countries in ..... and ..... would likely have the highest rates of gender equality. A) East Asia:South America. B) North America:Western Europe. C) South America:Western Europe. D) North America:South America. Show Answer Correct Answer: B) North America:Western Europe. 5. How advanced an economy is ..... A) Environment Development. B) Economic Advancement. C) Economic Development. D) Environment Advancement. Show Answer Correct Answer: C) Economic Development. 6. Which types of countries' economies rely primarily on primary economic activities? A) Core Countries. B) Periphery Countries. C) Semi-Periphery Countries. D) NICs. Show Answer Correct Answer: B) Periphery Countries. 7. A defining characteristic of a MDC when compared to a LDC is A) A population which has on average 5 years of education. B) At most a literacy rate of 65%. C) A GDP exceeding $ 30, 000 per year. D) A GDP of $ 10, 000 per year. Show Answer Correct Answer: C) A GDP exceeding $ 30, 000 per year. 8. An important financial institution that assists in the initial sale of securities in the primary market is the A) Commercial bank. B) Brokerage house. C) Stock exchange. D) Investment bank. Show Answer Correct Answer: D) Investment bank. 9. Sabine has started her own coffee shop in Montreal. She invested her own money and took out loans to open the shop. What is Sabine? A) She is an entrepreneur. B) She is a natural resource. C) She is a capital resource. D) She is a government official. Show Answer Correct Answer: A) She is an entrepreneur. 10. This is when company relocates a piece (or all)of its manufacturing operations to factories in othercountries due to cheaper resources/labor A) Outsourcing. B) Job shipping. C) Layoffs. D) Resourcing. Show Answer Correct Answer: A) Outsourcing. 11. How has the North American Free Trade Agreement increased trade between the nations of Canada, Mexico, and the United States? A) By establishing embargoes. B) By reducing tariffs. C) By imposing quotas. D) By prohibiting foreign investment. Show Answer Correct Answer: B) By reducing tariffs. 12. Investment made by a foreign company in the economy of another country. A) GNP (Gross National Product). B) GDP (Gross Domestic Product). C) FDI (Foreign Direct Investment). D) HDI (Human Development Index). Show Answer Correct Answer: C) FDI (Foreign Direct Investment). 13. Capitalist Economy is controlled and operated by A) Private sector. B) Public sector. C) Both A and B. D) None of the above. Show Answer Correct Answer: A) Private sector. 14. From of mass production in which each worker is assigned one specific task to perform repeatedly. A) Fordist. B) Zelinsky Model. C) Post-fordist. D) Gravity model. Show Answer Correct Answer: A) Fordist. 15. X. Economics is a science which deals with the relationship between ends and scarce means which have alternative uses.Y. It is the study of how societies use scarce resources to produce valuable commodities A) B. B) C. C) A. D) D. Show Answer Correct Answer: B) C. 16. Humans have obtained food in a variety of ways. Which method below emerged last? A) The Colombian Exchange. B) Seed agriculture. C) Vegetative planting. D) Hunting & gathering. Show Answer Correct Answer: A) The Colombian Exchange. 17. Armaments industry is the ..... A) Small Scale Industry. B) Cottage Industry. C) Large Scale Industry. D) None of above. Show Answer Correct Answer: C) Large Scale Industry. 18. Among the following which Indian state produces the largest quantity of pulses? A) Uttar Pradesh. B) Madhya Pradesh. C) Maharashtra. D) Rajasthan. Show Answer Correct Answer: B) Madhya Pradesh. 19. Japan would be in what stage of Rostow's Ladder of Development? A) Stage 4. B) Stage 2. C) Stage 3. D) Stage 5. Show Answer Correct Answer: D) Stage 5. 20. A job such as a carpenter or a seamstress that involves making a product is a A) Tertiary. B) Quaternary. C) Primary. D) Secondary. Show Answer Correct Answer: D) Secondary. 21. Per capita means A) Per country size. B) For each line of latitude. C) Per dollar. D) For each person. Show Answer Correct Answer: D) For each person. 22. All of the following are accurate about the multiplier effects EXCEPT A) The ratio is generally 1:2 with regard to jobs created. B) It is directly correlated to spatial fix. C) More non-basic jobs are created as a result. D) Banks' lending supply and ability is tied to it. Show Answer Correct Answer: B) It is directly correlated to spatial fix. 23. The secondary sector consists of A) Processing, farming and manufacturing. B) Processing, mining and manufacturing. C) Processing, forestry and manufacturing. D) Processing, construction and manufacturing. Show Answer Correct Answer: D) Processing, construction and manufacturing. 24. Which of the following shows a disadvantage to using tourism as a strategy for development? A) It decreases corporation tax revenue. B) It is very seasonal. C) It can increase injections. D) It increases the amount of natural resources. Show Answer Correct Answer: B) It is very seasonal. 25. This sector of the economy contains the highest level of decision makers known as "gold collar" professions. A) Secondary. B) Quaternary. C) Tertiary. D) Quinary. Show Answer Correct Answer: D) Quinary. 26. Iron, Copper and Chromites are ..... A) Metallic Minerals. B) Non Metallic Minerals. C) None of These. D) None of above. Show Answer Correct Answer: A) Metallic Minerals. 27. Mining and farming are part of which economic sector? A) Quaternary. B) Secondary. C) Tertiary. D) Primary. Show Answer Correct Answer: D) Primary. 28. ..... economy is the economy in which means of production are owned, controlled and operated by the government. A) Mixed. B) Socialist. C) Capitalist. D) None of the above. Show Answer Correct Answer: B) Socialist. 29. Most jobs in developed countries (like the US) are in the ..... sector. A) Primary. B) Secondary. C) Tertiary. D) None of above. Show Answer Correct Answer: C) Tertiary. 30. Approximately, what percentage of total workforce of India is engaged in agricultural and allied sector activities? A) 45. B) 75. C) 55. D) 65. Show Answer Correct Answer: C) 55. ← PreviousNext →Related QuizzesDevelopment QuizzesEconomics QuizzesEconomic Development Quiz 1Economic Development Quiz 2Economic Development Quiz 3Economic Development Quiz 4Economic Development Quiz 5Economic Development Quiz 6Economic Development Quiz 7Economic Development Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books