This quiz works best with JavaScript enabled. Home > Economics > Development > Growth > Economic Growth – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 1 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which country has invested capital good toward telecommunications? A) Russia. B) Germany. C) United Kingdom. D) None of above. Show Answer Correct Answer: C) United Kingdom. 2. The concept of Income inequality is A) Seeing how rich our people are. B) Seen as a measure of the fairness of the society we live in. C) Comparing our incomes. D) Comparing how rich New Zealand is to other countries. Show Answer Correct Answer: B) Seen as a measure of the fairness of the society we live in. 3. If GDP is £300 billion and the population is 30 million. What is GDP per capita? A) £10, 000. B) £1, 000. C) £270 billion. D) £100, 000. Show Answer Correct Answer: A) £10, 000. 4. When a country invests in education for its citizens, what is it increasing? A) Entrepreneurship. B) Capital Goods. C) Natural Resources. D) Human Capital. Show Answer Correct Answer: D) Human Capital. 5. Man-made resources used in the production process i.e. machines in a factory. A) Household. B) Revenue. C) Labour. D) Capital. Show Answer Correct Answer: D) Capital. 6. What are examples of capital goods? A) Factories and technology. B) Minerals and oil. C) Skills and talents. D) Inventions. Show Answer Correct Answer: A) Factories and technology. 7. Which term is used to describe a situation where most people who are looking for work are able to find a job? A) Seasonal unemployment. B) Cyclical unemployment. C) Frictional unemployment. D) Full employment. Show Answer Correct Answer: D) Full employment. 8. If a citizen of Russia wishes to travel to the United Kingdom for vacation, they should first visit which of these institutions in order to exchange their Russian rubles for British pounds? A) Bank. B) Any British store. C) Stock market. D) Any Russian store. Show Answer Correct Answer: A) Bank. 9. Which of the following is not a natural resource found in in Southwest Asia? A) Freshwater. B) Oil. C) Cotton. D) Minerals. Show Answer Correct Answer: A) Freshwater. 10. When you think of a brain which category do you think of? A) Capital Goods. B) Entrepreneurship. C) Human Capital. D) Natural Resources. Show Answer Correct Answer: C) Human Capital. 11. The workers who produce the goods and service (example-Miners, doctors and teachers) A) Human Resources. B) Natural Resources. C) Capital Resources. D) Scarcity. Show Answer Correct Answer: A) Human Resources. 12. Which of the following explains the term economic growth A) Increase in per capita production. B) Increase in per capita real income. C) Structural change in the economy. D) All of the above. Show Answer Correct Answer: D) All of the above. 13. What did people blame the lost decade on originally? A) Aging Population. B) The government. C) The people. D) Fiscal Policy. Show Answer Correct Answer: A) Aging Population. 14. A farmer buying a tractor for his/her farm is an example of ..... A) Investment in natural resources. B) Investment in capital goods. C) Investment in human capital. D) Investment in entrepreneurship. Show Answer Correct Answer: B) Investment in capital goods. 15. Greater leisure time 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: C) Net social welfare. 16. When workers are represented by their union during negotiations. A) Collective Bargaining. B) Strike. C) Vertical Integration. D) None of above. Show Answer Correct Answer: A) Collective Bargaining. 17. What is most likely to cause economic growth? A) Increased unemployment. B) Increased interest rates. C) Increased education and training for workers. D) Increased money supply. Show Answer Correct Answer: C) Increased education and training for workers. 18. What is the currency of the countries in the European Union? A) Dollar. B) Ruble. C) Penny. D) Euro. Show Answer Correct Answer: D) Euro. 19. The government begins funding training programs to teach computer repair and website design to unemployed adults. Which kind of unemployment would such training help MOST? A) Seasonal. B) Cyclical. C) Frictional. D) Structural. Show Answer Correct Answer: D) Structural. 20. What are people who risk their time and money to produce a new product or service in order top make money? A) Natural Resources. B) Entrepreneurs. C) Capital Goods. D) Human Capitals. Show Answer Correct Answer: B) Entrepreneurs. 21. The index to measure economic well-being is ..... A) GPD per person. B) All answers are correct. C) Inflation rate. D) The unemployment growth rate. Show Answer Correct Answer: B) All answers are correct. 22. What are goods used to make other goods? A) Human Capital. B) Natural Reosurces. C) Capital Goods. D) Entrepreneurs. Show Answer Correct Answer: C) Capital Goods. 23. Who are negatively affected by liberalisation and freer trade? A) Poor people. B) Economically challenged individuals. C) Impoverished communities. D) Stakeholders who are under economic duress. Show Answer Correct Answer: D) Stakeholders who are under economic duress. 24. Which of the following is not a supply side policy to encourage economic growth? A) Subsidies on research & development. B) Lowering corporation tax. C) Privatization & deregulation. D) A rise in investment. Show Answer Correct Answer: D) A rise in investment. 25. Materials found in nature such as trees, oil, minerals and water. A) Scarcity. B) Natural Resources. C) Capital Resources. D) Human Resources. Show Answer Correct Answer: B) Natural Resources. 26. A document showing that an interest-bearing loan has been made to a bank or other financial institution A) Credit union. B) Savings. C) Financial intermediaries. D) Certificate of deposit(cd). Show Answer Correct Answer: D) Certificate of deposit(cd). 27. BREXIT is the abbreviation of ..... A) British biscuit. B) British exit. C) British exhibition. D) British x-ray. Show Answer Correct Answer: B) British exit. 28. Which of the following defines economic growth? A) Increase in Government revenue. B) Increase in Imports. C) Increase in total output. D) Increase in exports. Show Answer Correct Answer: C) Increase in total output. 29. Which country in SE Asia has the highest literacy rate? A) Japan. B) China. C) India. D) North Korea. Show Answer Correct Answer: A) Japan. 30. How have investments in Human Capital and capital goods impacted the UK and Germany's economy? A) Both have high GDP and strong economies. B) Both have low GDP and weak economies. C) Both have good football clubs. D) Both have terrible capital cities. Show Answer Correct Answer: A) Both have high GDP and strong economies. Next →Related QuizzesDevelopment QuizzesEconomics QuizzesEconomic Growth Quiz 2Economic Growth Quiz 3Economic Growth Quiz 4Economic Growth Quiz 5Economic Growth Quiz 6Economic Growth Quiz 7Economic Growth Quiz 8Economic Growth Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books