This quiz works best with JavaScript enabled. Home > Economics > Development > Growth > Economic Growth – Quiz 2 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 2 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In a command economic system the ....., makes all economic decisions. A) Legislature. B) Government. C) Businesses. D) People. Show Answer Correct Answer: B) Government. 2. Which productive resource can be a source of income when exported? A) Natural Resources. B) Human capital. C) Goods and Services. D) Gross Domestic Product. Show Answer Correct Answer: A) Natural Resources. 3. This value is adjusted for inflation A) Nominal GDP. B) GDP per capita. C) Real GDP. D) Ceteris paribus. Show Answer Correct Answer: C) Real GDP. 4. Stocks or documents that represent a claim on the income and property of the borrower A) Financial assets. B) Diversification. C) Risk. D) Certificate of deposit. Show Answer Correct Answer: A) Financial assets. 5. Why might Net Social Welfare be a better measure of growth than real GDP? A) It includes inflation. B) It shows how incomes are distributed in the economy. C) It includes economic and non economic factors. D) It only includes non-economic factors. Show Answer Correct Answer: C) It includes economic and non economic factors. 6. Why were most people opposed to trusts and monopolies? A) Limit competitoin=higher prices. B) Too easy to invest. C) Too much competition. D) None of above. Show Answer Correct Answer: A) Limit competitoin=higher prices. 7. Total market value of all final goods and services produced in the economy during a given year A) Price Level. B) Nominal GDP. C) Unemployed. D) GDP. Show Answer Correct Answer: D) GDP. 8. Macroeconomics is a study of ..... [Macroeconomics is a study of ..... ] A) General price level. B) Government units [Kingdom units]. C) The behavior of individual firms. D) The entire economy. Show Answer Correct Answer: D) The entire economy. 9. What did the government do to try and help the economy in 2013? A) Increase unemployment rate. B) Increased Public Spending. C) Nothing. D) Made policies. Show Answer Correct Answer: B) Increased Public Spending. 10. A decent job is one that ..... A) Originates honest work. B) Protect the rights. C) Ensure labor protection. D) All of the above are correct. Show Answer Correct Answer: D) All of the above are correct. 11. Most countries measure economic growth each quarter A) Fortnight. B) Quarter. C) Year. D) None of the above. Show Answer Correct Answer: B) Quarter. 12. Which region of Europe has countries with a lower standard of living? A) Western Europe. B) Northern Europe. C) Eastern Europe. D) Southern Europe. Show Answer Correct Answer: C) Eastern Europe. 13. Investment in human capital and capital goods leads to: A) An increase in natural resources. B) A decrease in natural resources. C) In increase in GDP. D) A decrease in GDP. Show Answer Correct Answer: C) In increase in GDP. 14. What involves the training, skills, and healthcare of a country's workers? A) Entrepreneurship. B) Natural Resources. C) Human Capital. D) Capital Goods. Show Answer Correct Answer: C) Human Capital. 15. More efficient production methods 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: B) Productive capacity. 16. Which country specializes in natural gas? A) United Kingdom. B) Russia. C) Germany. D) None of above. Show Answer Correct Answer: B) Russia. 17. Cattle ranching is important for Brazil's economy. However, large herds of cattle need lots of space to graze. Which of the following industries would MOST LIKELY suffer if cattle ranching expanded in Brazil? A) Lumber. B) Agriculture. C) Manufacturing. D) Mining. Show Answer Correct Answer: A) Lumber. 18. Economic growth can be measured by ..... ? A) The MPC. B) The CBI. C) The CPI. D) The GDP. Show Answer Correct Answer: D) The GDP. 19. Why decent work is important for people? A) Because it allows the satisfaction of economic needs. B) Because it contributes to the development of the country. C) All answers are correct. D) Because it transform society for the better. Show Answer Correct Answer: C) All answers are correct. 20. A literate person in a developed country is most likely to have all EXCEPT which item? A) Uneducated children. B) Technology. C) Health care. D) A high-paying job. Show Answer Correct Answer: A) Uneducated children. 21. Which SE Asian country does not follow the regular theory that a high literacy rate usually equals a high standard of living? A) North Korea. B) South Korea. C) India. D) China. Show Answer Correct Answer: A) North Korea. 22. Which European confederation has 23 official languages in order to help its members better communicate? A) EU. B) NCAA. C) NAFTA. D) OPEC. Show Answer Correct Answer: A) EU. 23. Is that what you earn before taxes and other expenses, or is that your ..... salary? A) Net. B) Productive. C) Inflation. D) None of above. Show Answer Correct Answer: A) Net. 24. Israel's GDP per Capita is about $ 35, 000 while Turkey's is about $ 20, 000. Which country more than likely has a higher standard of living? A) Israel. B) Not enough info to answer the question. C) Turkey. D) Saudi Arabia. Show Answer Correct Answer: A) Israel. 25. Which country's economy has the most government control out of all the countries in the world? A) Cuba. B) North Korea. C) The United States. D) China. Show Answer Correct Answer: B) North Korea. 26. Patents and copyrights are forms protection by the government for A) People who want to steal information or ideas. B) People accused of crimes. C) Politicians and economists. D) Inventors and authors. Show Answer Correct Answer: D) Inventors and authors. 27. Which of the following is NOT a Slavic language? A) Polish. B) Russian. C) Czech. D) French. Show Answer Correct Answer: B) Russian. 28. Productive resources are used to make what? A) Natural Resources. B) Goods and services. C) Human Capital. D) GDP. Show Answer Correct Answer: B) Goods and services. 29. The quantity and quality of a country's factors of production A) Productivity. B) Labour force. C) Factor endowment. D) Investment expenditure. Show Answer Correct Answer: C) Factor endowment. 30. What does it mean to have a decent job? A) Earning a lot of money. B) Have a job that originates a living wage protects rights and guarantees gender equality. C) None answer is correct. D) All answers are correct. Show Answer Correct Answer: B) Have a job that originates a living wage protects rights and guarantees gender equality. ← PreviousNext →Related QuizzesDevelopment QuizzesEconomics QuizzesEconomic Growth Quiz 1Economic 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