This quiz works best with JavaScript enabled. Home > Economics > Development > Growth > Economic Growth – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 8 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In this economic system people barter and trade goods to get the products that they need. A) Mixed. B) Market. C) Traditional. D) Command. Show Answer Correct Answer: C) Traditional. 2. Economists measure savings to A) Help monitor public consumption. B) Predict shortages in the market. C) Predict consumers expectations. D) Determine the strength of the economy. Show Answer Correct Answer: D) Determine the strength of the economy. 3. More people in an economy will normally result in A) Lower GDP per Capita. B) Lower capital. C) Capital Increase. D) More land per person. Show Answer Correct Answer: C) Capital Increase. 4. What is true about literacy rate and how well off people are (or, the standard of living) in a country? A) The higher the literacy rate, the higher the standard of living. B) The lower the literacy rate, the higher the standard of living. C) There is no relationship between the two. D) None of above. Show Answer Correct Answer: A) The higher the literacy rate, the higher the standard of living. 5. India's government has invested heavily in factories, modern machinery, and technology. This investment in is called ..... A) Currency Exchange. B) Human Capital. C) Capital Goods. D) Monetary Capital. Show Answer Correct Answer: C) Capital Goods. 6. The total spending on goods and services by individuals and households A) Imports. B) Consumption. C) Investment. D) Exports. Show Answer Correct Answer: B) Consumption. 7. The continual increase in average prices A) Per capita. B) Inflation. C) Import. D) None of above. Show Answer Correct Answer: B) Inflation. 8. A material on or in the earth that has economic value. A) Human Capital. B) Public sector. C) Capital Goods. D) Natural resource. Show Answer Correct Answer: D) Natural resource. 9. When a company has near complete control of all the business in an industry. A) Monopoly. B) Dividend. C) Vertical Integration. D) None of above. Show Answer Correct Answer: A) Monopoly. 10. What economic measurement helps to monitor the business cycle? A) Guaranteed domestic product. B) Guaranteed domestic policies. C) Gross domestic product. D) Gross domestic policies. Show Answer Correct Answer: C) Gross domestic product. 11. The higher the literacy rate ..... A) The lower the standard of living. B) The higher the standard of living. C) The lower the GDP. D) The higher the unemployment level. Show Answer Correct Answer: B) The higher the standard of living. 12. Which of the following about strategy of balanced growth is right A) Simultaneous investment in all sectors. B) All sectors are independent. C) Both. D) None. Show Answer Correct Answer: A) Simultaneous investment in all sectors. 13. What is the term that refers to the fact that all economies of the world are truly a mix of market and command economies? A) Market. B) Command. C) Mixed. D) Traditional. Show Answer Correct Answer: C) Mixed. 14. The amount of goods and services that workers produce in a given time period A) Productivity. B) Factor endowment. C) Investment expenditure. D) Geographical mobility. Show Answer Correct Answer: A) Productivity. 15. To increase literacy rate, a country MUST invest in A) Physical Capital. B) Capital Goods. C) Productive Resources. D) Human Capital. Show Answer Correct Answer: D) Human Capital. 16. English and German are examples of ..... languages. A) Romance. B) Slavic. C) Germanic. D) Greek. Show Answer Correct Answer: C) Germanic. 17. Type of unemployment that occurs as a result of harvest schedules, or when industries make seasonal shifts in their production schedules. A) Structural Unemployment. B) Frictional Unemployment. C) Seasonal Unemployment. D) Cyclical Unemployment. Show Answer Correct Answer: C) Seasonal Unemployment. 18. Network of savers, investors, and financial institutions that work together to transfer savings to investment uses A) Risk. B) Inflation. C) Financial system. D) Premium. Show Answer Correct Answer: C) Financial system. 19. Which of the following is not a cost of economic growth? A) Distribution of income becomes more unequal. B) Depletion of natural resources. C) Decreased inflation. D) Pollution and environmental damage. Show Answer Correct Answer: C) Decreased inflation. 20. Capital Deepening is the process of? A) Decreasing the amount of capital per worker. B) Increasing consumer spending. C) Increasing the amount of capital per worker. D) Selling off obsolete equipment. Show Answer Correct Answer: C) Increasing the amount of capital per worker. 21. When an economy produces more output per capital, it is said to be experiencing A) Inflation. B) Economic growth. C) Economic planning. D) Living standard. Show Answer Correct Answer: B) Economic growth. 22. When a government decides to increase a tariff, it increases the amount of a tax placed upon ..... A) Imported goods. B) The embargo. C) The taxable income. D) All children who are dependents. Show Answer Correct Answer: A) Imported goods. 23. Which of the following would NOT affect the economic growth of a country? A) A change in the amount of human capital. B) A change in the amount of man-made resources. C) A change in the price level. D) A change in production technology. Show Answer Correct Answer: C) A change in the price level. 24. Lung run economic growth can be shown using A) A shift to the right of AD. B) A shift to the left of LRAS. C) A shift to the left of AD. D) A shift to the right of LRAS. Show Answer Correct Answer: D) A shift to the right of LRAS. 25. In a boom ..... ? A) Unemployment is likely to fall. B) Prices are likely to fall. C) Demand is likely to fall. D) Imports are likely to fall. Show Answer Correct Answer: A) Unemployment is likely to fall. 26. Which economic system involves government ownership of land and resources, as well as major industries? A) Market. B) Traiditional. C) Command. D) Mixed. Show Answer Correct Answer: C) Command. 27. Balanced growth implies A) Simultaneous development of a variety of activities, which support one another. B) Equal allocation of resources to different sectors. C) Different sectors growing at their natural rates of growth. D) Uniform rate of growth of output over time. Show Answer Correct Answer: A) Simultaneous development of a variety of activities, which support one another. 28. Identify the reason for a rapid economic growth from the following. A) Political Stability. B) Steady growth in primary sector. C) Improving the quality of land. D) Investment in new capital and infrastructure. Show Answer Correct Answer: D) Investment in new capital and infrastructure. 29. What does "decent work" mean? A) Opportunities for everyone to get work that is productive and delivers a fair income. B) Security in the workplace and social protection for families. C) Better prospects for personal development and social integration. D) All of them. Show Answer Correct Answer: D) All of them. 30. What is the currency in India? A) Dollars. B) Rupee. C) Euro. D) Yen. Show Answer Correct Answer: B) Rupee. ← PreviousNext →Related QuizzesDevelopment QuizzesEconomics QuizzesEconomic Growth Quiz 1Economic Growth Quiz 2Economic Growth Quiz 3Economic Growth Quiz 4Economic Growth Quiz 5Economic Growth Quiz 6Economic Growth Quiz 7Economic Growth Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books