#1
Which of the following is a factor of production?
Labor
Money
Technology
All of the above
#2
Which of the following is a characteristic of economic growth?
Decrease in GDP per capita
Stagnation in technological advancement
Increase in standard of living
Decrease in productivity
#3
Which of the following is a measure of labor productivity?
Gross Domestic Product (GDP)
GDP per capita
Output per hour worked
Consumer Price Index (CPI)
#4
Which of the following is a factor that can lead to a decrease in economic growth?
Increase in investment
Technological innovation
Natural disasters
Improved infrastructure
#5
Which of the following is an example of a supply-side policy to promote economic growth?
Increasing government spending
Reducing taxes on businesses
Increasing interest rates
Implementing strict price controls
#6
Which of the following is NOT a determinant of economic growth?
Capital accumulation
Increase in population
Technological progress
Government regulation
#7
What is the formula for calculating productivity?
Output / Input
Input / Output
Output + Input
Output - Input
#8
Which of the following is an example of human capital?
Machinery
Skills and knowledge
Raw materials
Land
#9
Which of the following is an example of physical capital?
Skills
Machinery
Education
Health
#10
What does the production possibility frontier (PPF) illustrate?
The maximum output that can be produced with limited resources
The minimum level of production efficiency
The optimal distribution of resources
The relationship between production and consumption
#11
What is the Solow Residual (Total Factor Productivity) also known as?
A measure of technological progress
A measure of labor productivity
A measure of capital accumulation
None of the above
#12
What is the formula for calculating GDP?
GDP = C + I + G + (X - M)
GDP = C + I + G - (X - M)
GDP = C + I - G + (X - M)
GDP = C + I - G - (X - M)
#13
Which of the following is a characteristic of sustained economic growth?
Temporary increase in GDP
Stagnant technological progress
Long-term increase in GDP per capita
Decrease in productivity
#14
Which of the following is a measure of economic growth over time?
Gross National Income (GNI)
Consumer Price Index (CPI)
Unemployment rate
Exchange rate
#15
Which of the following is a characteristic of technological progress?
It is constant and unchanging
It leads to a decrease in productivity
It is the result of random chance
It is a driver of economic growth