#1
Which of the following is a key determinant of long-term economic growth?
Changes in government regulations
Technological progress
Short-term fluctuations in the business cycle
Consumer spending habits
#2
What is the main factor that contributes to an increase in productivity?
Decrease in workforce
Decrease in capital investment
Improvement in technology
Increase in trade barriers
#3
What is the primary goal of economic growth policies?
To stabilize prices
To maximize government revenue
To increase the standard of living
To redistribute wealth
#4
Which of the following is a measure of economic growth that adjusts for changes in population?
Gross Domestic Product (GDP)
Gross National Product (GNP)
Real GDP per capita
Nominal GDP
#5
Which of the following is a characteristic of sustained economic growth?
It is temporary and short-lived.
It is accompanied by high levels of inflation.
It involves increasing output over an extended period without significant downturns.
It primarily benefits a small segment of the population.
#6
Which of the following is an example of human capital investment?
Buying new machinery for a factory
Building new roads and infrastructure
Providing education and training to employees
Increasing government spending on defense
#7
What is the formula for calculating labor productivity?
Output divided by input
Input divided by output
Output multiplied by input
Input subtracted from output
#8
What is the difference between economic growth and economic development?
Economic growth focuses on quantitative changes, while economic development focuses on qualitative changes.
Economic growth refers to an increase in GDP, while economic development refers to a decrease in unemployment rates.
Economic growth refers to the development of new industries, while economic development refers to technological advancements.
Economic growth and economic development are synonymous terms.
#9
Which of the following is a measure of labor productivity?
GDP per capita
Average hours worked per week
Unemployment rate
Output per worker hour
#10
What is the role of entrepreneurship in economic growth?
Entrepreneurship has no impact on economic growth.
Entrepreneurship leads to increased government intervention.
Entrepreneurship fosters innovation and creates new businesses, driving economic growth.
Entrepreneurship primarily benefits large corporations.
#11
Which of the following is NOT a component of the Total Factor Productivity (TFP) measure?
Labor input
Capital input
Technological progress
Government spending
#12
Which of the following factors is NOT typically considered in the Solow Growth Model?
Population growth
Technological progress
Savings rate
Government spending
#13
Which of the following factors is considered a supply-side policy for promoting economic growth?
Increasing government spending on social programs
Lowering taxes on businesses
Implementing strict regulations on imports
Raising interest rates
#14
According to the Harrod-Domar model, what is the relationship between savings and economic growth?
There is no relationship between savings and economic growth.
Higher savings lead to lower economic growth.
Higher savings lead to higher economic growth.
Savings have an indirect effect on economic growth.
#15
What is the significance of the Solow Residual in the Solow Growth Model?
It represents the portion of output growth attributed to labor input.
It measures the impact of government spending on economic growth.
It captures the portion of output growth not explained by changes in capital and labor inputs.
It indicates the influence of technological progress on capital accumulation.
#16
What is the relationship between inflation and economic growth?
Inflation hinders economic growth.
Inflation has no impact on economic growth.
Inflation stimulates economic growth.
The relationship between inflation and economic growth varies depending on other factors.
#17
What is the significance of the Cobb-Douglas production function in economics?
It demonstrates the relationship between economic growth and environmental sustainability.
It provides a mathematical representation of the relationship between inputs and outputs in production.
It explains the impact of government policies on income distribution.
It measures the volatility of financial markets.