#1
Which of the following is a key determinant of long-term economic growth according to neoclassical growth theory?
Government intervention
Technological progress
Income inequality
Consumer spending
#2
Who introduced the Solow Growth Model?
Paul Krugman
Robert Solow
Milton Friedman
John Maynard Keynes
#3
Which policy tool is often used to counteract inflationary pressures in an economy?
Expansionary monetary policy
Tight fiscal policy
Contractionary monetary policy
Expansionary fiscal policy
#4
Which of the following is a measure of income inequality?
Gini coefficient
Consumer Price Index (CPI)
Gross Domestic Product (GDP)
Labor force participation rate
#5
Which of the following is a component of Aggregate Demand (AD) in macroeconomics?
Government spending
Inflation rate
Exchange rate
National debt
#6
Which type of unemployment occurs when there is a mismatch between the skills of workers and the requirements of available jobs?
Frictional unemployment
Structural unemployment
Cyclical unemployment
Seasonal unemployment
#7
Which theory suggests that economic growth depends fundamentally on productivity growth resulting from technological innovation?
Classical growth theory
Endogenous growth theory
Keynesian economics
Austrian economics
#8
According to the Harrod-Domar model, which factor is crucial for economic growth?
Labor force participation rate
Government spending
Rate of capital accumulation
Technological advancements
#9
Which of the following is NOT a characteristic of endogenous growth theory?
Technological progress is an endogenous variable.
Investment in human capital is crucial for economic growth.
Economic growth is primarily driven by exogenous factors.
There are increasing returns to scale in production.
#10
According to the classical growth theory, what is the primary driver of economic growth?
Technological progress
Government intervention
Population growth
Savings and investment
#11
According to the Phillips curve, what is the relationship between inflation and unemployment?
Inverse
Direct
No relationship
Non-linear
#12
Which of the following is a key assumption of the New Classical macroeconomic theory?
Rational expectations
Stickiness of prices and wages
Role of government intervention
Inefficiency of markets
#13
In the context of economic development, what does the 'Washington Consensus' refer to?
A set of free-market economic policies
An agreement on climate change mitigation
A treaty to resolve international debt crises
A global initiative for poverty reduction
#14
Which economist is associated with the theory of 'creative destruction'?
John Maynard Keynes
Joseph Schumpeter
Milton Friedman
Adam Smith