Economic Growth in the Global Economy MCQ
Economic _________has affected bread-winning and consumption in american families.
Answer
Correct Answer:
Globalization
Note: This Question is unanswered, help us to find answer for this one
The broadest measure to adjust nominal gdp for price changes is _____.
Answer
Correct Answer:
The GDP price index
Note: This Question is unanswered, help us to find answer for this one
The _____in an economy whose aggregate real output is growing faster than the total population.
Answer
Correct Answer:
Real GDP per capita is rising
Note: This Question is unanswered, help us to find answer for this one
An increase in ________ would lead to an increase in long-run economic growth.
Answer
Correct Answer:
Resources and technology
Note: This Question is unanswered, help us to find answer for this one
Problem solving is to ____ as problem finding is to ____.
Answer
Correct Answer:
Expertise; creativity
Note: This Question is unanswered, help us to find answer for this one
_____ is the increase in efficiency gained by producing more output without using more inputs.
Answer
Correct Answer:
Technological progress
Note: This Question is unanswered, help us to find answer for this one
According to classical growth theory, when real gdp per person ______, the population grows.
Answer
Correct Answer:
Rises above the subsistence level
Note: This Question is unanswered, help us to find answer for this one
What did China do between 1980 and 2015 to try to increase economic growth per capita?
Answer
Correct Answer:
It regulated how many children a family could have.
Note: This Question is unanswered, help us to find answer for this one
What is one reason why Malthus’s theory was ultimately incorrect for most of the world?
Answer
Correct Answer:
Improved technology is able to mitigate some of the impact of the law of diminishing returns.
Note: This Question is unanswered, help us to find answer for this one
The Reverend Thomas Malthus based his predictions about per capita economic growth and wages on several assumptions, including the idea that ______.
Answer
Correct Answer:
There is a fixed supply of land
Note: This Question is unanswered, help us to find answer for this one
Which statement about world population growth is true?
Answer
Correct Answer:
Most future population growth is expected to occur in developing countries.
Note: This Question is unanswered, help us to find answer for this one
Economists refer to a government’s ability to enforce contracts and protect property rights the ______.
Answer
Correct Answer:
Rule of law
Note: This Question is unanswered, help us to find answer for this one
One of the main objectives of the International Monetary Fund and World bank is to ______.
Answer
Correct Answer:
Help channel money to developing countries for investment in infrastructure
Note: This Question is unanswered, help us to find answer for this one
Which statement about saving is true?
Answer
Correct Answer:
Higher levels of saving generally lead to greater investment and economic growth.
Note: This Question is unanswered, help us to find answer for this one
Which statement regarding democracy and economic growth is true?
Answer
Correct Answer:
Majority voting and some other democratic features can hinder growth.
Note: This Question is unanswered, help us to find answer for this one
An economy can offset diminishing marginal returns by ______.
Answer
Correct Answer:
Implementing technological innovations
Note: This Question is unanswered, help us to find answer for this one
Innovation is best defined as the ______.
Answer
Correct Answer:
Adoption of a process or product
Note: This Question is unanswered, help us to find answer for this one
Which statement about natural resources is true?
Answer
Correct Answer:
Access to abundant natural resources tends to enhance national output.
Note: This Question is unanswered, help us to find answer for this one
Labor productivity is best defined as ______.
Answer
Correct Answer:
Output per unit of worker
Note: This Question is unanswered, help us to find answer for this one
Which statement about productivity is true?
Answer
Correct Answer:
Productivity is usually measured in terms of labor.
Note: This Question is unanswered, help us to find answer for this one
According to the rule of 70, an economy with an annual growth rate of 4 percent will double its output after ______ years.
Note: This Question is unanswered, help us to find answer for this one
Economists typically measure economic growth by looking at ______.
Answer
Correct Answer:
Real GDP per capita
Note: This Question is unanswered, help us to find answer for this one
Activities undertaken to create new products and processes that will lead to technological progress is research and development
Note: This Question is unanswered, help us to find answer for this one
___ per unit of worker is labour productivity
Note: This Question is unanswered, help us to find answer for this one
Applications of new knowledge that create new products or improve existing products is called
Answer
Correct Answer:
Innovation
Note: This Question is unanswered, help us to find answer for this one