Economic Growth And Development Quiz

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Questions: 10 | Attempts: 369 | Updated: Aug 20, 2024

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Economic Growth And Development Quiz - Quiz

Economic growth is the trajectory that takes a nation to the path of development. Play this interesting quiz on "Economic Growth And Development" and see how well do you know the topic. Economic growth is fueled by human resources and sound policymaking. The target of economic growth is to make sure every section of society is uplifted and enjoys at least basic standards of living. In today's world, economic growth is equated with inclusive growth. Play this quiz to know more. All the best!

Questions and Answers

1.

Economic is gauged by?
- A.
  
  GDP
- B.
  
  GNP
- C.
  
  NNP
- D.
  
  CPI
Correct Answer
A. GDP

Explanation
Economic performance is commonly measured by GDP (Gross Domestic Product), which represents the total value of goods and services produced within a country's borders in a specific time period. GDP is a widely used indicator to assess the overall health and growth of an economy. It takes into account consumption, investment, government spending, and net exports. GNP (Gross National Product) and NNP (Net National Product) are also measures of economic activity, but they consider the income generated by a country's residents, including income earned abroad. CPI (Consumer Price Index) is a measure of inflation and not a direct gauge of economic performance.

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2.

What is the most accurate indicator of a nation's economic development?
- A.
  
  Calorie expansion
- B.
  
  Per capita income
- C.
  
  Women empowerment
- D.
  
  Gross National Income
Correct Answer
B. Per capita income

Explanation
Per capita income is the most accurate indicator of a nation's economic development because it measures the average income earned by each individual in a country. It takes into account the total income generated in the country and divides it by the population, providing a more accurate representation of the standard of living and economic well-being of the people. This indicator helps to compare the economic development of different countries and track changes in living standards over time.

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3.

The economic development is usually accompanied by?
- A.
  
  Hyper Inflation
- B.
  
  Inflation
- C.
  
  Stagflation
- D.
  
  Unemployment
Correct Answer
B. Inflation

Explanation
Economic development is usually accompanied by inflation. As an economy grows and expands, there is an increase in consumer demand, leading to higher prices for goods and services. This increase in prices, known as inflation, is a common occurrence in developing economies. It is a sign of economic progress and indicates that the economy is expanding and people have more purchasing power. Inflation can be managed by implementing appropriate monetary and fiscal policies to ensure stability and sustainable economic growth.

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4.

Which of the following is/are a capital goods?
- A.
  
  Building
- B.
  
  Machinery
- C.
  
  Labor
- D.
  
  All of the above
- E.
  
  A and B
Correct Answer
E. A and B

Explanation
Capital goods are assets used in the production of goods and services, such as buildings and machinery. They are essential for producing other goods and services and are typically long-lasting. Labor, on the other hand, is not considered a capital good; it is a factor of production, but not an asset like buildings or machinery. Thus, the correct answers are Building and Machinery.

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5.

The economic growth involves
- A.
  
  Structural changes
- B.
  
  Increase in per capita income
- C.
  
  Increase in per capita productioin
- D.
  
  All of the above
Correct Answer
D. All of the above

Explanation
The economic growth involves structural changes, which refer to the transformation of an economy from one sector to another, such as from agriculture to manufacturing or services. It also involves an increase in per capita income, which means that the average income of individuals in a country is rising. Additionally, economic growth includes an increase in per capita production, indicating that the average output per person is increasing. Therefore, all of the given options are correct explanations of economic growth.

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6.

When did United Nations published the first Human Development Report?
- A.
  
  1990
- B.
  
  1991
- C.
  
  1984
- D.
  
  1995
Correct Answer
A. 1990

Explanation
The United Nations published the first Human Development Report in 1990.

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7.

Which country releases the Gross happiness Index?
- A.
  
  Sri Lanka
- B.
  
  Canada
- C.
  
  China
- D.
  
  Bhutan
Correct Answer
D. Bhutan

Explanation
Bhutan is the country that releases a Gross Happiness Index. This index measures the happiness and well-being of its citizens based on various factors such as psychological well-being, health, education, and living standards. It is used as an alternative to the traditional economic indicators like GDP to assess the country's progress and development. Canada and China do not release a Gross Happiness Index.

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8.

What does sustainable development means?
- A.
  
  Sustained rise in real GDP
- B.
  
  Reducing inequality and unemployment
- C.
  
  Exploitation of natural resources
- D.
  
  Sustainable growth that doesn't harm the environment
Correct Answer
D. Sustainable growth that doesn't harm the environment

Explanation
Sustainable development refers to a form of growth that aims to meet the needs of the present without compromising the ability of future generations to meet their own needs. It involves economic growth that is environmentally friendly and does not deplete or harm natural resources. This concept recognizes the importance of balancing economic, social, and environmental factors to ensure a sustainable and equitable future for all.

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9.

Which of the following are key dimensions of Human Development Index
- A.
  
  A long and healthy life
- B.
  
  Access to knowledge
- C.
  
  A decent standard of living.
- D.
  
  All of the above
Correct Answer
D. All of the above

Explanation
The Human Development Index (HDI) measures the overall development of a country by taking into account various dimensions. These dimensions include a long and healthy life, which refers to the life expectancy of individuals in a country. Access to knowledge is another dimension, which looks at indicators such as literacy rates and education levels. Lastly, a decent standard of living is considered, which includes factors like income, housing, and basic needs. Therefore, since all of these dimensions are mentioned in the options, the correct answer is "All of the above."

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10.

Which of the following is a machinery?
- A.
  
  Physical capital
- B.
  
  Capital stock
- C.
  
  Human Capital
- D.
  
  Working Capital
Correct Answer
A. pHysical capital

Explanation
Physical capital refers to the tangible assets used in production, such as machinery, equipment, buildings, and vehicles. It is the physical resources that contribute to the production process. In this case, physical capital is the correct answer as it is the only option that represents machinery, which is a type of physical capital used in various industries for production purposes.

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Current Version
Aug 20, 2024

Quiz Edited by
ProProfs Editorial Team
Nov 10, 2022

Quiz Created by
Amit Mangal

Economic Growth and Development Quiz

Economic is gauged by?

What is the most accurate indicator of a nation's economic development?

The economic development is usually accompanied by?

Which of the following is/are a capital goods?

The economic growth involves

When did United Nations published the first Human Development Report?

Which country releases the Gross happiness Index?

What does sustainable development means?

Which of the following are key dimensions of Human Development Index

Which of the following is a machinery?