Factors of Economic Growth and Review

Factors of Economic Growth and Review

By Louis Schreckenberger

Open Ended

What is GDP? GDP per capita?

Open Ended

Why does Nigeria have a low standard of living compared to South Africa?

Open Ended

What are some examples of human capital?

Open Ended

What are some examples of capital goods?

Open Ended

Who are some entrepreneurs that you know?

Review for Assessment​

Some text here about the topic of discussion

Multiple Choice

Which situation is likely to occur in a market economy?

• The government owns all businesses.

• There are few obstacles to starting businesses.

• There are many obstacles to starting businesses.

• The government sets production quotas for goods.

Multiple Choice

Which situation is likely to occur in a pure command economy?

• There is free trade between businesses.

• There are strong private property protections

• There are few obstacles to starting businesses.

• The government sets production quotas for goods.

Multiple Choice

Which is the BEST way to describe the economies of Kenya, Nigeria, and South Africa?

• They are pure command economies.

• They are pure market economies.

• They are traditional economies.

• They are mixed economies.

Multiple Choice

Which two elements do countries with mixed economies attempt to balance?

• business profits and consumer choice

• government control and economic freedom

• domestic trade and international trade

• efficient production and low investment

Multiple Choice

What do countries with strong, well-funded education systems generally have?

• fewer trading partners than other countries

• higher unemployment than other countries

• more entrepreneurs than other countries

• lower populations than other countries

Multiple Choice

Which of the following is an example of investment in capital goods?

• A country spends money to improve the educational system of the country

• A business spends money to improve the training of workers in their factory.

• A country spends money to improve the healthcare system of the country.

• A business spends money to improve the machinery and technology in their factory.

Multiple Choice

What is the BEST way for a country to encourage economic growth in its private sector?

• by increasing government spending

• by nationalizing important industries

• by restricting trade with other countries

• by reducing barriers to entrepreneurship

Multiple Choice

Why is it important for nations to economically specialize?

• Specialization limits the effects of globalization.

• Specialized economies use resources more efficiently

• Specialized nations can profit from otherwise worthless goods.

• Specialization limits foreign influence over a nation’s economy

Multiple Choice

Based on the chart, which country most likely has the most stable government?

• Country A

• Country B

• Country C

• Country D