Economic Growth

The GDP (Gross Domestic Product) is:

• The total output of a firm

• The total output of a country

• The number of products purchased by an average household

• Number of products the country exports

A recession is

• a reduction in real GDP over two successive quarters

• a reduction in real GDP over a whole year

• a reduction in nominal GDP over two successive quarters

• a reduction in nominal GDP over a whole year

Which of these is NOT a consequence of economic growth

• Improved living standards

• Increase in income

• Increase in unemployment

• Consumption of more luxury products

Which one of these is a consequence of a recession?

• Increase in inflation

• Increase in employment

• Decrease in income

• Increase in Aggregate Supply

Which of the following combinations of Fiscal and Monetary policy measures could be used to promote economic growth

• Increase in government spending and increase in the rate of interests

• Decrease in taxes and increase in the money supply

• Decrease in taxation and decrease in the rate of interests

• Increase in government spending and increase in interest rates

What is meant by economic growth?

• A decrease in the budget deficit

• An increase in population

• An increase in budget surplus

• An increase in real GDP

What is most likely to cause economic growth?

• Increased unemployment

• Increased interest rates

• Increased education and training for workers

• Increased money supply

GDP at market prices that is not adjusted for inflation is called

• Real GDP

• Potential GDP

• Nominal GDP

India's economy grew up by approximately 7% in 2016. What must have increased in India in 2016?

• Gross Domestic Product

• Labour Productivity

• The government's budget deficit

• Rate of Inflation

Which of the following policies is a supply-side policy and can be used for economic growth

• Increased government spending

• Increased education and training for workers

• Increased money supply

• Decreased rates of interest