Grade 7 Economics Quiz

Factors affecting economic growth: What are the three main factors that can affect the economic growth of a country?

• Human capital, Physical capital, and Technological innovation

• Weather, Geography, and Population size

• Government stability, Currency exchange rate, and Stock market performance

• Religious beliefs, Cultural traditions, and Language spoken

Factors affecting economic growth: How does technological advancement contribute to economic growth?

• Technological advancement has no impact on economic growth

• Technological advancement only benefits a few individuals

• Technological advancement increases productivity, efficiency, and innovation.

• Technological advancement decreases productivity and innovation

Factors affecting economic growth: Explain the impact of human capital on economic growth.

• Human capital has no impact on economic growth

• Human capital can positively impact economic growth by increasing productivity and innovation.

• Human capital only impacts social development, not economic growth

• Human capital can negatively impact economic growth by decreasing productivity and innovation

Impact of natural resources on economy: How can a country's abundance of natural resources impact its economy?

• It can cause environmental degradation and pollution

• It can lead to overpopulation and strain on resources

• It can positively impact the economy by providing opportunities for export, employment, and revenue generation.

• It has no impact on the economy

Impact of natural resources on economy: Give an example of a country whose economy is heavily dependent on a specific natural resource.

• Japan

• Canada

• Saudi Arabia

• Brazil

Impact of natural resources on economy: Discuss the potential drawbacks of relying too heavily on natural resources for economic growth.

• Increased job opportunities

• Stable economic growth

• Improved environmental sustainability

• Potential drawbacks of relying too heavily on natural resources for economic growth include economic instability, environmental degradation, and vulnerability to price fluctuations in the global market.

Impact of government policies on economy: How can government policies influence the overall economic growth of a country?

• Government policies only influence social issues, not economic growth

• Government policies have no impact on economic growth

• Government policies can influence economic growth through measures such as fiscal policy, monetary policy, trade policy, and regulatory policies.

• Government policies can only influence economic growth through military spending

Impact of government policies on economy: Provide an example of a government policy that has positively impacted the economy of a country.

• Tax incentives for businesses to invest in research and development

• Implementation of strict trade tariffs on imported goods

• Reduction in government spending on infrastructure

• Increase in income tax rates for businesses

Role of entrepreneurship in economy: What role do entrepreneurs play in driving economic growth?

• Entrepreneurs drive economic growth by decreasing the availability of products and services

• Entrepreneurs drive economic growth by creating new businesses, products, and services, which in turn create jobs and stimulate innovation.

• Entrepreneurs drive economic growth by increasing government control and regulation

• Entrepreneurs drive economic growth by causing unemployment and reducing innovation

Role of entrepreneurship in economy: How can entrepreneurship contribute to job creation and innovation in an economy?

• Entrepreneurship is only focused on making profits and not on creating jobs or innovation

• Entrepreneurship has no impact on job creation and innovation

• Entrepreneurship only leads to job loss and lack of innovation

• Entrepreneurship can contribute to job creation and innovation by starting new businesses and introducing new products, services, and processes.