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Factors of Economic Growth

Total questions: 65

Worksheet time: 33mins

Name
Class
Date
1.

Economists _____ of a country's economy by its gross domestic product (GDP)

a)

measure the health

b)

goods & services produced

c)

others do not

d)

per person

e)

weaker economies

2.

A country's GDP is the total dollar value of all _____ in one year.

a)

productive resources

b)

goods & services produced

c)

others do not

d)

per person

e)

weaker economies

3.

Some countries have a high GDP, while _____

a)

productive resources

b)

goods & services produced

c)

others do not

d)

per person

e)

weaker economies

4.

GDP is often measured as "GDP per capita" (_____)

a)

productive resources

b)

goods & services produced

c)

others do not

d)

per person

e)

weaker economies

5.

Countries with a higher GDP per capita have stronger economies, while countries with lower GDP per capita have _____

a)

productive resources

b)

goods & services produced

c)

others do not

d)

per person

e)

weaker economies

6.

A nation's _____ determine the strength of its economy

a)

productive resources

b)

goods & services produced

c)

others do not

d)

per person

e)

weaker economies

7.

Productive resources are the _____ used to create goods and services

a)

materials & labor

b)

four main categories

c)

come from nature

d)

income when exported

8.

The _____ of productive resources are natural resources, human capital, capital goods, and entrepreneurship.

a)

materials & labor

b)

four main categories

c)

come from nature

d)

income when exported

9.

Natural resources are the materials that _____, such as land, forests, minerals, water, etc.

a)

materials & labor

b)

four main categories

c)

come from nature

d)

income when exported

10.

They play an important role in a country's economy because they are fuel for industry and are a source of _____ to other countries.

a)

materials & labor

b)

four main categories

c)

come from nature

d)

income when exported

11.

Capital goods are the _____ that are needed to produce goods and services

a)

man-made materials

b)

stronger its economy

c)

technology

d)

more goods & services

e)

boosts a country's exports

12.

The more a country invests in its capital goods, the _____ and higher the GDP

a)

increase in GDP

b)

stronger its economy

c)

technology

d)

more goods & services

e)

boosts a country's exports

13.

Some examples of capital goods include factories, machinery, _____, buildings, tools, etc.

a)

increase in GDP

b)

stronger its economy

c)

technology

d)

more goods & services

e)

boosts a country's exports

14.

Investment in better machines, updated factories, and new technology leads to _____ being produced

a)

increase in GDP

b)

stronger its economy

c)

technology

d)

more goods & services

e)

boosts a country's exports

15.

This _____ and its gross domestic product

a)

increase in GDP

b)

stronger its economy

c)

technology

d)

more goods & services

e)

boosts a country's exports

16.

Investment in capital goods typically leads to an _____

a)

increase in GDP

b)

stronger its economy

c)

technology

d)

more goods & services

e)

boosts a country's exports

17.

Some of a country's most important resources are _____

a)

its people

b)

skilled workers

c)

different kinds

d)

different set of skills

e)

education

18.

Countries need _____ to fill jobs within the economy

a)

highly-skilled workforce

b)

skilled workers

c)

different kinds

d)

different set of skills

e)

education

19.

It takes different kinds of human capital to make _____ of goods and services

a)

highly-skilled workforce

b)

standard of living

c)

different kinds

d)

different set of skills

e)

education

20.

For example, doctors, teachers, and factory workers all have a _____ and they each help to produce different goods or services

a)

highly-skilled workforce

b)

standard of living

c)

different kinds

d)

different set of skills

e)

education

21.

Investments in human capital, such as _____ and professional training programs are a great way for a country to improve its GDP

a)

highly-skilled workforce

b)

standard of living

c)

different kinds

d)

different set of skills

e)

education

22.

In order to have long-lasting economic growth, a country must have a smart, _____

a)

highly-skilled workforce

b)

standard of living

c)

different kinds

d)

different set of skills

e)

education

23.

Education also improves a country's _____

a)

highly-skilled workforce

b)

standard of living

c)

different kinds

d)

different set of skills

e)

education

24.

A country's literacy rate is the percentage of adults who _____

a)

can read & write

b)

material comfort

c)

educated & skilled

d)

pays a higher salary

e)

standard of living

25.

Countries with high literacy rates enjoy a high standard of living (the level of wealth and _____ available)

a)

can read & write

b)

material comfort

c)

educated & skilled

d)

pays a higher salary

e)

standard of living

26.

_____ workers are an important factor in a country's economic growth

a)

can read & write

b)

material comfort

c)

educated & skilled

d)

pays a higher salary

e)

standard of living

27.

If you can read, you can learn and improve your work skills to get a better job that _____

a)

can read & write

b)

material comfort

c)

educated & skilled

d)

pays a higher salary

e)

standard of living

28.

With a better salary, you can improve your _____

a)

can read & write

b)

material comfort

c)

educated & skilled

d)

pays a higher salary

e)

standard of living

29.

An entrepreneur is someone who takes risks to _____

a)

start a new business

b)

fresh ideas

c)

creates more jobs

d)

invest their own money

e)

could lose money

30.

Entrepreneurs come up with ______ for goods or services and then they use natural resources, capital goods, and human capital to bring those ideas to life

a)

reduce the risk

b)

fresh ideas

c)

creates more jobs

d)

invest their own money

e)

could lose money

31.

They help the economy grow by opening new businesses and developing new products, which _____

a)

reduce the risk

b)

fresh ideas

c)

creates more jobs

d)

invest their own money

e)

could lose money

32.

It is risky and expensive to be an entrepreneur because they often _____ (or borrow it) to start their business

a)

reduce the risk

b)

fresh ideas

c)

creates more jobs

d)

invest their own money

e)

could lose money

33.

There is no guarantee of success, and if the business fails, they _____

a)

reduce the risk

b)

fresh ideas

c)

creates more jobs

d)

invest their own money

e)

could lose money

34.

Some countries encourage entrepreneurship by trying to _____ and expense

a)

reduce the risk

b)

fresh ideas

c)

creates more jobs

d)

invest their own money

e)

could lose money

35.

Many European nations have _____ that produce valuable goods and services

a)

industrialized economies

b)

high GDP per capita

c)

Western European

36.

This has caused the countries in Europe to have a _____ and a high standard of living

a)

industrialized economies

b)

high GDP per capita

c)

Western European

37.

_____ countries tend to have a higher GDP and standard of living than countries in Eastern Europe

a)

industrialized economies

b)

high GDP per capita

c)

Western European

38.

Germany:

a)

$50,425

b)

$27,834

c)

$44,118

39.

Russia:

a)

$50,425

b)

$27,834

c)

$44,118

40.

United Kingdom:

a)

$50,425

b)

$27,834

c)

$44,118

41.

United Kingdom:

a)

coal, iron ore, oil, fish, natural harbors

b)

coal, iron ore, fertile soil, natural gas, rivers

c)

forests, diamonds, oil, natural gas, gold

42.

Germany:

a)

coal, iron ore, oil, fish, natural harbors

b)

coal, iron ore, fertile soil, natural gas, rivers

c)

forests, diamonds, oil, natural gas, gold

43.

Russia:

a)

coal, iron ore, oil, fish, natural harbors

b)

coal, iron ore, fertile soil, natural gas, rivers

c)

forests, diamonds, oil, natural gas, gold

44.

The availability of natural resources in a country greatly affects which _____ there.

a)

industries develop

b)

agricultural goods

c)

shipping & fishing

d)

investments in human capital

e)

99% literacy rate

45.

Because of its fertile soil, Germany is best suited for producing _____

a)

train citizens

b)

agricultural goods

c)

shipping & fishing

d)

investments in human capital

e)

99% literacy rate

46.

_____ is a major industry in the UK

a)

train citizens

b)

agricultural goods

c)

shipping & fishing

d)

investments in human capital

e)

99% literacy rate

47.

Germany and the United Kingdom have both made strong _____

a)

train citizens

b)

agricultural goods

c)

shipping & fishing

d)

investments in human capital

e)

99% literacy rate

48.

Both countries provide public education and they have a _____

a)

train citizens

b)

agricultural goods

c)

shipping & fishing

d)

investments in human capital

e)

99% literacy rate

49.

Colleges and vocational schools _____ to be productive members of the workforce

a)

train citizens

b)

agricultural goods

c)

shipping & fishing

d)

investments in human capital

e)

99% literacy rate

50.

Germany and the United Kingdom are also good examples of how ______ can lead to economic strength

a)

investments in capital goods

b)

updating factories

c)

high GDP per capita

51.

Each year, they invest billions of dollars into new technology, _____, and maintaining infrastructure

a)

investments in capital goods

b)

updating factories

c)

high GDP per capita

52.

Investments in capital goods and human capital have contributed to _____ in Germany and the UK

a)

investments in capital goods

b)

updating factories

c)

high GDP per capita

53.

Since the fall of the Soviet Union in 1991, Russia has suffered many _____

a)

economic hardships

b)

did not invest much

c)

outdated technology

d)

lacked the skills

e)

slow economic growth

54.

Under Communist rule, the government _____ money into capital goods or human capital

a)

economic hardships

b)

did not invest much

c)

outdated technology

d)

lacked the skills

e)

slow economic growth

55.

As a result, Russia has been left with old factories and _____

a)

economic hardships

b)

did not invest much

c)

outdated technology

d)

lacked the skills

e)

slow economic growth

56.

Despite having a literacy rate of 99%, much of the workforce was untrained and _____ needed to boost the economy

a)

economic hardships

b)

did not invest much

c)

outdated technology

d)

lacked the skills

e)

slow economic growth

57.

Unemployment became a major problem that has led to _____ for the country

a)

economic hardships

b)

did not invest much

c)

outdated technology

d)

lacked the skills

e)

slow economic growth

58.

Since the collapse of the Soviet Union, Russia has begun _____ of dollars to update its factories and technology to train its workforce

a)

investing billions

b)

still remains lower

c)

who takes risks

d)

lot of regulations

e)

lower in Europe

59.

Even though Russia's economy has improved dramatically, its GDP per capita _____ than other industrialized European nations

a)

investing billions

b)

still remains lower

c)

who takes risks

d)

lot of regulations

e)

lower in Europe

60.

An entrepreneur is someone _____ in order to start a new business

a)

high taxes

b)

loosening regulations

c)

who takes risks

d)

lot of regulations

e)

lower in Europe

61.

If a country's government imposes a _____ on businesses, it can be really hard on an entrepreneur

a)

high taxes

b)

loosening regulations

c)

UK has a higher level

d)

lot of regulations

e)

lower in Europe

62.

For the most part, entrepreneurial activity is _____ than in the US, Latin America, and Australia

a)

high taxes

b)

loosening regulations

c)

UK has a higher level

d)

lot of regulations

e)

lower in Europe

63.

_____ and strict business regulations have lowered overall business freedom in many European countries

a)

high taxes

b)

loosening regulations

c)

UK has a higher level

d)

lot of regulations

e)

lower in Europe

64.

In recent years, several countries have begun encouraging entrepreneurship by lowering taxes, decreasing the time it takes to start a business, and _____

a)

high taxes

b)

loosening regulations

c)

UK has a higher level

d)

lot of regulations

e)

lower in Europe

65.

The _____ of entrepreneurship than Germany and Russia

a)

high taxes

b)

loosening regulations

c)

UK has a higher level

d)

lot of regulations

e)

lower in Europe

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