JC Business 3.9 Economic Indicators - Economic Growth

Question 1

Economic Growth can be positive or negative

Accepted Answer

True

Question 2

Gross National Product (GNP) is the total Quantity of Goods and Services produced in a country in a year.

Accepted Answer

True

Question 3

Yearly economic growth is

Accepted Answer

The change in the quantity of goods and services produced in a country.

Question 4

To achieve economic growth, interest rates are kept low so people will borrow money to start new businesses

Accepted Answer

True

Question 5

Which of the following are benefits of Economic Growth

Accepted Answer

All of the above

Question 6

Which of the following must be done to achieve Economic Growth

Accepted Answer

Keeping inflation, encouraging people to buy more goods and services

Question 7

Which of the following are needed to calculate GNP and thus economic growth

Accepted Answer

The amount produced in year 1, The amount produced in year 2

Question 8

GNP stands for

Accepted Answer

Gross National Product

Question 9

As more money is spent, demand increases, encouraging production, leading to increased sales, employment and profits

Accepted Answer

True

Question 10

Economic Growth can not cause inflation, especially when economic growth is high.

Accepted Answer

False

Question 11

The change in GNP from one year to the next is called Economic Growth

Accepted Answer

True

Question 12

During economic growth, the Government can tax more, which can be spent on improving Services and/or Infrastructure

Accepted Answer

True

Question 13

Which of the following are Impacts of Economic Growth on Individuals

Accepted Answer

All of the above

Questions 13