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Year 11 Exam  >  Year 11 Tests  >  Economics for GCSE/IGCSE  >  Test: Economic Growth - Year 11 MCQ

Test: Economic Growth - Year 11 MCQ


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10 Questions MCQ Test Economics for GCSE/IGCSE - Test: Economic Growth

Test: Economic Growth for Year 11 2024 is part of Economics for GCSE/IGCSE preparation. The Test: Economic Growth questions and answers have been prepared according to the Year 11 exam syllabus.The Test: Economic Growth MCQs are made for Year 11 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Economic Growth below.
Solutions of Test: Economic Growth questions in English are available as part of our Economics for GCSE/IGCSE for Year 11 & Test: Economic Growth solutions in Hindi for Economics for GCSE/IGCSE course. Download more important topics, notes, lectures and mock test series for Year 11 Exam by signing up for free. Attempt Test: Economic Growth | 10 questions in 20 minutes | Mock test for Year 11 preparation | Free important questions MCQ to study Economics for GCSE/IGCSE for Year 11 Exam | Download free PDF with solutions
Test: Economic Growth - Question 1
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What does GDP stand for and how is it measured in an economy?

Detailed Solution for Test: Economic Growth - Question 1
GDP stands for Gross Domestic Product, which measures the total value of all goods and services produced within an economy over a specific period, usually a year.
Test: Economic Growth - Question 2
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Which component of GDP represents the total expenditure on goods and services by households in an economy?

Detailed Solution for Test: Economic Growth - Question 2
Consumption represents the total expenditure on goods and services by households in an economy, contributing significantly to GDP.
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Test: Economic Growth - Question 3
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What does real GDP measure?

Detailed Solution for Test: Economic Growth - Question 3
Real GDP measures the total value of goods and services produced within an economy during a specific period, adjusted to account for inflation.
Test: Economic Growth - Question 4
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Which factor can lead to potential economic growth by expanding the productive capacity of an economy?
Detailed Solution for Test: Economic Growth - Question 4
Improving the quality of factors of production, such as through education and training, can expand the productive capacity of an economy.
Test: Economic Growth - Question 5
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What is the consequence of a recession on national output?
Detailed Solution for Test: Economic Growth - Question 5
A recession typically leads to a decrease in national output, measured by real GDP, due to economic contraction.
Test: Economic Growth - Question 6
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Which policy aims to influence overall demand within an economy?
Detailed Solution for Test: Economic Growth - Question 6
Fiscal policy aims to impact overall demand within an economy through government spending and taxation adjustments.
Test: Economic Growth - Question 7
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What is the primary measurement of economic growth over time?
Detailed Solution for Test: Economic Growth - Question 7
Real GDP is the primary measurement of economic growth over time, adjusting for inflation to provide an accurate picture of economic performance.
Test: Economic Growth - Question 8
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Which component of GDP includes government salaries and public goods?
Detailed Solution for Test: Economic Growth - Question 8
Government spending includes expenditures on government salaries, public goods, and services, contributing to GDP.
Test: Economic Growth - Question 9
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How is GDP per capita calculated?
Detailed Solution for Test: Economic Growth - Question 9
GDP per capita is calculated by dividing the GDP of a country by its population, providing an average measure of wealth per individual.
Test: Economic Growth - Question 10
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What does net exports represent in the GDP formula?
Detailed Solution for Test: Economic Growth - Question 10
Net exports represent the difference between the revenue from exporting goods and services and the expenditure on importing goods and services.
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