The Economic Growth Quiz

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Questions and Answers

Which economic system do most economists argue leads to the most economic growth?

  • Command economies
  • Mixed economies
  • Market economies (correct)
  • Traditional economies

What is a key benefit of economic growth?

  • Higher overall standard of living (correct)
  • Increased competition
  • Decreased innovation
  • Reduced incomes

What is the relationship between innovation and economic growth?

  • Economic growth hinders innovation
  • Innovation has no impact on economic growth
  • Economic growth leads to innovation
  • Innovation leads to economic growth (correct)

What do economists typically mean when they talk about markets?

<p>Free markets (A)</p> Signup and view all the answers

Why do consumers and producers usually cooperate in market economies?

<p>To give each other what they want (C)</p> Signup and view all the answers

Which economic system do most economists argue leads to the most economic growth?

<p>Market economies (B)</p> Signup and view all the answers

What is a key benefit of economic growth?

<p>Increased incomes (D)</p> Signup and view all the answers

What do economists typically mean when they talk about markets?

<p>Free markets with unrestricted competition (D)</p> Signup and view all the answers

What is the relationship between innovation and economic growth?

<p>Innovation leads to more economic growth (D)</p> Signup and view all the answers

Why do consumers and producers usually cooperate in market economies?

<p>They benefit from mutually satisfying each other's wants (A)</p> Signup and view all the answers

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