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SS7E3abd-Human Capital, Capital Goods, Entrepreneurs
Test Description: Human Capital, Capital Goods, Entrepreneurs
Instructions: Answer all questions to get your test result.
1) From 2003 to 2007 Nigeria's GDP increased 5%. Which statement below is most consistent with this data?
A
There was an investment in human capital through education and training.
B
Nigeria stopped investing in capital resources like machinery and technology
C
Oil companies in the region shut down.
D
The countries surrounding Nigeria had improved economies
2) South Africa invested 5.9% into education and Nigeria invested 0.9%. Based on this information, which is the best conclusion.
A
Nigeria spends too much on education.
B
South Africa’s education system needs more improvement.
C
Nigeria has higher GDP than South Africa
D
South Africa has higher GDP than Nigeria
3) New technology, factories, and machinery are all
A
capital goods.
B
human capital.
C
natural resources.
D
economic systems.
4) An entrepreneur is
A
a person who takes risks by starting a new business.
B
a head of state in control of resources.
C
a dictator.
D
a in charge of international trade.
5) The total value of all the goods and services produced by a country each year is known as the country’s
A
total export earnings.
B
national debt.
C
gross domestic product.
D
trade balance.
6) What is the effect of a country investing in capital goods such as factories, machineries, and technology?
A
It encourages more people to become entrepreneurs.
B
It remove trade barriers.
C
It helps lower the currency exchange rate.
D
It helps the gross domestic product grow.
7) All of the following are examples of entrepreneurs EXCEPT
A
a child with a lemonade stand.
B
a military general.
C
a concert promoter.
D
a new restaurant owner.
8) Education, training, and healthcare are all
A
capital goods.
B
natural resources.
C
entrepreneurs.
D
investments in human capital.
9) A person who is willing to take risks to start a new business is called
A
an inventor.
B
a manager.
C
an entrepreneur.
D
a banker.
10) Nigeria has large deposits of oil and is currently exporting a significant quantity of oil. However, Nigeria has very few
A
Makes the GDP inaccurate because there is only one major natural resource in the country.
B
Makes the GDP more dependent on oil production.
C
Makes the GDP inaccurate because there is little industry.
D
Makes the GDP more dependent on agriculture.
*select an answer for all questions
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