stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
BJU Economics Chapter 2 Flashcards | StudBud
Explore
/
BJU Economics Chapter 2
BJU Economics Chapter 2
21 terms
·
StudBud Administration
·
258 plays
Bob Jones University Press 3rd Edition Economics
Flashcards
21 cards
F
Practice quiz
P
Host live
L
Questions
21
Answers
1
Which of the following is the largest factor cost of production?
Rent
Profit
Interest
Wages
2
Which economic model is limited to displaying data of a few specific observations?
Line Graph
Tabular/Schedule
3
***pick true*** explain why Entrepreneurship is the most important factor of production.
False
True
4
How should the government impact profit making?
Tax it as high as possible
Regulate it heavily to limit greed
Discourage it because of greed
Support ethical business practices
5
***pick true*** be prepared to explain what information is derived from the slope of a PPC
True
False
6
On a PPC graph, any point on the graphed line represents
The lowest cost
The most efficient use of resources
The boundary line between crops
The minimum amount you can earn
7
Seeking a profit is not something that Scripture supports.
True
False
8
Discouraging ___ can seriously damage national economy.
Debt
Entrepreneurship
Socialism
High interest rates
9
Royalties and Licensing are payments for the use of...
intellectual property
real capital
rented machinery
leased buildings
10
What is the most important factor of production?
Labor
Entrepreneurship
Land
Capital
11
Which is NOT a factor of production?
Capital
Land
Taxes
Labor
12
Wages include more than just direct payments to an employee
False
True
13
Rent only includes payments for the use of physical assets
False
True
14
Which of the following is not a factor cost of production?
labor
profit
interest
rent
15
Which of the following is not an example of indirect payments to an employee?
medical insurance
bonuses
social security
retirement contribution
16
What two principles contribute to the need for choices?
Scarcity
Stewardship
Insatiability
Contentment
17
What is the definition of factor cost?
Interest on business loans
Taxes paid to the government
The sum of profits minus expenses
Payments made for the factors of production
18
Why is entrepreneurship so important?
Carl Menger
It plans, directs and organizes production.
It makes money
It's the Bible thing to do
19
From whom do businesses ultimately get the factors of production?
Banks
Households
Stock market
Foreign Countries
20
What is real capital?
Gold
The building where the president works
Cash money
Materials and tools used to make goods
21
What is the chief advantage of the line graph over the schedule
They are simpler
They provide more information
Because Carl Menger said it was better
Lines are easier to draw
