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BJU Economics CH 5 Flashcards | StudBud
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BJU Economics CH 5
BJU Economics CH 5
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#WhatIsTheEconomicProblem?, #NationalGoals, BobJones, Chapter5
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Immigration can assist economic growth.
True
False
2
Which is a consumer good?
printing press
tractor
combine
bicycle
3
What comes first?
Stores increase orders for products
Customers buy more products
Prices of products change
Warehouses produce more products
4
Unemployment is NOT related to crime rates.
False
True
5
When did America experience intensive economic growth?
The post-war era
Westward expansion
The Lousiana Purchase
The industrial revolution
6
Which is NOT a reason that high levels of unemployment are troublesome?
It is linked to high crime rates
It is correlated to despair
It makes us look bad to the rest of the world
It leads to high levels of poverty
7
What is meant by the term scarcity?
that we must manage goods well
that rare goods are more valuable
that everyone should get the same thing
that resources are limited
8
Real capital is the money that businesses use to purchase the means of production
True
False
9
What are the two types of economic growth?
internal and external
good and bad
intrinsic and extrensic
intensive and extensive
10
Financial capital is the money that businesses use to purchase the means of production
True
False
11
Which of these is one of the three critical economic questions a nation must answer?
Who will set the prices for products?
How does the nation trade with other nations?
Who will go shopping for each household?
Who will receive what the nation produces?
12
Christians should always expect a person to work for any assistance they receive.
True
False
13
Changes in technology is one factor that can lead to a change in supply without prices changing.
True
False
14
When did America experience extensive economic growth?
The growth of the tech industry
The industrial revolution
Westward expansion
The post-war era
15
What is the command solution to the input question?
banks change the interest rates to encourage growth
allow the market to find its equilibrium
policy makers make the choices between labor and capital
businesses increase production
16
Who is the father of communism?
Karl Marx
Ludwig von Mises
William S Jevons
Adam Smith
17
Changing demand is on factor that leads to a change in supply without prices changing.
True
False
18
What is the simplest solution to a surplus or shortage?
let the market correct itself
change the demand
ask the government to subsidize a surplus
change the prices
19
What is unemployment?
When people who want to work can't find jobs
When people are lazy
When people don't work
When people want to work but the government won't let them
20
Which is
NOT
one of the four economic goals o a nation?
Having a constant rate of growth
Having a fair distribution of wealth
Having a stable price level
Having low unemployment
21
An equal amount of labor and capital is necessary for every business firm
True
False
22
What is the law of demand?
as prices go down supply goes up
as prices go up demand goes down
as prices go up demand goes up
as prices go down demand goes up
23
Which of these is a capital good?
a ps5
a novel
a forklift
a toaster
24
What is the command approach to the labor/capital question?
steady rate of growth
more capital goods
libertarian fairness
full employment
25
The input question asks who will receive the nations goods
False
True
