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BJU Economics Chapter 2 Flashcards | StudBud
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BJU Economics Chapter 2
BJU Economics Chapter 2
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1
What are the two basic elements of the circular flow model?
banks and households
business firms and stock markets
stock markets and banks
households and business firms
2
What does the acronym PPC stand for?
Possible Proactive Curve
Positive Production Customers
Phil Collins Choir
Production Possibilities Curve
3
From whom do businesses ultimately receive the factors of production?
the government
households
banks
stockholders
4
Which of the following is a transfer payment?
the wages of postal workers
Department of Defense Purchases
government unemployment payments
income tax withholdings
5
What is the chief advantage of the line graph over the schedule?
It is less complicated
It is more scientific
It contains more data
It better illustrates results
6
Which of the following would an economist
not
consider an example of land?
machinery
wheat
petroleum
sheep
7
Which of the following are the four major components of the circular flow model?
the government
households
financial markets
business firms
8
What are two primary uses for economic models?
Instruction- to illustrate economic theories
Confusion- to confuse Economics students for fun
Prediction- seeing possible future economic outcomes
9
On a PPC graph, any point on the graphed line represents
production variables
wasted resources
production efficiency
minimum costs
10
What is the "heart" of the economy that circulates money?
the government
the financial market
the public sector
businesses
11
Which of the following does
not
qualify as a possible factor cost?
interest payments
sales taxes
medical benefits
author royalties
12
How does discouraging entrepreneurship affect the flow of new products?
it decreases the flow of new products
it increases the flow of new products
13
What is the most important factor of production?
profit
interest
entrpreneurship
capital
14
Which of the following is
not
an example of capital?
tractor
business loan
house
hammer
15
Which of the following are the four factors of production?
Capital- goods used to produce other goods
land- all the natural resources
Entrepreneurship- creatively combining elements to develop new goods
labor- human effort that goes into the creation of goods
16
Ludwig von Mises is well-known for exploring the economic practice of
governmental intervention
entrepreneurship
free markets
financial markets
17
What is an example of dissaving?
making a deposit in a savings account
making a payment on a loan
taking out a mortgage
opening a checking account
