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BJU Economics Chapter 1 Flashcards | StudBud
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BJU Economics Chapter 1
BJU Economics Chapter 1
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Review for Chapter 1 Test, Economics from Bob Jones University #economics
Flashcards
39 cards
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Questions
39
Answers
1
Which of the following best fits into the realm of macroeconomics?
research and development
rising unemployment
a business loan
a family budget
2
What is meant by the term subjective value?
a good's value determined by the price
a good's value determined by the buyer
a good's value determined by the scarcity
a good's value determined by the amount
3
What is an example of stewardship?
recycling
creating a budget
driving a car
clipping coupons
4
The scarcity of a natural resource, such as bananas, means that the supply has run short.
FALSE
TRUE
5
What approach to economic study focuses on value judgments?
positive economics
microeconomics
macroeconomics
normative economics
6
According to the text, economics is...
the science of how and why individuals make choices
systems man creates to produce, buy & sell goods & services
people, businesses, and governments making financial choices
theories guide nations' financial & monetary laws & systems
7
Which is an economic good?
the time of the teacher
the labor of the plumber
the accountant's computer
the pay of the cashier
8
What biblical concept is a person's responsibility to make proper choices with resources?
public good
utility
stewardship
contentment
9
Which of the following is an economic service rather than an economic good?
LCD monitor
Internet access
hard drive
computer game
10
The diamond-water paradox has no right answer.
TRUE
FALSE
11
What do economists call the regret a person feels for not choosing a particular option?
opportunity price
economic dissatisfaction
economic cost
opportunity cost
12
Which two basic economic principles create the need for choices?
insatiability and scarcity
scarcity and contentment
utility and opportunity
subjective value and utility
13
A rational person will
always
make the choice where the opportunity cost > opportunity benefit.
FALSE
TRUE
14
Christian stewardship is the wise management of one's resources.
TRUE
FALSE
15
The usefulness of a good or service is called _______ .
utility
utility point
useful point
util
16
What are nuisance goods?
goods that you must pay to have removed
goods that have a negative economic cost
goods that you don't like
goods that are used for bad things
17
Based on
intrinsic value
, a gold nugget would be more valuable than a gold necklace.
TRUE
FALSE
18
Which economic term does this vehicle now best illustrate?
a scarce good
a nuisance good
an economic good
a free good
19
Economics is primarily a study of choices.
TRUE
FALSE
20
Which of the following statements is an example of positive economics?
The goal of our nation should be a low unemployment level
The unemployment rate is 6%.
We need to pray that God will protect us from unemployment
Unemployment is worse than inflation
21
Which of the following is
not
a reason that economics is considered a science
Economists use their findings to predict outcomes
Economists begin with observation
Economists deal with logical processes
Economists use their knowledge to control outcomes
22
What is the solution to the the diamond-water paradox?
a good's value is determined by its nature
a good's value is determined by the buyer
a good's value is determined by its economic price
good's value is determined by the seller
23
What unit of measurement is the satisfaction a person receives from a choice?
util
utility
opportunity cost
opportunity benefit
24
Conservation of natural resources primarily shows a grasp of which economic concept?
utility
scarcity
microeconomics
public good
25
What economic concept do the lower airline rates illustrate in your decision-making process?
opportunity cost
opportunity benefit
hidden cost
intrinsic value
26
National unemployment is one major topic studied in microeconomics.
TRUE
FALSE
27
According to the Austrian economist Carl Menger, what determines the value of an object?
the quality of the raw materials
the utility for the user
the labor of the producer
the public good accomplished
28
The usefulness of an economic good or service is measured in utils.
TRUE
FALSE
29
Declaring that a particular businesses' practices are unethical is using positive economics.
TRUE
FALSE
30
Which is an economic service?
the supplies of the teacher
a pizza delivery vehicle
the salary of the waitress
the assistance of a nurse
31
Insatiability is not a problem for most Christians.
TRUE
FALSE
32
The economic cost of a good or service is
the value people place on it
the cumulative cost of making and marketing it
the price charged for it
the regret a consumer feels after choosing it
33
What does intrinsic value mean?
the value of a good based on its availability
the value of a good based on its nature
the value of a good based on its price
the value of a good based on its popularity
34
What is a free good or service?
collecting rainwater
wind energy
a gift from your best friend
a hug from your mom
35
What economic concept do her actions best illustrate?
subjective value
utility
intrinsic value
insatiability
36
What will your net utility be if you decide to buy a book (10 untils) instead of coffee (6 utils)?
6 utils
10 utils
-4 utils
4 utils
37
Every choice has an opportunity cost.
TRUE
FALSE
38
What do economists call the satisfaction that someone feels from choosing a particular option?
opportunity benefit
opportunity price
opportunity cost
opportunity value
39
In economics, what is meant by the term
insatiability
?
being unsatisfied all the time
always getting what you want
having unlimited wants
not getting what you want
