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BJU Economics CH 5 Flashcards | StudBud
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BJU Economics CH 5
BJU Economics CH 5
33 terms
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#WhatIsTheEconomicProblem?, #NationalGoals, BobJones, Chapter5
Flashcards
33 cards
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Practice quiz
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Questions
33
Answers
1
16. Libertarian fairness would NOT be called "economic Pragmatism."
True
False
2
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?
3
An equal amount of labor and capital is necessary for every business firm
False
True
4
The public provision of further training or education for the unemployed while they search for jobs is often known as:
workfare
welfare
economic leveling
safety-net Egalitarianism
5
When did America experience extensive economic growth?
The growth of the tech industry
The industrial revolution
Westward expansion
The post-war era
6
Christians should always expect a person to work for any assistance they receive.
False
True
7
Unemployment is NOT related to crime rates.
False
True
8
Which is a consumer good?
printing press
bicycle
combine
tractor
9
Real capital is the money that businesses use to purchase the means of production
False
True
10
Immigration can assist economic growth.
True
False
11
Which is
NOT
one of the four economic goals o a nation?
Having a constant rate of growth
Having a stable price level
Having a fair distribution of wealth
Having low unemployment
12
Financial capital is the money that businesses use to purchase the means of production
True
False
13
What a factors that lead to a change in demand?
change in consumer preference
change in income
change in price
change in supply
14
What comes first?
Customers buy more products
Warehouses produce more products
Prices of products change
Stores increase orders for products
15
Where do businesses get the income to purchase real capital?
interest rate
consumer savings
foreign governments
government bonds
16
What is the central function performed by the market interest rate?
helps businesses by regulating supply
regulating the flow of money from households to businesses
keeps poor people from buying a house
regulates the flow of capital from business to banks
17
What is meant by the term scarcity?
that rare goods are more valuable
that everyone should get the same thing
that resources are limited
that we must manage goods well
18
Safety-net egalitarianism is a more extreme form of egalitarian fairness economic leveling.
True
False
19
What is the basic belief that supports egalitarian fairness?
that education is a personal responsibility
fairness means having an equal opportunity
that citizens have an right to it's nations wealth
that hard work should pay off
20
Who is the father of communism?
Ludwig von Mises
Karl Marx
William S Jevons
Adam Smith
21
What are the two types of economic growth?
good and bad
internal and external
intrinsic and extrensic
intensive and extensive
22
What is the command solution to the input question?
policy makers make the choices between labor and capital
businesses increase production
banks change the interest rates to encourage growth
allow the market to find its equilibrium
23
Which is NOT a reason that high levels of unemployment are troublesome?
It is correlated to despair
It makes us look bad to the rest of the world
It is linked to high crime rates
It leads to high levels of poverty
24
What is unemployment?
When people don't work
When people are lazy
When people want to work but the government won't let them
When people who want to work can't find jobs
25
The primary goal that drives the market solution to the input question is lowering production costs.
False
True
26
When did America experience intensive economic growth?
The Lousiana Purchase
The post-war era
The industrial revolution
Westward expansion
27
Which of these is a capital good?
steel press
an automobile
a cell phone
a novel
28
The input question asks who will receive the nations goods
False
True
29
What is the law of demand?
as prices go up demand goes up
as prices go up demand goes down
as prices go down supply goes up
as prices go down demand goes up
30
What is the simplest solution to a surplus or shortage?
change the demand
let the market correct itself
change the prices
ask the government to subsidize a surplus
31
What is the command approach to the labor/capital question?
more capital goods
libertarian fairness
full employment
steady rate of growth
32
Changing demand is on factor that leads to a change in supply without prices changing.
True
False
33
Changes in technology is one factor that can lead to a change in supply without prices changing.
False
True
