Lesson 1 Multiple Choice
The first and most basic economic principle is:
God owns everything
Cultural Mandate
God gave the first man Adam specific commands in the Garden of Eden.
____ is the problem of a cursed ground that will not naturally provide for man's needs.
Scarcity
Scarcity:
is the problem of a cursed ground that will not naturally provide for man's needs.
God made us for
work
Economics is primarily a study of man's
choices
Economics is
man making choices as to how to best use his limited resources in order to be a good Steward before God.
The cultural mandate and God's call to stewardship remain, but ____ prevents us from being able to fulfill them without God's grace
our sinful natures
What is the primary role of civil government
to set down the rule of law and to punish evildoers
The principle of ___ lies at the root of all wealth production
private property
A steward is one who, under the authority of the owner, manages his property for
the owner's benefit and good
Gresham's law,
says that if one tries to replace more valuable money with less valuable money such as replacing gold with paper then people will hoard the good money gold and take it out of circulation to keep it in effect bad money drives out good.
The Ten Commandments provide the ___ necessary for a people to create a community in which they can be stewards under God.
cultural and legal framework
Division of labor:
is where people are put in positions in which they are best suited and work the best
The means of production are ____
land, labor and capital
Because economics deals with _____ it is always going to be related to ethical issues.
human action
Division of Labor
teaches that there is an increase in productivity when work is divided up into specific callings and specializations
Civil government is an agency of ______
force
Work:
is what God calls everyone to do, as stewards of his creation.
___ relies upon cooperation and the combination of various skills to accomplish its goals
Division of labor
Why study economics?
We must be obedient to the cultural mandate as children of Adam and eve.
We can grown in our prosperity if we follow the economic principles God created for our benefit.
God expects us to use that prosperity for the growth of His Kingdom both locally and abroad.
A steward is
one who under the authority of the owner manages his property for the owner's benefit and good.
Our___ ultimately influences our economics.
theology
Which commandment is broken when a civil government uses redistribution?
the 8th You shall not steal
What is important is not how much money you have, but what that money will buy you. This is known as
purchasing power