Twenty Questions Subject:

Twenty Questions

1. Who make choices in the economy? Consumers, businesses, government

2. _____is the social science that studies how people use scarce resources to satisfy their unlimited wants. Economics

3. A _____ is a simplified version of the reality that facilitates the understanding of complex economic problems. A model

4. What is the term for all things being equal? Ceteris paribus

5. _____ are statements about the general direction of events from the fulfillment of certain conditions. Predictions

6. What assigns future values to certain economic variables on the basis of known relations? Economic forecasting

7. What is the term for statements of facts expressed in a testable or verifiable manner? Positive economics

8. _____are value judgments or statements of opinion about what “ought to be.” Normative economics

9. What variables that can be explained within a model? Endogenous variables

10. What variables that are determined by factors outside a model? Exogenous variables

11. _____is a quantity existing a particular time. Stock variable

12. _____is the measure of a change in a variable per unit of time. Flow variable

13. What helps us to understand how the economy functions and enables us to resolve real-world problems? Economic theory

14. _____a course of action designed to achieve some specific economic objective? Economic policy

15. _____is also known as price theory deals with the behavior of individual economic units. Microeconomics

16. _____is also known as income and employment theory deals with the behavior of economic groups Macroeconomics

17. What illustrates the economic problem of scarcity? Production possibilities curve or PPC

18. A fall in the price of coats.

19. An increase in the labour force resulting from a more liberal immigration policy.

20. An increase in the manufacturing techniques.