2. Twenty Questions Subject:

3. Twenty Questions 12345 678910 1112131415 1617181920

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

21. 18. A fall in the price of coats.

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

23. 20. An increase in the manufacturing techniques.