MacroEcon Prelims

MATCHING TYPE

1. Policies that regulate imports and exports - Trade policy

2. Outflow from the circular flow that goes to the rest of the world - Imports

3. A warehouse building is an example of a - capital

4. Branch of Mathematics used in Economics to explain two or more variables - Algebra

5. Communism is an example of this type of economic system - command

6. Money income received from a productive capital resource - interest income

7. Inflow to the circular flow that came from banks - investment

8. Study of consumers', producers' and workers' behavior - microeconomics

9. Manpower used in production - labor

10. Inflow to the circular flow that came from the government - government expenditures

11. Market wherein the households are the sellers and the firms are the buyers - resource market

12. Economic tool used to test the validity of the hypothesis - Econometrics

13. Money income received from a productive labor resource - salary wages

14. Inflow to the circular flow that came from the rest of the world exports used in production - Profit

15. Producing what the society needs Allocative efficiency

16. Economic tool used to generalize and make conclusions - logic

17. Policies that regulate savings and investments - monetary

18. Utilization of all available resources - full employment

19. Testing the validity of the hypothesis - Empirical Verification

20. Outflow from the circular flow that goes to the government - Tax

21. Anything that is measured in a specific moment in time - Econometrics

22. Intangible things that satisfy needs and wants - Service

23. Producing at the least possible cost - Productive Efficiency

24. Money, inflation and taxes are discussed in this field of Economics - macroeconomics

25. Producing the right goods in the right way - full production

26. Money income received for the entrepreneurial skill - profit

27. Man made goods used in production - Capital Resource

28. Outflow from the circular flow that goes to the banks - savings

29. Branch of Mathematics used in Economics to explain two or more variables - algebra

30. Policies that regulate taxes and government spending - fiscal

31. Study of things as they ought to be; based on value judgements, culture and religion - Normative Economics

32. Subsistence economy is an example of a - traditional economy

33. The quantity of goods produced is based on the buyers and the sellers - market economy

34. Inevitable in a market economy - Stock Variable

35. Market wherein the producers are the sellers, and the households are the buyers - Product Market

36. Underpins theories and laws, e.g. "ceteris paribus" - Assumptions

37. Fallacy-prone reasoning - inductive

38. Minerals found in caves are classified as ___ resources - land

39. Money is - medium of exchange

40. Money income received from a productive land resource -Rent

41. The one responsible to put all factors of production together - entrepreneur

42. Father of Macroeconomics - John Maynard Keynes

43. The theory that is the framework of a market economy - Invisible Hand

44. Study of things as they are; factual basis of things - Positive Economics

45. Father of Economics - Adam Smith

46. Resources and Inputs- Factors of Production

47. Tangible things that satisfy needs and wants - Goods