Applied Economics - 50 questions

He introduced the phrase "Applied Economics".

• Nicholas Gregory Mankiw

• John Neville Keynes

• Paul Samuelson

• Alfred Marshall

He stated that "All needs are important."

• Paul Samuelson

• John Neville Keynes

• Clayton Alderfer

• Alfred Marshall

The following are characteristics of a Command Economy, EXCEPT __________.

• Private property is illegal

• Everyone is paid EQUALLY

• Industry & business is controlled by government

• Private ownership of resources

A type of Inflation wherein there is a mild and less than 10% inflation rate.

• Creeping Inflation

• Galloping Inflation

• Gliding Inflation

• Swinging inflation

It is a condition where all other factors than the price are held constant.

• Faux Pax

• Pacta Sunt Servanda

• Ceteris Paribus

• Omnibus Nomen

It can be simply defined as the mass emigration of technically skilled people from one country to another.

• Immigration

• Emigration

• Brain Drain

• Migration

In the Abraham Maslow's Hierarchy of Needs, it includes the personal, security, employment, resources, health, and property.

• Self-Esteem Needs

• Self-Actualization Needs

• Physiological Needs

• Security Needs

The following are Divisions of Economics, EXCEPT __________.

• Transportation

• Production

• Consumption

• Distribution

This factor drives the Economy and makes it more dynamic.

• Savings

• Planning

• Total Spending

• Budgeting

It is an amount charged by lender on cost borrowed.

• Savings

• Interest

• Tax

• Loan