Economics is defined as the study of ___ and ___ of goods and services.

Production and distribution

Microeconomics focuses on ___ while macroeconomics looks at ___.

Individual market dynamics; overall economic trends

Fill in the blank: The primary sector of the economy involves ___ and ___.

Natural resource exploitation and agriculture

True or False: John Maynard Keynes is known as the father of microeconomics.

False. John Maynard Keynes is known as the father of macroeconomics.

What does GDP stand for and what does it measure?

Gross Domestic Product; it measures the total value of all final goods and services produced within a country's borders over a specific time period.

True or False: A market economy relies heavily on government intervention to dictate prices.

False. A market economy operates on free market principles where prices are determined by supply and demand.

True or False: The Santiago Consensus places emphasis on economic development without considering social aspects.

False. The Santiago Consensus emphasizes the importance of social development along with economic growth.

What is the formula for calculating Gross National Product (GNP)?

GNP = GDP + Net Factor Income from Abroad

Fill in the blank: Econometrics involves the use of ___ and ___ methods for economic analysis.

Statistical and mathematical

True or False: The Beijing Consensus promotes constant experimentation and gradual reforms.

True.

True or False: The Washington Consensus supports extensive government intervention in the economy.

False. The Washington Consensus advocates for reduced state intervention and reliance on market forces.

What is the significance of the term 'invisible hand' in economics?

It describes the self-regulating nature of the marketplace, where individuals' self-interested actions can lead to positive social outcomes.

True or False: NDP is always higher than GDP.

False. NDP is always lower than GDP due to the inclusion of depreciation.

Fill in the blank: The concept of 'per capita income' is derived by dividing ___ by the total population.

Net National Product (NNP)

True or False: The Great Depression led to the development of microeconomics as a separate field.

False. The Great Depression led to the development of macroeconomics as a separate field.