This ability of bronchioles to regulate airflow and arterioles to regulate blood flow is called

Ventilation-perfusion coupling.

Explanation:

Ventilation may be defined as the amount of the gases that are reaching to the alveoli. Perfusion is the amount of the blood that reaches the alveoli. Their ratio is high in lungs.

Ventilation perfusion coupling may be defined as the relationship between the air that reaches the sacs and the blood reaching in these sacs. Ventilation-perfusion coupling has the ability to regulate the arterioles and airflow for the regulation of blood flow.

Thus, the answer is ventilation-perfusion coupling.