SOCSCI 9.QUIZ.002.UNDERSTANDING ECONOMICS

Student Name (LAST, FIRST MI.):

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Subject:

• GE 6
• GE 6

Days:

• MWF
• TTH
• SAT

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Economics is defined as

• The study of how individuals spend their money
• The study of how societies allocate scarce resources to satisfy unlimited wants
• The study of political systems
• The study of weather patterns

What is the nature of economics?

• It focuses on unlimited resources and unlimited wants
• It studies how individuals make choices in a world of scarcity
• It is a natural science like physics
• It only applies to monetary matters

Which of the following is NOT a method or tool used in economics?

• Statistical Analysis
• Econometric Techniques
• Historical Narratives
• Mathematical Models