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Thinking Like an Economist
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First Name
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Period
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Period 1
Period 2
Period 3
Period 4
Period 5
True or False Economics is the lens is which people who seek happiness should look before making decisions
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1 point
True
False
Economics is a social science that
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is primarily concerned with money
is primarily concerned with how resources are used
relies solely on the scientific method for analysis
is purely normative
The primary focus of microeconomics is
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Families and how they make money
Firms and how they make profits
individual units within the overall economy
government
Models
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are an exact replica of reality
bear no resemblance to real life
are a simplification of the real world
are made more complicated by the assumptions that underlie the model
Car prices should be affordable is an example of which statement
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Normative
Positive
True/False To be considered scarce, an economic resource must be free.
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1 point
True
False
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