Test your understanding of lesson 1.
Lesson 1: Thinking like an Economist.
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Question 1 of 5
The economic perspective is the most important one in all situations involving people.CorrectIncorrect
Question 2 of 5
Economics is important only if you’re going to become a businessperson.CorrectIncorrect
Question 3 of 5
At its core, economic theory cannot be tested.CorrectIncorrect
Question 4 of 5
Economic “laws” aren’t objective, but instead depend on the tastes of the researcher.CorrectIncorrect
Question 5 of 5
Match the word with it’s definition.
- Social Science
The subject that economics studies.
A situation when traders exchange goods or services directly for each other without money.
The fact that making one choice means that other choices become unavailable.
The fact that there are limited resources but unlimited desires.