Quiz 1.2 - Basic Tools for Economic Analysis

Which of the following is NOT a basic tool of economic analysis?

Statistics

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Mathematics

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Hypothesis testing

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Painting

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The branch of economics that makes use of graphs, equations, and models to explain relationships is called:

Descriptive economics

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Econometrics

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Positive economics

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Normative economics

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Which of the following tools is most useful in forecasting economic trends?

Statistical methods

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Diagrammatic analysis

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Verbal reasoning

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Logical assumptions

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The law of demand is best represented using:

Pie chart

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Demand curve

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Regression table

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Histogram

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Mathematical functions in economics are mainly used to:

Entertain economists

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Establish precise relationships between variables

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Replace statistical data

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Avoid using assumptions

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A tool that uses past data to predict future behavior is known as:

Regression analysis

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Demand schedule

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Pie chart

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Equation of exchange

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Which of the following is NOT an example of statistical data presentation in economics?

Tables

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Graphs

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Charts

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Stories

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An equation showing the relationship between consumption and income is an example of:

Hypothetical reasoning

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Consumption function

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Production function

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Cost schedule

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The production possibility frontier (PPF) is a tool used to analyze:

Unemployment rate

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Choice and opportunity cost

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Inflation rate

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Government spending

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The use of models in economics helps to:

Eliminate the need for real data

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Simplify complex economic problems

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Replace government policies

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Avoid statistical analysis

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Quiz 1.2 – Basic Tools for Economic Analysis

Quiz 1.2 – Basic Tools for Economic Analysis

ola September 10, 2025

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