We analyze the transmission and reflection data obtained through transfer matrix calculations on metamaterials of finite lengths, to determine their effective permittivity ǫ and permeability µ. Our study concerns metamaterial structures composed of periodic arrangements of wires, cut-wires, split ring resonators (SRRs), closed-SRRs, and both wires and SRRs. We find that the SRRs have a strong electric response, equivalent to that of cut-wires, which dominates the behavior of left-handed materials (LHM). Analytical expressions for the effective parameters of the different structures are given, which can be used to explain the transmission characteristics of LHMs. Of particular relevance is the criterion introduced by our studies to identify if an experimental transmission peak is left-or right-handed. PACS: 41.20.Jb, 42.70.Qs, 73.20.Mf Recently, there have been many studies about metamaterials that have a negative refractive index n. These materials, called left-handed materials (LHMs), theoretically discussed by Veselago [1], have simultaneously negative electrical permittivity ǫ and magnetic permeability µ. Such materials consisting of split ring resonators (SRRs) and continuous wires were first introduced by Pendry [2,3], who suggested that they can also act as perfect lenses [4].Since the original microwave experiment by Smith et al. [5], which first materialized Pendry's proposal, various new samples were prepared [6,7] (composed of SRRs and wires) all of which have been shown to exhibit a pass band in which it was assumed that ǫ and µ are both negative. This assumption was based on measuring independently the transmission, T , of the wires alone, and then the T of the SRRs alone. If the peak in the combined metamaterial composed of SRRs+wires were in the stop bands for the wires alone (which corresponds to negative ǫ) and for the SRRs alone (which is thought to correspond to negative µ) the peak was considered to be lefthanded (LH). Further support to this interpretation was provided by the demonstration that some of these materials exhibit negative refraction of electromagnetic waves [8]. Subsequent experiments [9] have reaffirmed the property of negative refraction, giving strong support to the interpretation that these metamaterials can be correctly described by negative permittivity and negative permeability. However, as we shall show in the present study, this is not always the case. The combined system of wires and SRRs exhibits synergy of the two components as a result of which its effective plasma frequency, ω ′ p , is much lower than the plasma frequency of the wires, ω p . There is also a significant amount of numerical work [10][11][12][13] in which the complex transmission and reflection amplitudes are calculated for a finite length of metamaterial. Using these data a retrieval procedure can then be applied to obtain the effective permittivity ǫ and permeability µ, under the assumption that the metamaterial can be treated as homogeneous. This procedure confirmed [14,15] that a medium composed...