Tutorial - UNIVERSITI TUNKU ABDUL RAHMAN FACULTY OF...

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UNIVERSITI TUNKU ABDUL RAHMAN FACULTY OF BUSINESS AND FINANCE ACADEMIC YEAR 2013/2014 Tutorial 1: Introduction - Macroeconomics Overview 1. Which of the following is the best definition of economics? (a) The study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided. (b) The study of how consumers spend their income. (c) The study of how business firms decide what inputs to hire and what outputs to produce. (d) The study of how the FED allocates tax dollars. 2. The study of economics: 3. Microeconomics is the study of 4. Macroeconomics is the study of 5. Which of the following would be considered a topic of study in macroeconomics? (a) The price of durian rises after a drought (b) The inflation rate of Malaysia was 3.6% in the year 2006 (c) Retail sales at Giant Supermarket show large gains (d) Air Asia increases the price of airline tickets 6. A microeconomist might study each of the following EXCEPT 7. Which of the following is true? 1
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8. GDP
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