Eco1001 tutorial sheet 1 20.21 sem 1 1 13 34e37f3c97fe426648c43706f398d838 1 .docx

School University of Technology, Jamaica
Course Title ECO 1001
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UNIVERSITY OF TECHNOLOGY, JAMAICASCHOOL OF BUSINESS ADMINSTRATIONECO 1001: INTRODUCTION TO MICROECONOMICSTUTORIAL #11)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 andprevious 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 Jamaican government allocates tax dollars.

2)Competitive behaviour

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3)Which of the following can be classified asmicroeconomicsormacroeconomics? Why?

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