Tutorial 1 Microeconomics

Scarcity means _______.

• actual market demand

• demand is more than supply in the market

• loss gain after deducting selling price and production cost

• different between ceiling prince and floor price

Something that forgone in order to get another thing is called ________.

• scarcity

• needs

• variable cost

• opportunity cost

Which one of the questions below are relating to basic economic problems?

• how to produce?

• when to produce?

• who will produce?

• why should produce?

Listed below are the assumptions in Production Possibilities Curve (PPC), EXCEPT:

• the salary of direct labor is fixed

• the economy is operating in full employment and full production capacity (full efficiency)

• the amount of resources available are fixed

• the state of technology does not change throughout the production

The Production Possibility Curve (PPC) possibly shift to the left if ________.

• a country is enjoying the economic growth

• a country is facing an economic problems

• population of a country is increasing

• a country is facing a social problems

What would happen to the Production Possibility Curve (PPC) if there is increasing in opportunity cost?

• PPC is concave

• PPC is convex

• PPC is linear

• PPC is not change

_________ is an economic system where individuals and sellers make economic decisions using a price system.

• socialism

• capitalism

• islamic economy

• mixed economy

Listed below are the roles of Small Medium Enterprise (SME), EXCEPT:

• source of innovation and creativity

• test ground for entrepreneurs

• career opportunities for productive individuals

• increase the demand for local products in the market

Law of demand has state that _______.

• the higher the price, the higher quantity demanded

• the higher the price, the lower quantity demanded

• the lower the price, the higher quantity demanded

• lower the price, the lower quantity demanded

Demand for good X will ______, if the price of its substitute good rises.

• decrease

• increase

• constant

• zero