BBBE 1833 Tutorial 2 (Done).docx - BBBE1833 Microeconomics Prepared by Lecturer Ms Yap Fei Fuong TUNKU ABDUL RAHMAN UNIVERSITY COLLEGE BACHELOR OF

BBBE 1833 Tutorial 2 (Done).docx - BBBE1833 Microeconomics...

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BBBE1833 Microeconomics Prepared by Lecturer Ms. Yap Fei Fuong TUNKU ABDUL RAHMAN UNIVERSITY COLLEGE BACHELOR OF ECONOMICS (HONS) BBBE 1833 MICROECONOMICS Tutorial 2: Introduction to microeconomics (Part 2/2) 1. (a) With examples, describe the FOUR (4) resources used to produce goods and services. (b) Explain the following concepts: (i) Scarcity; (ii) Opportunity cost; (iii) Productive efficiency. (c) Describe the TWO (2) types of production possibility frontier (PPF). 2. (a) Distinguish between: (i) Socialism and capitalism.
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Unformatted text preview: (ii) Microeconomics and Macroeconomics. (iii) Positive economics and normative economics. (b) Using a production possibility curve (PPF), distinguish between ‘productive efficiency’ and ‘productive inefficiency’. 3. (a) Define production possibility frontier (PPF). (b) Define the term “an advance in technology”. Using a diagram, describe the effect of an advance in technology on the production possibility frontier. Page 1 of 1...
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