1. Tell me about an economic activity that you have done based on Principle 1: Everyone trades (Trade Off).

2. During 2021, Indonesia was hit by the Covid-19 pandemic. This causes the demand for housing to decline, but the decline in housing demand is not followed by an increase in house prices. Thus, mention 3 factors that affect the decline in the demand for houses.

3. The elasticity of demand for income is a useful quantity to show the responsiveness of consumption of an item to changes in income. Which of the following statements are luxury goods, normal goods and inferior goods: a. The coefficient of elasticity of demand for income is -2, where the change in income increases, but the demand for goods decreases. b. The coefficient of elasticity of demand for income is 1, where changes in income and demand for goods increase proportionally.

c. The coefficient of elasticity of demand for income is 3, where the change in income that decreases is smaller than the demand for goods that decreases as well.

Please provide answers with clear and precise explanations. Thank you