Define Opportunity Cost. [CBSE 2007]
Or
Give the meaning of Opportunity Cost'. [CBSE 2008, 09]
Opportunity cost is the cost of the next best alternative.
A doctor has a private clinic in New Delhi and his annual earnings are Rs 10 lakh. If he works in a government hospital in New Delhi, his annual earning will be Rs 8 lakh. What is the opportunity cost of having a clinic in New Delhi?
Giving reason comment on the shape of Production Possibilities curve based on the following schedule.
How does Maruti Udyog Ltd. fix the prices of its cars, is it studied in macroeconomics?
A country's resources are fully and p efficiently employed. The problem of scarcity exists. What advice would be given to raise the efficiency level of the human resource to fight scarcity?
Giving reason comment on the shape of Production Possibilities Curve based on the following schedule.
Explain the meaning of opportunity cost with the help of production possibility schedule.[CBSE, All India 2013]
Define Opportunity Cost. [CBSE 2007]
Or
Give the meaning of Opportunity Cost'. [CBSE 2008, 09]
Define Marginal Opportunity Cost. Explain the concept with a hypothetical numerical example.[CBSE Sample Paper 2016]
Giving reasons, state whether the following statements are true or false.
An economy always manages to meet all the needs of the people living in the country.
A Production Possibility Frontier' (PPF) is always represented as a upward sloping curve.
India is a labour abundance and capital scarce economy. Which technique of production should be used to produce the commodity?
What is likely to be the impact of Make in India' appeal to the foreign investors by the Prime Minister of India, on the production possibilities frontiers of India? Explain.
Production in an economy is below to its potentiality due to unemployment. Government starts employment generation schemes. Explain its effects by using production possibility curve.
In an underdeveloped economy why there is the need of efficient utilization of resources?
Large number of technical training institutions have been started by the government. State its economic value in the context of production possibility frontier.
Unemployment is reduced due to the measures taken by the government. State its economic value in the context of production possibilities frontier.
A teacher is getting Rs 6,000 per month as salary. If he leaves the job and starts tuition work, he is expected to earn Rs 5,000 per month. What would be his opportunity cost?
With the same amount of resources a farmer can feed the following combination of goats and horses:
Taking into consideration the options available with him, find out the opportunity cost of the farmer of feeding one horse.
State any three assumptions on which a production possibilities curve is based. [CBSE 2013 Q]
The government has started promoting foreign capital. What is its economic value in the context of Production Possibilities Frontier?
Define microeconomics.[CBSE 2007C; AI 2005, 2012]
Or
Give the meaning of microeconomics.[CBSE 2009]
Why does an economic problem arise? [CBSE 2006, 07C, 09; Or AI 2007]
State any two causes of economic problem. [CBSE 2005C, 09C, 12;Or AI 2007]
State two characteristics of the economic resources which give rise to economic problem.Or [AI 2007]
Why does problem of choice arise?[CBSE 2004, 05C, 06, 07] Or
Explain three factors that lead to an economic problem.
Give reasons for the following statements:
PPC is concave shaped as production of one good can be increased only by reducing quantity of another good.
As water resources are limited in our country, how can we economise the water resources so that it could not cause a future problem for us? Give any two suggestions.
Scarcity of resources is a universal phenomenon and is not confined to poor and backward countries only. Comment.
The problems of scarcity of resources and their alternate uses arise everywhere but particularly in backward countries. For their solution non-economic considerations can be stressed. How?