Discuss the central problems of an economy.
The three central problems of an economy are:
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.
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?
Explain the meaning of opportunity cost with the help of production possibility schedule.[CBSE, All India 2013]
Giving reason comment on the shape of Production Possibilities curve based on the following schedule.
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.
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.
India is a labour abundance and capital scarce economy. Which technique of production should be used to produce the commodity?
There are various sources of income a teacher has; such as,
Although water is useful, yet it is cheap. On the contrary, diamond is not much of use, still it is very expensive. Give an economic reason for this paradox.
Giving reason comment on the shape of Production Possibilities curve based on the following schedule.
In the context of an economy when we talk about scarcity', we refer to short supply of land.
A farmer is getting more profit by producing opium rather than that of wheat. In situation of famine which crop should be produced?
State any two central problems under ‘problem of allocation of resources’.[CBSE Sample Paper 2016]
The government has started promoting foreign capital. What is its economic value in the context of Production Possibilities Frontier?
A Production Possibility Frontier' (PPF) is always represented as a upward sloping curve.
In an underdeveloped economy why there is the need of efficient utilization of resources?
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?
Why is it that on one hand coal is found in plenty, yet it is scarce while on the other, a rotten vegetable is rare but not scarce?
Unemployment is reduced due to the measures taken by the government. State its economic value in the context of production possibilities frontier.
Name the economic value achievable when attempts are made to increase resources in the country.
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.
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.
Give one/two examples of microeconomics study.[CBSE 2004C, 09, 09C, 11C;AI 2004, 05, 07, 11]
Or
Name any three variables of micro-economics.
PPC is concave shaped as production of one good can be increased only by reducing quantity of another good.
What is likely to be the impact of efforts towards reducing unemployment on the production potential of the economy? Explain.