What is meant by central problem of an economy?
The problem of making a choice among alternative uses of resources is known as basic or central problem of an economy.
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?
Giving reason comment on the shape of Production Possibilities Curve based on the following schedule.
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?
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?
Unemployment is reduced due to the measures taken by the government. State its economic value in the context of production possibilities frontier.
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?
The government has started promoting foreign capital. What is its economic value in the context of Production Possibilities Frontier?
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.
Define microeconomics.[CBSE 2007C; AI 2005, 2012]
Or
Give the meaning of microeconomics.[CBSE 2009]
Give reasons for the following statements:
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.
Large number of technical training institutions have been started by the government. State its economic value in the context of production possibility frontier.
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.
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.
State any three assumptions on which a production possibilities curve is based. [CBSE 2013 Q]
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.
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?
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.
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?