Economy always operates on PPC.
False: Economy operates on PPC only when resources are fully and efficiently utilised. If resources are not fully and efficiently utilized, economy operates at any point inside PPC.
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?
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]
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.
Giving reason comment on the shape of Production Possibilities curve based on the following schedule.
State any three assumptions on which a production possibilities curve is based. [CBSE 2013 Q]
India is a labour abundance and capital scarce economy. Which technique of production should be used to produce the commodity?
Scarcity of resources is a universal phenomenon and is not confined to poor and backward countries only. Comment.
Give reasons for the following statements:
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.
A Production Possibility Frontier' (PPF) is always represented as a upward sloping curve.
PPC is concave shaped as production of one good can be increased only by reducing quantity of another good.
In an underdeveloped economy why there is the need of efficient utilization of resources?
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.
The government has started promoting foreign capital. What is its economic value in the context of Production Possibilities 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.
Giving reason comment on the shape of Production Possibilities curve based on the following schedule.
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?
Name the economic value achievable when attempts are made to increase resources in the country.
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 reasons for the following statements:
Unemployment is reduced due to the measures taken by the government. State its economic value in the context of production possibilities frontier.
What will likely be the impact of large scale outflow of foreign capital on Production Possibility Curve of the economy and why?
Why does an economic problem arise? [CBSE 2007]
Or
What gives rise to an economic problem? [CBSE, Sample Paper 2008] Or
Why does the problem of choice arise? [CBSE 2004]