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?
Central problems, what to produce?, How to produce? and for whom to produce?, can be solved in poor countries by laying more stress on the social aspects, e.g., public utility services may be developed, labour intensive techniques may be preferred and the distribution of national income may be made equitable.
Value: Analytic
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]
Scarcity of resources is a universal phenomenon and is not confined to poor and backward countries only. Comment.
India is a labour abundance and capital scarce economy. Which technique of production should be used to produce the commodity?
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.
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.
Giving reason comment on the shape of Production Possibilities curve based on the following schedule.
Give reasons for the following statements:
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?
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.
A farmer is getting more profit by producing opium rather than that of wheat. In situation of famine which crop should be produced?