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?
Coal is found in plenty yet it is scarce because its demand is also high. Scarcity means that availability is less than sufficient to satisfy all wants or desires. On the other hand, a rotten vegetable is rare but not scarce because there is no demand or want for a rotten vegetable. Value: Analytic
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?
The government has started promoting foreign capital. What is its economic value in the context of Production Possibilities Frontier?
Define Opportunity Cost. [CBSE 2007]
Or
Give the meaning of Opportunity Cost'. [CBSE 2008, 09]
Define microeconomics.[CBSE 2007C; AI 2005, 2012]
Or
Give the meaning of microeconomics.[CBSE 2009]
A Production Possibility Frontier' (PPF) is always represented as a upward sloping curve.
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 two central problems under ‘problem of allocation of resources’.[CBSE Sample Paper 2016]
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.
Scarcity of resources is a universal phenomenon and is not confined to poor and backward countries only. Comment.
Large number of technical training institutions have been started by the government. State its economic value in the context of production possibility frontier.
In an underdeveloped economy why there is the need of efficient utilization of resources?
A farmer is getting more profit by producing opium rather than that of wheat. In situation of famine which crop should be produced?
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:
State any three assumptions on which a production possibilities curve is based. [CBSE 2013 Q]
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.
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.
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.
Name the economic value achievable when attempts are made to increase resources in the country.
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.
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?
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?
Giving reason comment on the shape of Production Possibilities curve based on the following schedule.
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]