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 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.
There are various sources of income a teacher has; such as,
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.
In an underdeveloped economy why there is the need of efficient utilization of resources?
India is a labour abundance and capital scarce economy. Which technique of production should be used to produce the commodity?
State any two central problems under ‘problem of allocation of resources’.[CBSE Sample Paper 2016]
A farmer is getting more profit by producing opium rather than that of wheat. In situation of famine which crop should be produced?
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.
In the context of an economy when we talk about scarcity', we refer to short supply of land.
Giving reason comment on the shape of Production Possibilities curve based on the following schedule.
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?
The government has started promoting foreign capital. What is 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.
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 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?
What is likely to be the impact of efforts towards reducing unemployment on the production potential of the economy? Explain.
Large number of technical training institutions have been started by the government. State its economic value in the context of production possibility frontier.
Unemployment is reduced due to the measures taken by the government. State 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.