Why do all economies have similar central problems?
All economies whether developed or developing, have similar central problem because one or more of their resources (land, labour, capital and entrepreneurship) are limited and these resources can be put to alternative uses. The wants of the economies are unlimited. Therefore all economies have to face the basic economic problem of choice (what to produce, how to produce and for whom to produce).
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]
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.
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.
India is a labour abundance and capital scarce economy. Which technique of production should be used to produce the commodity?
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.
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?
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]
PPC is concave shaped as production of one good can be increased only by reducing quantity of another good.
Large number of technical training institutions have been started by the government. State its economic value in the context of production possibility frontier.
Give reasons for the following statements:
Scarcity of resources is a universal phenomenon and is not confined to poor and backward countries only. Comment.
Giving reason comment on the shape of Production Possibilities curve based on the following schedule.
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.
In an underdeveloped economy why there is the need of efficient utilization of resources?
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.
State any two central problems under ‘problem of allocation of resources’.[CBSE Sample Paper 2016]
Give reasons for the following statements:
Define Marginal Opportunity Cost. Explain the concept with a hypothetical numerical example.[CBSE Sample Paper 2016]