Define Production Possibility Curve and state its properties.[CBSE, All India 2013 C]
Production possibility curve is a curve which depicts all possible combinations of two goods which can be produced with given resources and technology in an economy. Properties of Production Possibility Curve
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.
India is a labour abundance and capital scarce economy. Which technique of production should be used to produce the commodity?
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?
State any two central problems under ‘problem of allocation of resources’.[CBSE Sample Paper 2016]
In the context of an economy when we talk about scarcity', we refer to short supply of land.
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.
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?
Name the economic value achievable when attempts are made to increase resources in the country.
The government has started promoting foreign capital. What is its economic value in the context of Production Possibilities Frontier?
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.
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.
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.
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.