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.
Explain the meaning of opportunity cost with the help of production possibility schedule.[CBSE, All India 2013]
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?
Giving reason comment on the shape of Production Possibilities curve based on the following schedule.
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.
There are various sources of income a teacher has; such as,
India is a labour abundance and capital scarce economy. Which technique of production should be used to produce the commodity?
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.
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.
A farmer is getting more profit by producing opium rather than that of wheat. In situation of famine which crop should be produced?
Giving reason comment on the shape of Production Possibilities curve based on the following schedule.
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.
Define Opportunity Cost. [CBSE 2007]
Or
Give the meaning of Opportunity Cost'. [CBSE 2008, 09]
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.
A Production Possibility Frontier' (PPF) is always represented as a upward sloping curve.
In an underdeveloped economy why there is the need of efficient utilization of resources?
Scarcity of resources is a universal phenomenon and is not confined to poor and backward countries only. Comment.
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?
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.
What will likely be the impact of large scale outflow of foreign capital on Production Possibility Curve of the economy and why?
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.
Define Marginal Opportunity Cost. Explain the concept with a hypothetical numerical example.[CBSE Sample Paper 2016]
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?