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?
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.
Explain the meaning of opportunity cost with the help of production possibility schedule.[CBSE, All India 2013]
There are various sources of income a teacher has; such as,
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.
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?
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]
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.
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?
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.
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.
Name the economic value achievable when attempts are made to increase resources in the country.
What is likely to be the impact of efforts towards reducing unemployment on the production potential of the economy? Explain.
Giving reason comment on the shape of Production Possibilities curve based on the following schedule.
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.
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?
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.
Define microeconomics.[CBSE 2007C; AI 2005, 2012]
Or
Give the meaning of microeconomics.[CBSE 2009]