"An economy always produces on but not inside PPC. Defend or refute.
The given statement is refuted. An economy operates on PPC, only when resources are fully and efficiently utilised. It means, if there is unemployment or inefficient use of resources, the economy may operate inside PPC. So, the economy may operate at point ‘H' (Figure), in addition to the points on the curve AB on PPC.
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]
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.
There are various sources of income a teacher has; such as,
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.
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?
Giving reason comment on the shape of Production Possibilities curve based on the following schedule.
In the context of an economy when we talk about scarcity', we refer to short supply of land.
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?
State any two central problems under ‘problem of allocation of resources’.[CBSE Sample Paper 2016]
PPC is concave shaped as production of one good can be increased only by reducing quantity of another good.
In an underdeveloped economy why there is the need of efficient utilization of resources?
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.
What is likely to be the impact of efforts towards reducing unemployment on the production potential of the economy? Explain.
Define microeconomics.[CBSE 2007C; AI 2005, 2012]
Or
Give the meaning of microeconomics.[CBSE 2009]
State any three assumptions on which a production possibilities curve is based. [CBSE 2013 Q]
Scarcity of resources is a universal phenomenon and is not confined to poor and backward countries only. Comment.
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.
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.