Scarcity of resources is a universal phenomenon and is not confined to poor and backward countries only. Comment.
All countries, rich and poor, face the problem of choice due to scarcity of resources to fulfil unlimited wants. Value: Critical thinking
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.
How does Maruti Udyog Ltd. fix the prices of its cars, is it studied in macroeconomics?
Giving reason comment on the shape of Production Possibilities Curve based on the following schedule.
Define Opportunity Cost. [CBSE 2007]
Or
Give the meaning of Opportunity Cost'. [CBSE 2008, 09]
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?
Define Marginal Opportunity Cost. Explain the concept with a hypothetical numerical example.[CBSE Sample Paper 2016]
A Production Possibility Frontier' (PPF) is always represented as a upward sloping curve.
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.
Explain the meaning of opportunity cost with the help of production possibility schedule.[CBSE, All India 2013]
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.
PPC is concave shaped as production of one good can be increased only by reducing quantity of another good.
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?
India is a labour abundance and capital scarce economy. Which technique of production should be used to produce the commodity?
Large number of technical training institutions have been started by the government. State its economic value in the context of production possibility frontier.
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.
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?
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?
What will likely be the impact of large scale outflow of foreign capital on Production Possibility Curve of the economy and why?
Giving reason comment on the shape of Production Possibilities curve based on the following schedule.
Give reasons for the following statements:
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?