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?
The opportunity cost of school job is Rs 5,000 p.m., that the teacher could have earned in the alternative use, by doing tuition work.
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?
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 reason comment on the shape of Production Possibilities Curve based on the following schedule.
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.
The government has started promoting foreign capital. What is its economic value in the context of Production Possibilities 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.
State any three assumptions on which a production possibilities curve is based. [CBSE 2013 Q]
PPC is concave shaped as production of one good can be increased only by reducing quantity of another good.
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.
Scarcity of resources is a universal phenomenon and is not confined to poor and backward countries only. Comment.
Give reasons for the following statements:
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.
Large number of technical training institutions have been started by the government. State its economic value in the context of production possibility 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?
Giving reason comment on the shape of Production Possibilities curve based on the following schedule.
Give reasons for the following statements:
Giving reason comment on the shape of Production Possibilities curve based on the following schedule.
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.
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.
In the context of an economy when we talk about scarcity', we refer to short supply of land.
In an underdeveloped economy why there is the need of efficient utilization of resources?