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Why do all economies have similar centra...

Why do all economies have similar central problems?

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All economies whether developed or developing, have similar central problem because one or more of their resources (land, labour, capital and entrepreneurship) are limited and these resources can be put to alternative uses. The wants of the economies are unlimited. Therefore all economies have to face the base economic problem of choice (what to produce. how to produce and for whom to produce).
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FULL MARKS-INTRODUCTION TO ECONOMICS -NCERT TEXTBOOK QUESTIONS SOLVED
  1. Explain three factors that lead to an economic problem.

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  2. Give reasons for the following statements: (i) Every economy has to ...

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  3. Why do all economies have similar central problems?

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  4. Discuss the central problems of an economy.

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  5. Draw and define a production possibility curve. Why is it downward slo...

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  6. State the assumptions on which a PP curve is based. Also explain its p...

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  7. Does production take place only on PPC?

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  8. "An economy always produces on but not inside PPC. Defend or refute.

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  9. Why is Production Possibilities Curve concave? Explain

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  10. Give reasons for the following statements: (i) A production Possibil...

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  11. Explain the meaning of opportunity cost with the help of production po...

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  12. Define MOC. Explain the concept with a hypothetical numerical example.

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  13. Consider the following statement- An economy always manages to meet al...

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  14. In the context of an economy when we talk about 'scarcity', we refer t...

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  15. Economic problem arises due to plenty of resources.

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  16. Because of destruction caused by war, a country's PPF will shift to th...

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  17. A job guarantee scheme will lead to a rightward shift of PPF.

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  18. If a PPF shifts to the right, the new PPF will be parallel to the orig...

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  19. A 'production Possibility Frontier' (PPF) is always represented as a ...

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  20. If the economy operates inside PPC, it shows full utilisation of resou...

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