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State the assumptions on which a PP curv...

State the assumptions on which a PP curve is based. Also explain its properties. Use diagrame

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The concept of PP curve is based on the following assumptions:
(i) First, the amount of resources in the economy is fixed.
(ii) Second, the technology is given and unchanged.
(iii) Third, the resources are efficient and fully employed.
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FULL MARKS-INTRODUCTION TO ECONOMICS -NCERT TEXTBOOK QUESTIONS SOLVED
  1. Discuss the central problems of an economy.

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

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

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  4. Does production take place only on PPC?

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

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  6. Why is Production Possibilities Curve concave? Explain

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

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

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

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

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

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  12. Economic problem arises due to plenty of resources.

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

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

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

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

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

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  18. Growth of resources shifts PPC towards left.

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  19. PPC is concave shaped as production of one good can be increased only ...

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  20. Economy can never operate outside PPC with the given resources and tec...

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