Question
Why is economic problem regarded as the problem of choice?
Solution
Solution not provided.
Briefly state meaning of the following terms as used in economics.
1. Economy (D 2010 C), 2. Goods, 3. Services, 4. Wants, 5. Resources,
6. Households, 7. Firms, 8. Commodities, 9. Production, 10. Consumption
Explain central problems with the help of PP curve. How does PP curve help in explaining the central problems?
(i) Why is PP curve downward sloping from left to right? (D 2006C)
(ii) Why does PP curve look concave to the origin?
Mock Test Series
