Question
Define PP curve.
Solution
Solution not rovided.
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
