Questions from microeconomics- Introduction (Unit1)

1.What is economics all about?
2.What is microeconomics?
3.What is subject matter of economics?
4.Why does economic problem arise?
5.Distinguish between microeconomics and macroeconomics.

6.Can two production possibility curves intersect each other? explain.

7.Why is ppc is also called the transformation curve?

8.A lot of peopel die and many factories are destroyed because of severe earthquqke in a country. how it would affect the country's ppc?

9.What is opportunity cost? Illustarte with the help of an example.

10.Define law of increasing marginal opportunity cost with the help of schedule.

11.Why do technological advancement or growth of resources shift the PPC to the right.

12.Explain the problem of" For whom to produce "with the help of an example.

Draw a production possibility curve. and show the following situations-

(i)Full employment of resources (ii)under utilization of resources

13.What is opportunity cost.

14Explain the central problem how to produce.

15Explain the problem of efficiency of resources.