Tag: economics of planning
Questions Related to economics of planning
PPC shows an increasing slope.
Choice between 'production for the poor' and 'production for the rich' refers to the problem of 'what to produce'.
Economic problem arises when ____________.
The problem of resource allocation would not arise if resources had no alternatives uses.
When output of Good - $1$ increases from $100$ units to $110$ units and output of Good - $2$ decreases from $400$ units to $350$ units, marginal opportunity cost = $50$ units.
If there were no choices in resource allocation, microeconomics would not have existed.
Lack of scarcity implies lack of economic problem.