Q-1-Define centrally planned economy.
Q-2-Define marginal opportunity cost or marginal rate of transformation.
Q-3-Draw the production possibility curve in the following situations.
(i)When marginal opportunity cost is increasing.
(ii)When marginal opportunity cost remain constant.
Q-4-What is production possibility curve ? How can the different central problem of an economy be
illustrated with the help of production possibility curve ?Explain with the help of diagram.
Q-5-Explain consumer's equilibrium with the help of utility analysis:-
(i)in case of single commodity model.
ii)In case of two commodities model
Q-6-State three merits and three demerits of collecting data by "Personal interview."
Q-7-Many newspapers such as Economic times as well as magazines such as 'commerce', 'Business',
'facts for you' supply a large variety of Statistical information .what are these sources called
in Statistics.
Answers
Answer:
Ans 1: A centrally planned economy, also known as a command economy, is an economic system in which a central authority, such as a government, makes economic decisions regarding the manufacturing and the distribution of products. Centrally planned economies are different from market economies, in which such decisions are traditionally made by businesses and consumers.
Ans 2 : The marginal rate of transformation (MRT) allows economists to analyze the opportunity costs to produce one extra unit of something. In this case, the opportunity cost is represented in the lost production of another specific good. ... MRT is the absolute value of the slope of the production possibility frontier.
Sorry don't know other answers
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