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Explain the ‘unit of accounts’ function of money. How has it solved the related problem created by barter?
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Explain the significance of 'medium of exchange' function of money
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Production in an economy is below its potential due to unemployment. Government starts employment generation schemes. Explain its effect using production possibilities curve.
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Explain the 'medium of exchange' function of money. How has it solved the related problem created by barter?
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Give the meaning and characteristics of production possibility frontier.
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Giving reason comment on the shape of production possibilities curve based on the following schedule:
| Good X (units) | Good Y (units) |
| 0 | 8 |
| 1 | 6 |
| 2 | 4 |
| 3 | 2 |
| 4 | 0 |
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A consumer consumes only two goods X and Y and is in equilibrium. Show that when the price of good X rises, the consumer buys less of good X. Use utility analysis.
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A large number of technical training institutions have been started by the government. State its economic value in the context of production possibilities frontier.
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A consumer consumes only two goods X and Y and is in equilibrium. Show that when the price of good X falls, demand for good X rises. Use Utility Analysis.
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What are two alternative ways of determining equilibrium level of income? How are these related?
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Giving reason, comment on the shape of Production Possibilities Curve based on the following table :
| Good X (units) | Good Y (units) |
| 0 | 20 |
| 1 | 18 |
| 2 | 14 |
| 3 | 8 |
| 4 | 0 |
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Giving reason, comment on the shape of Production Possibilities Curve based on the following table :
| Good X (units) | Good Y (units) |
| 0 | 4 |
| 1 | 3 |
| 2 | 2 |
| 3 | 1 |
| 4 | 0 |
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Answer the following question.
Explain the meaning of opportunity cost with the help of a production possibility schedule.
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Define Production Possibilities Curve. Explain why it is downward sloping from left to right.
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What do you mean by the production possibilities of an economy?
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What is a production possibility frontier?
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What is a barter system? What are its drawbacks?
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What are the main functions of money? How does money overcome the shortcomings of a barter system?
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