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Chapters
1: Meaning and Definition of Economics
2: Basic Economic Entities in an Economy
▶ 3: Basic Problems of An Economy
4: Types of Economies
2. An Overview of Indian Economy
5: Characteristics of Indian Economy
6: Main Sectors of Indian Economy : Agriculture
7: Main Sectors of Indian Economy : Industry
8: Main Sectors of Indian Economy : Services
9: Other Sectors of Indian Economy
3. Infrastructure of the Indian Economy
10: Economic Infrastructure
11: Social Infrastructure
4. Consumer Awareness
12: Consumer Awareness
5. Globalization
13: Globalisation
![J. P. Goel and Kaushal Goel solutions for Economic Applications [English] Class 9 ICSE chapter 3 - Basic Problems of An Economy - Shaalaa.com](/images/economic-applications-english-class-9-icse_6:af534602dfa245b6b0f8aa2f73a180ce.jpg "J. P. Goel and Kaushal Goel solutions for Economic Applications [English] Class 9 ICSE chapter 3 - Basic Problems of An Economy")
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Solutions for Chapter 3: Basic Problems of An Economy
Below listed, you can find solutions for Chapter 3 of CISCE J. P. Goel and Kaushal Goel for Economic Applications [English] Class 9 ICSE.
J. P. Goel and Kaushal Goel solutions for Economic Applications [English] Class 9 ICSE 3 Basic Problems of An Economy QUESTIONS [Pages 36 - 39]
MULTIPLE CHOICE QUESTIONS
Resources are:
Scarce
Alternative uses
Both scarce and alternative uses
None of these
Environment supplies ______.
renewable resources only
non-renewable resources only
Both renewable and non-renewable resources
Biotic resources only
Following is a biotic element of environment.
Land
Plants
Water
Mountains
Which of following is an abiotic element of environment?
Plants
Animals
Water
Birds
Which of the following is a renewable resource?
Fish
Coal
Petroleum
Iron-ore
All of these
Which of the following are biotic elements: (i) Birds; (ii) Water; (iii) Land; and (iv) Forests?
(i), (ii)
(i), (iii)
(i), (iv)
(ii), (iii)
Which of the following statements is/are true?
- Air and water are biotic resources
- Fossil fuels and minerals are non-renewable resources
- Cloth is a man-made resource
Select the best option.
Only I
Only III
Only II and III
Only I and II
Resources need to be efficiently used because ______.
they are scarc
their continuous and excessive use will cause environmental crisis
they are scarce and their continuous and excessive use will cause environmental crisis
Neither they are scarce nor their continuous and excessive use will cause environmental crisis
Sustainable development implies ______.
Increase in national income and per capita income
Rational utilisation of natural resources
Environmental protection
All of these
The concept of sustainable development is related to ______.
Rural development
Growth rate of GDP
Human development
Environment
Benefit of sustainable economic development is obtained by ______.
Present Generation
Future Generation
Both Present Generation and Future Generation
Neither Present Generation nor Future Generation
Economic problem arises due to ______.
limited wants
scarce means
alternative uses
Both scarce means and alternative uses
Which of the following is related to the problem of how to produce?
Distribution of income
Choice of technique
Choice of product
None of these
Which is not a central problem of an economy?
What to produce?
How to produce?
When to produce?
For whom to produce?
Which one of the following economic problems deals with technique of production?
What to produce
How to produce
For whom to produce
None of these
ASSERTION - REASONING & MATCHING BASED QUESTIONS Read the following statements: Assertion (A) and Reason (R). Choose one of the correct alternatives given below:
Assertion (A): The supply of resources is limited in relation to demand.
Reason (R): Human wants are unlimited.
Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).
Assertion (A) is true but Reason (R) is false.
Assertion (A) is false but Reason (R) is true.
Assertion (A): Economic development comes after economic growth.
Reason (R): Economic development = Economic growth + improvement in standard of living.
Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).
Assertion (A) is true but Reason (R) is false.
Assertion (A) is false but Reason (R) is true.
Identify the correct sequence of alternatives given in Column II by matching them with respective terms in Column I:
| Column I | Column II |
| (A) Economic Problem | (i) What to produce |
| (B) Human wants | (ii) Problem of Scarcity |
| (C) Resources | (iii) Limited |
| (D) Central Problem | (iv) Unlimited |
Choose the correct alternative:
(A) (iii), (B) (ii), (C) (iv), (D) (i)
(A) (iii), (B) (i), (C) (iv), (D) (ii)
(A) (i), (B) (iv), (C) (ii), (D) (iii)
(A) (ii), (B) (iv), (C) (iii), (D) (i)
From the set of information given in Column A and Column B, choose the correct pair of options:
| Column I | Column II |
| (A) Economic growth | (i) Allocation of resources |
| (B) Economic development | (ii) An increase in real national income |
| (C) What to produce? | (iii) Choice of Techniques of Production |
| (D) How to Produce | (iv) Quantitative as well as qualitative changes in the economy. |
Choose the correct alternative:
(A) (ii), (B) (iv), (C) (iii), (D) (i)
(A) (iii), (B) (ii), (C) (iv), (D) (i)
(A) (ii), (B) (iv), (C) (i), (D) (iii)
(A) (iii), (B) (i), (C) (iv), (D) (ii)
SHORT ANSWER TYPE QUESTIONS
Explain the concept of economic problem.
Mention the causes of economic problem.
What are the three basic problems of an economy? Name them.
Explain the central problem of what to produce.
Explain the central problem of how to produce.
Explain the problem of distribution.
Explain the problem of efficient use of resources.
Why is there a need for economising of resources?
Define economic growth.
What do you mean by the term economic development?
LONG ANSWER TYPE QUESTIONS
Define an economic problem.
Why does an economic problem arise? Explain.
“Economic problem is essentially a problem of making choices in the presence of scarcity.” Explain.
Explain the basic problems of an economy.
Distinguish between economic growth and development.
J. P. Goel and Kaushal Goel solutions for Economic Applications [English] Class 9 ICSE 3 Basic Problems of An Economy QUESTION BANK [Pages 39 - 40]
What is meant by choice problem or economic problem?
What is meant by the term ‘resources’?
State two main features of productive resources.
Mention the causes of economic problem.
What are the three central problems of an economy? Name them.
Explain the problem “What to produce” with the help of an example.
Explain the problem of ‘how to produce’ with the help of an example.
Explain the problem of “for whom to produce” with the help of an example.
Define economic growth.
Define economic development.
“Scarcity and choice go together.” Comment.
Give meaning of need.
Give meaning of want.
What is meant by the central problem of what to produces?
Solutions for 3: Basic Problems of An Economy
J. P. Goel and Kaushal Goel solutions for Economic Applications [English] Class 9 ICSE chapter 3 - Basic Problems of An Economy
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