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Chapters
1: Introduction to Economics
2: Basic Economic Entities in an Economy
3: Basic Concepts of Economics
UNIT II : TYPES OF ECONOMIES
4: Types of Economies
UNIT Ill : PROBLEMS OF AN ECONOMY
▶ 5: Basic Problems of An Economy
UNIT IV : THE INDIAN ECONOMY - A STUDY
6: Main Sectors of the Indian Economy
7: Primary Sector : Agriculture
8: Secondary Sector : Industry
9: Tertiary Sector
UNIT V : MAJOR PROBLEMS OF THE INDIAN ECONOMY
10: Poverty in India
11: Problem of Unemployment in India
UNIT VI : MAJOR REFORMS AND EMERGING TRENDS IN THE INDIAN ECONOMY
12: LPG Model (or New Economic Policy)
13: Emerging Trends in the Indian Economy
![J. P. Goel and Kaushal Goel solutions for Economics [English] Class 9 ICSE chapter 5 - Basic Problems of An Economy - Shaalaa.com](/images/economics-english-class-9-icse_6:dc598a989b0940669882c208997b9511.jpg "J. P. Goel and Kaushal Goel solutions for Economics [English] Class 9 ICSE chapter 5 - Basic Problems of An Economy")
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Solutions for Chapter 5: Basic Problems of An Economy
Below listed, you can find solutions for Chapter 5 of CISCE J. P. Goel and Kaushal Goel for Economics [English] Class 9 ICSE.
J. P. Goel and Kaushal Goel solutions for Economics [English] Class 9 ICSE 5 Basic Problems of An Economy QUESTIONS [Pages 80 - 81]
MULTIPLE CHOICE QUESTIONS
Resources ______.
are scarce
have alternative uses
Both (a) and (b)
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-REASON BASED QUESTIONS Read the following statements-Assertion(A) and Reason(R). Choose one of the correct alternatives given below:
Assertion (A): Economic problem is the problem of scarcity and choice.
Reason (R): The problem: What to produce? relates to the choice of techniques of production.
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.
Statement (1): Electricity is a natural resource.
Statement (2): Water and coal are natural resources.
Statement 1 is true, Statement 2 is false.
Statement 2 is true, Statement 1 is false.
Both statements are true.
Both statements are false.
SHORT ANSWER TYPE QUESTIONS
What is meant by the term ‘resources’?
Give the meaning of natural resources.
What are renewable resources?
State the meaning of abiotic resources.
Explain the concept of economic problem.
Mention the causes of economic problem.
What are the three central problems of an economy? Name them.
Explain the central problem of what to produce.
Explain the central problem of how to produce.
Classify the following into renewable and non-renewable resources:
- trees
- fish
- petroleum
- coal
- iron-ore
- water
LONG ANSWER TYPE QUESTIONS
Distinguish between abiotic and biotic resources.
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.
J. P. Goel and Kaushal Goel solutions for Economics [English] Class 9 ICSE 5 Basic Problems of An Economy QUESTION BANK [Pages 81 - 82]
What do you understand by a ‘natural resource’?
What are biotic resources? Give examples.
What are abiotic resources? Give examples.
What are renewable resources? Give example.
What are non-renewable resources? Give example.
What is meant by resources?
State two main features of productive resources.
What is meant by choice problem or economic problem?
What are the causes of economic problem?
What is meant by allocation of resources?
What are the central problems of an economy?
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.
What is meant by efficient resource allocation?
OR
What do you mean by efficiency?
What do you understand by limited resources?
What do you understand by unlimited resources?
Solutions for 5: Basic Problems of An Economy
J. P. Goel and Kaushal Goel solutions for Economics [English] Class 9 ICSE chapter 5 - Basic Problems of An Economy
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