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High Order Thinking Skills Questions - Introduction Micro Economics | Economics Class 11 - Commerce PDF Download
Q.1. Explain the properties of the Production Possibility Curve (PPC). (Delhi 2010c)
Ans. The Production Possibility Curve (PPC) has two main properties:
- Downward Sloping: The PPC slopes downwards, indicating that to produce more of one good, the production of another good must be reduced.
- Concave to the Origin: The PPC is shaped like a curve that bows outwards. This means that as production of one good increases, the opportunity cost of producing additional units of that good also increases. This reflects the law of increasing opportunity costs.
Q.2. Does massive unemployment shift the PPC to the left?
Ans. Massive unemployment will shift the Production Possibility Curve (PPC) to the left due to the underutilisation of the labour force. This indicates that:
- The country's resources are idle and not being used effectively.
- Potential production in areas like farming and manufacturing is lost.
- Overall economic output is reduced, leading to a decrease in available goods and services.
Q.3. What does the slope of PPC show?
Ans. The slope of the PPC (Production Possibility Curve) shows:
- The marginal opportunity cost of producing one good over another.
- As you increase the production of one good, you must reduce the production of another.
- This reflects the trade-off between different goods in an economy.
Q.4. Unemployment is reduced due to the measures taken by the government. State its economic value in the context of the Production Possibilities Frontier.
Ans. When the government takes measures to reduce unemployment, it helps the economy use its resources more effectively. This leads to:
- Movement from inside the Production Possibilities Curve (PPC) to points on the PPC.
- Increased output and income.
Thus, the economic value is evident in the enhanced productivity of the economy.
Q.5. From the following PP schedule calculate MRT of good x.
Ans. To calculate the Marginal Rate of Transformation (MRT) of good X, follow these steps:
- Identify the production possibilities of the economy for goods X and Y.
- Determine the change in the quantity of good Y that can be produced when one additional unit of good X is produced.
- Use the formula: MRT = ΔY / ΔX, where ΔY is the change in the quantity of good Y and ΔX is the change in the quantity of good X.
- The result will give you the MRT, indicating the rate at which good Y can be transformed into good X.
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FAQs on High Order Thinking Skills Questions - Introduction Micro Economics - Economics Class 11 - Commerce
| 1. What are high order thinking skills in microeconomics? |  |
Ans. High order thinking skills (HOTS) refers to the ability to analyze, synthesize, evaluate, and apply information to solve complex problems in microeconomics. These skills go beyond simple recall or rote memorization of concepts and require critical thinking and application of knowledge.
| 2. Why are HOTS important in microeconomics exams? | |
Ans. HOTS are important in microeconomics exams because they assess a student's ability to think critically and apply knowledge to real-world scenarios. These skills are essential for success in higher education and the workforce, as they allow individuals to solve complex problems and make informed decisions.
| 3. What are some examples of HOTS questions in microeconomics exams? | |
Ans. Examples of HOTS questions in microeconomics exams may include analyzing the impact of a government policy on market outcomes, evaluating the effectiveness of different pricing strategies for a firm, or synthesizing information from multiple sources to make a recommendation for a business decision.
| 4. How can students develop HOTS in microeconomics? | |
Ans. Students can develop HOTS in microeconomics by practicing critical thinking and problem-solving skills through activities such as case studies, group projects, and analyzing real-world economic situations. Additionally, seeking feedback from professors and peers can help students refine their skills and improve their ability to apply knowledge to complex problems.
| 5. What is the importance of HOTS in the field of microeconomics? | |
Ans. HOTS are important in the field of microeconomics because they enable individuals to think critically about economic concepts and apply them to real-world situations. This is essential for success in careers such as business, finance, and policy, as it allows individuals to make informed decisions and solve complex problems. Additionally, HOTS are increasingly valued by employers, making them a valuable asset in the job market.
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