Question 1:
a) Illustrate the basic problems of the economy?
b) Describe such problems in detail and their solutions.
Question 2:
a) Describe the concept of PPC?
b) Explain how the PPC can be used to address the three main problems of the society?
Question 3:
a) Describe the idea of price method.
b) Trace out the importance of such a mechanism.
Question 4:
a) Problems of the scarcity and choice are interrelated. Validate.
b) How would the idea of opportunity cost occur?
Question 5:
a) Illustrate the importance of a PPC.
b) State, in detail, the main properties of the PPC.