5 Questions
What is the direction of the production possibility frontier that is swiveling outwards from the X axis?
Outwards from the X axis
Which diagram represents the production possibility frontier that is swiveling outwards from the X axis?
Both Diagram B and Diagram C
What is the opposite of a luxury good?
Merit good
What type of good is considered desirable but not essential?
Luxury good
Which of the following is not a type of good?
Spoog
Study Notes
Production Possibility Frontier
- The diagram shows three types of production possibility frontiers: Diagram A, Diagram B, and Diagram C
- The production possibility frontier that is swiveling outwards from the X-axis is indicated by:
- Oa in Diagram B
- Ob in Diagram A and Diagram C
- The distinguishing feature of the production possibility frontier is its shape, which can be:
- Swiveling outwards from the X-axis (Diagram B and C)
- Not swiveling outwards from the X-axis (Diagram A)
Merit Goods vs Luxury Goods
- Merit Goods are a type of good
- Luxury Goods are a type of good
- Both merit and luxury goods are represented in the diagram
This quiz assesses your understanding of production possibility frontiers in microeconomics. Identify the correct diagram that represents the production possibility frontier. Learn about merit goods and luxury goods in the context of microeconomics.
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