Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What is the direction of the production possibility frontier that is swiveling outwards from the X axis?
What is the direction of the production possibility frontier that is swiveling outwards from the X axis?
- Outwards from the X axis (correct)
- Inwards from the Y axis
- Parallel to the X axis
- Parallel to the Y axis
Which diagram represents the production possibility frontier that is swiveling outwards from the X axis?
Which diagram represents the production possibility frontier that is swiveling outwards from the X axis?
- Diagram B
- Both Diagram B and Diagram C (correct)
- Diagram A
- Diagram C
What is the opposite of a luxury good?
What is the opposite of a luxury good?
- Normal good
- Inferior good
- Public good
- Merit good (correct)
What type of good is considered desirable but not essential?
What type of good is considered desirable but not essential?
Signup and view all the answers
Which of the following is not a type of good?
Which of the following is not a type of good?
Signup and view all the answers
Flashcards are hidden until you start studying
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
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
