PPC & Classification of Goods and Services
Quiz by Dyas Rakhmasary
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- Q1
a simple representation of the maximum level of output that an economy can achieve, given its current resources and a state of technology ; may be referred to as a production possibility frontier
production possibility curves (PPC)
30s - Q2
what is involved in deciding whether to give up one good for another good
trade-off
30s - Q3
the maximum output that can be produced when all resources are used fully
productive capacity
30s - Q4
where it is possible to stop someone from consuming a good or service
excludability
30s - Q5
where consumption by one person of a good or service reduces the availability of the good or service for others
rivalry
30s - Q6
where consumption by one person does not reduce consumption by someone else
non-rival
30s - Q7
goods that are consumed by one person and not available to anyone else
private goods
30s - Q8
goods that are not scarce and have zero opportunity cost
free goods
30s - Q9
good which is both non-excludable and non-rival
pure public good
30s - Q10
good that has some but not the full characteristics of a public good
quasi-public good
30s - Q11
someone who does not pay to use a public good
free rider
30s - Q12
a good that is thought to be desirable for consumer but which is underprovided by the market because of information failure
merit good
30s - Q13
a good that is thought to be undesirable for consumers and is overprovided by the market because of information failure
demerit good
30s - Q14
a situation where consumers do not have full or complete information when making decisions
information failure
30s