The alternative combinations of final goods and services that could be produced in a given time period with all available resources and technology are known as
A)Consumption possibilities.
B)Production possibilities.
C)Real GDP.

Question

Quizplus · Accepted Answer

The description given in the question refers to production possibilities, which represents the different combinations of goods and services that can be produced efficiently by an economy using all its available resources and technology. Consumption possibilities would refer to the set of goods and services that an individual or household is capable of consuming given their income and the prices of goods and services. Real GDP is a measure of the total value of final goods and services produced in an economy in a given time period, and is related to production possibilities but is not the same thing.

The Alternative Combinations of Final Goods and Services That Could