The alternative combinations of goods and services that can be produced in a given time period with available resources and technology is referred to as:
A) The business cycle.
B) Real GDP.
C) Nominal GDP.
D) The production possibilities.

Question

Quizplus · Accepted Answer

The production possibilities curve (PPC) or frontier represents the alternative combinations of goods and services that can be produced with limited resources and technology during a specific time period. The PPC illustrates the trade-offs that occur when resources are allocated between different goods and services. The other options listed are not relevant to the definition provided.

The Alternative Combinations of Goods and Services That Can Be