The Alternative Combinations of Final Goods and Services That Could

question 124

Multiple Choice

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.
• D)Nominal GDP.

---

Definitions:

General Journal Entries

Account records in the general journal that detail financial transactions and their impact on accounts.

Perpetual Inventory Method

A continuous system of recording inventory transactions immediately as they occur, providing an up-to-date record of stock levels.

General Journal Entries

General journal entries are records of financial transactions in the general journal, making note of the debit and credit of each transaction according to accounting principles.

Perpetual Inventory Method

An accounting method that continuously tracks inventory levels and costs, updating the inventory account after each purchase or sale.