The Alternative Combinations of Final Goods and Services That Can

question 138

Multiple Choice

The alternative combinations of final goods and services that can be produced with all available resources and technology are the

• A)Real GDP.
• B)Nominal GDP.
• C)Production possibilities.
• D)Net domestic product.

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Definitions:

Days in Inventory

A financial metric that indicates the average number of days a company takes to sell its entire inventory.

Ending Inventory

The amount of inventory available to be sold by the end of an accounting term.

Lower-of-Cost-or-Market

An accounting principle requiring that inventory be recorded at the lesser of its historical cost or current market value.

Replacement Cost

The current cost of replacing an asset with a new one of similar kind and quality at present market prices.