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The collection of all possible combinations of the goods and services that can be produced from a given amount of resources and a given stock of technological knowledge is called the ____________ of the economy.
  • a)
    Resource Probability Set
  • b)
    Production Probability Set
  • c)
    Resource Possibility Set
  • d)
    Production Possibility Set
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
The collection of all possible combinations of the goods and services ...
You can easily answer it if you know the difference between probability and possibility ..
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The collection of all possible combinations of the goods and services that can be produced from a given amount of resources and a given stock of technological knowledge is called the ____________ of the economy.a)Resource Probability Setb)Production Probability Setc)Resource Possibility Setd)Production Possibility SetCorrect answer is option 'D'. Can you explain this answer?
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