WGU - D089 Principles of Economics bundled exams 2023 with 100% correct answers

Economics correct answersThe study of how humans make decisions in the face of scarcity. Factors of Production correct answersDescribes theninputs used in the production of goods or services to make an economic profit. Macroeconomics correct answersA branch of economic dealing with the perform...

How are Positive and Normative economics different from each other? correct answersPositive economics clearly states and economic issue, and normative economics provides the value-based solution for the issue. What are factors of production? correct answersThe resources the economy has available ...

Which type of economy is characterized by a government that plans and controls all economic activity? correct answersCommand Correct! A command economy is a centralized economic system in which all economic decisions are made by the nation's government. What is an example of a normative economi...

What are the three fundamental questions every economy must answer? Give an example of a "What" question. correct answersWhat to produce, how it will be produced, and from whom the goods or services are produced. What to produce (Oil vs. Cattle), How to (Current vs. New technology), From who to pr...

A property owner has 500 acres of flat land and has been approached by two different businesses. One business wants to drill for oil, and the other wants to raise cattle correct answersWhat to produce? A well-established company has been producing goods and wants to create a new line of productio...

which principle of economics does the $6 price from the China vendor represent if the company decides to produce the sheet set in its Mexico facility correct answersprinciple 2:cost is determined by what is given up also known as opportunity cost which economic system is represented by thr govern...

Supply correct answersA fundamental economic concept that describes the total amount of a specific good or service that is available to consumers Demand correct answersConsumer's willingness and ability to consume a given good. Elasticity correct answersAn economics concept that measures resp...