Exam (elaborations)

WGU - D089 - PRINCIPLES OF ECONOMICS EXAM 2024/2025 WITH 100% CORRECT ANSWERS

0 purchase

Course
WGU - D089

Institution
WGU - D089

[Show more]

Preview 3 out of 20 pages

View example

Uploaded on August 7, 2024
Number of pages 20
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

wgu d089 principles of economics exam 2024202

Institution WGU - D089
Course WGU - D089

SmartHubPRO Member since 1 year 51 documents sold

$13.49

Add to cart

Add to wishlist

100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached

WGU - D089 - PRINCIPLES OF ECONOMICS EXAM 2024/2025 WITH
100% CORRECT ANSWERS

How are Positive and Normative economics different from each other? - correct answer Positive
economics clearly states and economic issue, and normative economics provides the value-based
solution for the issue.

What are factors of production? - correct answer The resources the economy has available to produce
goods and services

How can Labor's contribution to an economy's output of goods and services be increased? - correct
answer By increasing either the quantity of labor of human capital.

What are two keys to the use of an economy's factors of production? - correct answer Technology and,
in the case of a market economic system, the efforts of entrepreneurs

For every factor of production (or input) what is there an associated factor of? - correct answer
Payment

What are factor payments? - correct answer What the firm pays for the use of the factors of
production

When human want exceeds the available resources what is the result? - correct answer Scarcity

If the inputs of production are underutilized, is a decrease in production of the other good required
when increasing production to the point that the output combinations sit on the production possibilities
frontier? - correct answer No

How is opportunity cost calculated? - correct answer By dividing the amount of a good you have given
up by the amount of the good you have gained.

,How does opportunity cost appear along a linear production possibilities frontier? - correct answer As
a constant

What is happening to opportunity cost along a bowed out production possibilities frontier? - correct
answer An increase in the quantity demanded

What is the inverse relationship between price and quantity known as? - correct answer The law of
demand

What does a fall in the price of a good almost always cause? - correct answer An increase in the
quantity demanded

What are positive and normative economic thought? - correct answer Two specific aspects of
economic reasoning

What does the law of demand assume? - correct answer That all variables that affect demand, other
than price, remain constant

What is a demand curve? - correct answer a graphical representation depicting the relationship
between a good or service's price and the quantities consumers are willing to buy at those prices.

What is a demand schedule? - correct answer A table view of the price-quantity pairings that compose
the demand curve

What will result in movement along a demand curve (up or down)? - correct answer A change in price -
a change in quantity demanded

What will result in a shift in a demand curve (left or right)? - correct answer A change in a non-price - a
change in demand

What causes changes in demand (shifts in the demand curve)? - correct answer - Changes in consumer
income, tastes, and preferences

- The size of the population

, - prices of other goods such as complements and substitutes

- expectations about the future.

What fundamental similarity do nearly all demand curves share? - correct answer They slope down
from left to right

What is the positive relationship between price and quantity known as? - correct answer The law of
supply

What does the law of supply assume? - correct answer That all variables affecting supply, other than
price, remain constant

What does a rise in the price of a good or service increase? - correct answer The quantity supplied of
that good or service

What does a supply curve depict? - correct answer The relationship between the price of a good or
service and the quantities companies are willing to sell at those prices

What is a supply schedule? - correct answer A table view of the price-quantity pairing that compose
the supply curve.

What will suppliers do to adjust for non-price changes related to the determinants of supply? - correct
answer Shift production

What will suppliers do to adjust for price-related changes on the supply curve? - correct answer Move
production levels

what are changes in supply (shifts in the supply curve) caused by? - correct answer Prices of inputs,
technology,expectations, number of sellers, and government policies and regulations

What fundamental similarity do nearly all supply curves share? - correct answer They slope up from
left to right

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller SmartHubPRO. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67479 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling

Exam (elaborations)

WGU - D089 - PRINCIPLES OF ECONOMICS EXAM 2024/2025 WITH 100% CORRECT ANSWERS

Document information

Subjects

Written for

Seller

Reviews received

Content preview