WGU C201 BUSINESS ACUMEN
OBJECTIVE ASSESSMENT | Questions
and Answers Graded A+ | Latest 2024
A few industries in the United States, like transportation, energy, and
communications, were deregulated in the 1980s and 1990s to
- Correct Answer - improve customer service and reduce prices.
If labor hours increase, the amount of natural resources used remains the
same, and output remains constant, productivity is said to have:
- Correct Answer - decreased.
Core inflation rate is the inflation rate of an economy after
______and______ prices are removed.
- Correct Answer - energy; food
_____ is formulated by the Federal Reserve System
- Correct Answer - Monetary policy
A(n) _____ reduces the money supply to curb rising prices, overexpansion,
and concerns about overly rapid economic growth.
- Correct Answer - restrictive monetary policy
What are the 4 stages of the business cycle?
- Correct Answer - prosperity, recession, depression, recovery
What are the 4 types of unemployment?
- Correct Answer - frictional, seasonal, structural, cyclical
The study of the choices people and governments make when allocating
scarce resources.
- Correct Answer - Economics
situation in which total revenues raised by taxes equal the total proposed
spending for the year
- Correct Answer - Balanced Budget
organization's plan for how it will raise and spend money during a given
period of time
- Correct Answer - Budget
a situation in which the government spends more than it raises through
taxes - Correct Answer - budget deficit
excess funding that occurs when government spends less than the amount
of funds raised through taxes and fees
- Correct Answer - Budget Surplus
,Economic System in which all property would be shared equally by the
people of a community under the direction of a strong central government
- Correct Answer - Communism
measurement of the monthly average change in prices of goods and
services - Correct Answer - Consumer Price Index (CPI)
inflation rate of an economy after energy and food prices are removed
- Correct Answer - Core Inflation Rate
people who are out of work because of a cyclical contraction in the
economy - Correct Answer - cyclical unemployment
opposite of inflation, occurs when prices continue to fall
- Correct Answer - Deflation
the willingness and ability of buyers to purchase a good or service
- Correct Answer - Demand
graph of the amount of a product that buyers will purchase at different
prices - Correct Answer - Demand Curve
Social science that analyzes the choices people and governments make in
allocating scarce resources - Correct Answer - Economics
prevailing market price at which you can buy an item
- Correct Answer - equilibrium price
, government actions to increase the money supply in an effort to cut the
cost of borrowing, which encourages business decision makers to make
new investments, in turn stimulating employment and economic growth
- Correct Answer - expansionary monetary policy
government spending and taxation decisions designed to control inflation,
reduce unemployment, improve the general welfare of citizens, and
encourage economic growth - Correct Answer - Fiscal Policy
applies to members of the workforce who are temporarily not working but
are looking for jobs - Correct Answer - frictional unemployment
the sum of all goods and services produced within a country's boundaries
during a specific time period, such as a year
- Correct Answer - Gross Domestic Product (GDP)
Economic situation characterized by rising prices caused by a combination
of excess consumer demand and increases in the costs of raw materials,
component parts, human resources, and other factors of production.
- Correct Answer - Inflation
Which two key elements does an effective organization include?
- Correct Answer - Human Interaction & Structure
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