WGU - D089 - Principles Of Economics Latest 2023-
2024 Questions And Answers Download To Pass!!!!
Quiz :How are Positive and Normative economics different from each other? -
Answer :Positive economics clearly states and economic issue, and normative
economics provides the value-based solution for the issue.
Quiz :What are factors of production? - Answer :The resources the economy
has available to produce goods and services
Quiz :How can Labor's contribution to an economy's output of goods and
services be increased? - Answer :By increasing either the quantity of labor of
human capital.
Quiz :What are two keys to the use of an economy's factors of production? -
Answer :Technology and, in the case of a market economic system, the efforts
of entrepreneurs
Quiz :For every factor of production (or input) what is there an associated
factor of? - Answer :Payment
Quiz :What are factor payments? - Answer :What the firm pays for the use of
the factors of production
Quiz :When human want exceeds the available resources what is the result? -
Answer :Scarcity
Quiz :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? - Answer :No
Quiz :How is opportunity cost calculated? - Answer :By dividing the amount of
a good you have given up by the amount of the good you have gained.
Quiz :How does opportunity cost appear along a linear production possibilities
frontier? - Answer :As a constant
Quiz :What is happening to opportunity cost along a bowed out production
possibilities frontier? - Answer :An increase in the quantity demanded
,Quiz :What is the inverse relationship between price and quantity known as? -
Answer :The law of demand
Quiz :What does a fall in the price of a good almost always cause? -
Answer :An increase in the quantity demanded
Quiz :What are positive and normative economic thought? - Answer :Two
specific aspects of economic reasoning
Quiz :What does the law of demand assume? - Answer :That all variables that
affect demand, other than price, remain constant
Quiz :What is a demand curve? - 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.
Quiz :What is a demand schedule? - Answer :A table view of the price-
quantity pairings that compose the demand curve
Quiz :What will result in movement along a demand curve (up or down)? -
Answer :A change in price - a change in quantity demanded
Quiz :What will result in a shift in a demand curve (left or right)? - Answer :A
change in a non-price - a change in demand
Quiz :What causes changes in demand (shifts in the demand curve)? -
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.
Quiz :What fundamental similarity do nearly all demand curves share? -
Answer :They slope down from left to right
Quiz :What is the positive relationship between price and quantity known as? -
Answer :The law of supply
Quiz :What does the law of supply assume? - Answer :That all variables
affecting supply, other than price, remain constant
, Quiz :What does a rise in the price of a good or service increase? -
Answer :The quantity supplied of that good or service
Quiz :What does a supply curve depict? - Answer :The relationship between
the price of a good or service and the quantities companies are willing to sell at
those prices
Quiz :What is a supply schedule? - Answer :A table view of the price-quantity
pairing that compose the supply curve.
Quiz :What will suppliers do to adjust for non-price changes related to the
determinants of supply? - Answer :Shift production
Quiz :What will suppliers do to adjust for price-related changes on the supply
curve? - Answer :Move production levels
Quiz :what are changes in supply (shifts in the supply curve) caused by? -
Answer :Prices of inputs, technology,expectations, number of sellers, and
government policies and regulations
Quiz :What fundamental similarity do nearly all supply curves share? - Answer
:They slope up from left to right
Quiz :When does the equilibrium price and equilibrium quantity occur? -
Answer :Where the supply and demand curves cross.
Quiz :When does equilibrium occur? - Answer :When the quantity demanded
is equal to the quantity supplied
Quiz :Why would the price be below the equilibrium level? - Answer :The
quantity demanded will exceed the quantity supplied. -- Excess demand or a
shortage will exist.
Quiz :What is occurring if the price is above the equilibrium level? -
Answer :The quantity supplied will exceed the quantity demanded. -- Excess
supply or a surplus will exist
Quiz :When does the equilibrium in the market change? - Answer :When an
event shifts either the supply or demand curve
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