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WGU - D089 - PRINCIPLES OF ECONOMICS EXAM 2024/2025 WITH 100% CORRECT ANSWERS $13.49   Add to cart

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

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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. ...

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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

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