C719 macroeconomics - Study guides, Class notes & Summaries

WGU C719 Macroeconomics Study Guide Questions And Answers Scarcity limited quantities of resources to meet unlimited wants opportunity cost cost of the next best alternative use of money, time, or resources when one choice is made rather than another How does the production possibilities frontier illustrate the concept of trade-offs? when an economy is operating on the PPF curve it is efficient. It is not possible to produce more of one good without decreasing the amount produced for the o...

WGU C719 Macroeconomics Exam 3 Questions with answers.

According to the production possibilities curve model, as you increase the production of one good, what will happen to the sacrifices of the alternate good? - ️️They will steadily increase. A farmer fully utilizes his resources to produce cauliflower and kale. As the farmer produces more cauliflower, he has fewer resources available to produce kale. Which curve is illustrated in this scenario? - ️️Production possibilities curve What are the main foci of economics? - ️️Consum...

In the car manufacturing industry, the SUPPLY for cars has a POSITIVE SLOPE. What happens if the PRICE of the car INCREASES? - ️️-There will be MOVEMENT along the SUPPLY CURVE In the car manufacturing industry, the SUPPLY for cars has a POSITIVE SLOPE. Which two factors can cause the SUPPLY CURVE to SHIFT? - ️️-A CHANGE in the COST OF LABOR -A CHANGE in the EXPECTATIONS ABOUT THE FUTURE Textbooks and class enrollments are COMPLEMENTS. What happens to the DEMAND CURVE f...

C719 - Macroeconomics WGU Complete Solutions With Satisfactory Tests C719 - Macroeconomics WGU Complete Solutions With Satisfactory Tests

WGU C719 Macroeconomics Pre-assessment Questions with answers

WGU C719 Macroeconomics assessment questions with answers

The value of the best alternative that is sacrificed to obtain something you want is a/an - Opportunity cost What is a graph that shows the various combinations of choices an individual can make with the resources available? - Choice curve The assumption that all resources are alike will produce a - straight line curve A curved production possibilities curve (PPC) changes the assumption that resources are - alike What explains how the production of larger amounts of one g...

WGU C719 Macroeconomics Pre-Assessment 2 Questions with answers

According to the production possibilities curve model, as you increase the production of one good, what will happen to the sacrifices of the alternate good? - ️️They will steadily increase A farmer fully utilizes his resources to produce cauliflower and kale. As the farmer produces more cauliflower, he has fewer resources available to produce kale. Which curve is illustrated in this scenario? - ️️Production possibilities curve What are the main foci of economics - ️️Consumption...