Wgu d089 principles of e - Study guides, Class notes & Summaries

QUESTIONS AND ANSWERS

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. What are factors of production? - 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? - ANSWER By increasing either the quantity of labor of human capital. What are two key...

Which type of economy is characterized by a government that plans and controls all economic activity? - ANSWER Command Correct! A command economy is a centralized economic system in which all economic decisions are made by the nation's government. What is an example of a normative economic statement? - ANSWER Marginal tax rates should be lowered on high-income individuals. Correct! A marginal tax rate is the amount of money an individual pays in taxes on each additional dollar earned. This...

WGU D089 Principles of Economics Questions with Verified Answers 2024

WGU D089 PRINCIPLES OF ECONOMICS EXAM LATEST COMPLETE 350 QUESTIONS AND CORRECT VERIFIED ANSWERS ALREADY GRADED A+

WGU D089 Principles of Economics Exam-With 100% verified solutions

WGU D089 Principles of Economics Questions and Answers 100% Pass Absolute Advantage The capability to produce more of a given product using less of a given resource than a competing entity Absolute Quota Strictly limiting the quantity of goods that may enter a country Accounting Profit Total revenues minus explicit costs, including depreciation Acquisition When one firm purchases another Ad Valorem Tariffs Import tax based on a fixed percentage of the assessed commercial value of imported g...

WGU D089 PRINCIPLES OF ECONOMICS EXAM VERSION A & B LATEST COMPLETE 350 QUESTIONS AND DETAILED CORRECT ANSWERS JUST RELEASED

WGU D089 Principles of Economics - Pre-Assessment Questions with Verified Answers

WGU D089 Principles of Economics Test with Answers!! Macroeconomics - -A branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole Microeconomics - -A branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms Scarcity - -The basic economic problem; the gap between limited, scarce , resources and theor...