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

WGU D089 PRINCIPLES OF ECONOMICS EXAM LATES 2 VERSIONS ACTUAL EXAM ALL 350 QUESTIONS AND DETAILED VERIFIED SOLUTIONS

WGU D089 Principles of Economics

How are Positive and Normative economics different from each other? - Positive economics clearly states and economic issue, and normative economics provides the value-based solution for the issue. What are factors of production? - 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? - By increasing either the quantity of labor of human capital. What are two keys to the use of an econ...

Economics Correct Answer The study of how humans make decisions in the face of scarcity. Factors of Production Correct Answer Describes theninputs used in the production of goods or services to make an economic profit. Macroeconomics Correct Answer A branch of economic dealing with the performance, structure, behavior and decision making of an economy as a whole. Microeconomics Correct Answer A branch of economics that studies the behavior of individuals, and firms in making decisions r...

WGU D089 Principles of Economics Exam Practice Questions How are Positive and Normative economics different from each other? -Positive economics clearly states and economic issue, and normative economics provides the value-based solution for the issue. What are factors of production? -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? -By increasing either the quantity of labor...

WGU D089 Principles of Economics - D089 TESTS – Qs And As

which principle of economics does the $6 price from the China vendor represent if the company decides to produce the sheet set in its Mexico facility - principle 2:cost is determined by what is given up also known as opportunity cost which economic system is represented by thr governments actions to regulate the production of ABC company's products - mixed which economies have characteristics of all the economic systems with market system being the most prevalent - mixed a company that f...

Which type of economy is characterized by a government that plans and controls all economic activity? - 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? - 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 statement u...

WGU D089 Principles of Economics Exam Study Guide which principle of economics does the $6 price from the China vendor represent if the company decides to produce the sheet set in its Mexico facility -principle 2:cost is determined by what is given up also known as opportunity cost which economic system is represented by thr governments actions to regulate the production of ABC company's products -mixed which economies have characteristics of all the economic systems with market syst...