WGU - D089 - Principles of Economics Exam Questions with Complete Solutions (Latest 2023) Full Package

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 ...

Macroeconomics Correct Answer A branch of economics 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 regarding the allocation o...

Which type of economy is characterized by a government that plans and controls all economic activity? Correct 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 economi...

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 Correct Answer principle 2:cost is determined by what is given up also known as opportunity cost Which economic system is represented by thr govern...

Economics Correct Answer a social science that describes how goods and services are produced, distributed, and consumed Macroeconomics Correct Answer focuses on large economic systems such as national and global economies Microeconomics Correct Answer deals with businesses and individuals W...

A property owner has 500 acres of flat land and has been approached by two different businesses. One business wants to drill for oil, and the other wants to raise cattle Correct Answer What to produce? A well-established company has been producing goods and wants to create a new line of productio...

What are the three fundamental questions every economy must answer? Give an example of a "What" question. Correct Answer What to produce, how it will be produced, and from whom the goods or services are produced. What to produce (Oil vs. Cattle), How to (Current vs. New technology), From who to pr...