WGU - D089 PRINCIPLES OF ECONOMICS EXAM 2024/2025 WITH 100% CORRECT ANSWERS
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WGU - D089 PRINCIPLES OF ECONOMICS
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WGU - D089 PRINCIPLES OF ECONOMICS
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
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 regarding the allocation of scarce resources and the interactions among these
individuals and firms.
Scarcity - correct answer The basic economic problem, the gap between limited, scarce, resources and
theoretically limitless wants
Opportunity Cost - correct answer The next best alternative that is given up when a choice is made.
Think at the Margin - correct answer Thinking about what the next step or an additional action means
for a person.
Marginal Benefit - correct answer The incremental increase in the benefit to a consumer caused by the
consumption of one additional unit of a good or service.
2nd (Principles of Economics ) - correct answer The cost of something is determined by what you give
up to get it.
,3rd (Principles of Economics ) - correct answer Rational people think at the margin.
4th (Principles of Economics ) - correct answer People respond to incentives.
5th (Principles of Economics ) - correct answer Trade can benefit everyone.
6th (Principles of Economics ) - correct answer Markets are a sound method of organizing economic
activity.
7th (Principles of Economics ) - correct answer Government may be able to improve market outcomes.
8th (Principles of Economics ) - correct answer A nation's standard of living depends on its ability to
produce.
9th (Principles of Economics ) - correct answer Printing too much money causes prices to rise.
10th (Principles of Economics ) - correct answer There is short-run tradeoff between inflation and
unemployment.
Economic Systems - correct answer A system of the production, resource allocation, and distribution of
goods and services within a society or give geographic area.
Traditional Economy - correct answer A economic system that relies on customs, history. and time-
honored beliefs. Guides economic decisions such as production and distribution.
Command Economy - correct answer An economic system in which production, investment, prices, and
incomes are determined centrally by a government.
(Centralized)
, Market Economy - correct answer An economic system in which the decisions regarding investment,
production, and distribution are guided by the price signals created by the forces of supply and demand
(Decentralized)
Mixed Economy - correct answer An economic system in which both private enterprise and a degree of
state monopoly (usually in public services, defense, infrastructure, and basic industries) coexist.
Positive Economics - correct answer The study of economics concerned with what is and what will
happen if a course of action is taken or not taken.
Normative Economics - correct answer The study of economics with what is and what will happen if a
course of action is taken or not taken.
Economic Models - correct answer A simplified version of reality that allows people to observe,
understand and make predictions about economic behavior.
Economic Indicators - correct answer A statistic about an economic activity.
Circular Flow Model - correct answer An economic model that shows the flow of money and goods
through the economy. The most common form of this model shows the circular flow of income between
the household sector and the business sector.
Human Capital - correct answer The accumulated skills and education of workers.
Research and Development - correct answer Term commonly used to describe the activities
undertaken by firms and other entities such as individual entrepreneurs to create new or improved
products and processes.
Partnership - correct answer A legal form of business operation between two or more individuals who
share management and profits.
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