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WGU - D089 Principles of Economics Latest Update Actual Exam 800 Questions and 100% Verified Correct Answers Guaranteed A+ Verified by Professor$25.99
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WGU - D089 Principles of Economics Latest
Update 2024-2025 Actual Exam 800 Questions
and 100% Verified Correct Answers Guaranteed
A+ Verified by Professor
10th (Principles of Economics ) - CORRECT ANSWER: There is short-run tradeoff
between inflation and unemployment.
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.
Absolute Advantage - CORRECT ANSWER: The capability to produce more of a given
product using less of a given resource than a competing entity
Absolute Quota - CORRECT ANSWER: Strictly limiting the quantity of goods that may
enter a country
Accounting Profit - CORRECT ANSWER: Total revenues - Explicit costs
Includes appreciation.
Acquisition - CORRECT ANSWER: When one firm purchases another.
Ad Valorem Tariff - CORRECT ANSWER: Import tax based on a fixed percentage of the
assessed commercial value of imported goods
Adjustable Rate Mortgage - CORRECT ANSWER: A loan a borrower uses to purchase
a home and which the interest rate varies with the market interest rates
Adverse Selection - CORRECT ANSWER: A process in which markets deteriorate when
buyers and sellers have access to different or imperfect information also known as
asymmetric information.
Aggregate Demand - CORRECT ANSWER: An economic measurement of the total
amount of demand for all finished goods and services produced in an economy.
Aggregate Demand Aggregate Supply Model (AD-AS Model) - CORRECT ANSWER: A
model that shows what determines total supply or total demand for the economy and
how total demand in total supply interact at the macro economic level
,Aggregate Demand Curve - CORRECT ANSWER: Shows the total spending on
domestic goods and services at each price level
Aggregate Supply - CORRECT ANSWER: The total supply of goods and services
available to a particular market from producers.
Aggregate Supply Curve - CORRECT ANSWER: The total quantity of output that firms
will produce and sell at each price level
Allocative Efficiency - CORRECT ANSWER: Producing goods and services demanded
by consumers at a price that reflects the marginal cost
Allocative Efficiency - CORRECT ANSWER: Producing goods and services demanded
by consumers at a price that reflects the marginal cost.
Asset - CORRECT ANSWER: Something or someone of any value any portion of one's
property or effects so considered
Autarky - CORRECT ANSWER: National economic self sufficiency
Automatic Stabilizers - CORRECT ANSWER: A type of fiscal policy designed to offset
fluctuations in the nation's economy through normal operations
Balanced Budget - CORRECT ANSWER: When the government spends exactly the
same amount as it receives in a given year
Bank Runs - CORRECT ANSWER: When a large number of customers of the bank or
other financial institution we drawls their deposits simultaneously over concerns of the
bank's solvency
Barriers to Entry - CORRECT ANSWER: The legal, technological, or market forces that
may discourage or prevent potential competitors from entering a market.
, Barter - CORRECT ANSWER: Train one good or service for another without using
money.
Base Year - CORRECT ANSWER: Starting point from which changes in prices are
measured.
Basket of Goods and Services - CORRECT ANSWER: A fixed set of consumer products
and services valued on an annual basis.
Broadly Defined - CORRECT ANSWER: Markets that tend to be fairly inelastic and have
no good substitutes.
Budget Constraint - CORRECT ANSWER: Represents all the combinations of goods
and services that a consumer may purchase given current prices within his or her given
income.
Budget Deficit - CORRECT ANSWER: When federal government spent more money in
a receives in taxes in a given year
Budget Surplus - CORRECT ANSWER: When the government receives more money in
taxes than it spends in the year
Business Cycle - CORRECT ANSWER: The economy's relatively short term movement
in and out of recession.
Capital Goods - CORRECT ANSWER: Goods that are used in producing other goods
rather than being bought by consumers.
Cartels - CORRECT ANSWER: A group of firms that collude to produce the monopoly
output and sell at the monopoly price.
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