C719 MACROECONOMICS (WGU)
PRE-ASSESSMENT QUICK
QUIZZES WITH ANSWERS
VERIFIED BY EXPERTS 2024 NEW
According to the production possibilities curve model, as you increase the production of
one good, what will
happen to the sacrifices of the alternate good? - CORRECT ANSWER>>>>They will
steadily increase.
A farmer fully utilizes his resources to produce cauliflower and kale. As the farmer
produces more
cauliflower, he has fewer resources available to produce kale.
Which curve is illustrated in this scenario? - CORRECT ANSWER>>>>Production
possibilities curve
What are the main foci of economics? - CORRECT ANSWER>>>>Consumption,
production, and use of scarce resources
Flow of Dollars or Flow of Resources?
-Firms sell products to households- - CORRECT ANSWER>>>>Flow of dollars
Flow of Dollars or Flow of Resources?
-Households supply labor to firms- - CORRECT ANSWER>>>>Flow of resources
Flow of Dollars or Flow of Resources?
-Households provide productive resources to firms- - CORRECT ANSWER>>>>Flow of
resources
Flow of Dollars or Flow of Resources?
-Households buy consumer products from firms- - CORRECT ANSWER>>>>Flow of
dollars
Florence could earn an annual salary of $70,000 as a financial advisor or $60,000 as a
bank manager.
Currently, Florence is a teacher and earns an annual salary of $35,000.
, What is Florence's opportunity cost for choosing to be a teacher instead of a financial
advisor? - CORRECT ANSWER>>>>$35,000
Florence is a teacher and earns $35,000 a year. Her spouse is a part-time IT specialist
who earns $45,000 a
year. Florence and her spouse decide that one of them should quit work and become a
stay-at-home parent.
Based on the principle of comparative advantage, who should be the full-time, stay-at-
home parent? - CORRECT ANSWER>>>>Florence should stay home, since she has a
lower opportunity cost.
Referring to the three economic questions (what, how, and for whom), in a market
system, by whom are
these questions determined? - CORRECT ANSWER>>>>The buyers and sellers
In the car manufacturing industry, the supply for cars has a positive slope.
What happens if the price of cars increases? - CORRECT ANSWER>>>>There will be
a movement along the supply curve
In the car manufacturing industry, the supply for cars has a positive slope.
Which two factors can cause the supply curve to shift?
Choose 2 answers:
(1)A chance in the price of cars
(2)A change in the cost of labor
(3)A change in the expectations about the future
(4)A change in consumer tastes - CORRECT ANSWER>>>>(2)A change in the cost of
labor
(3)A change in the expectations about the future
Textbooks and class enrollments are complements.
What happens to the demand curve for textbooks if the tuition rate increases? -
CORRECT ANSWER>>>>It will shift to the left.
Below are likely scenarios that affect the demand curve for automobiles.
Which scenario is correct?
(1)The unemployment rate increases to 15% in the state of Michigan due to a
recession. As a result, people will have less income and will be spending less. This
will decrease the demand for automobiles, and the demand curve for automobiles
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller kickson80. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $22.99. You're not tied to anything after your purchase.
