C718 pre assessment - Study guides, Class notes & Summaries

Which factor of production are power tools, hammers, steel, and other building materials examples of? A natural resource A human resource Capital Entrepreneurship - ANSWER Capital Which economic assertion is described by a statement of fact? All other things unchanged Fallacy of false cause Positive statements Normative statements - ANSWER Positive statements Which concept relates to limited resources? Scarcity Deflation Choice Specialization - ANSWER Scarcity A town chooses...

Which concept relates to limited resources? - Scarcity What does fresh water costing more than gas exemplify? - Scarcity (example) Which characteristic is a part of a market economy? a-Hereditary customary roles b-Government-created mandate c-Private property rights d-Past family traditions - c-Private property rights A student has been working extra hours at a part-time job and is debating subtracting an hour from work for extra studying. When is this student making this decision, acco...

Which concept relates to limited resources? - ANSWER Scarcity What does fresh water costing more than gas exemplify? - ANSWER Scarcity (example) Which characteristic is a part of a market economy? a-Hereditary customary roles b-Government-created mandate c-Private property rights d-Past family traditions - ANSWER c-Private property rights A student has been working extra hours at a part-time job and is debating subtracting an hour from work for extra studying. When is this stu...

WGU C718 Pre-Assessment: Microeconomics PJKO | 60 Questions with 100% Correct Answers | Verified | Latest Update Which concept relates to limited resources? - Answer ️️ -Scarcity What does fresh water costing more than gas exemplify? - Answer ️️ -Scarcity (example) Which characteristic is a part of a market economy? a-Hereditary customary roles b-Government-created mandate c-Private property rights d-Past family traditions - Answer ️️ -c-Private property rights A student ha...