WGUl D089l Finall Examl (Newl 2026/l
2027l Update)l Principlesl ofl Economicsl
Guide|l Questionsl &l Answersl |l Gradel
A|l 100%l Correctl (Verifiedl Solutions)
QUESTION
Economicl Indicators
Answer:
Al statisticl aboutl anl economicl activity
QUESTION
Economicl Inefficiency
Answer:
Whenl alll goodsl andl factorsl ofl productionl arel notl allocatedl tol servel theirl
highestl andl bestl use,l minimizingl wastel andl inefficiency
QUESTION
Economicl Models
Answer:
Al simplifiedl versionl ofl realityl thatl allowsl peoplel tol observe,l understand,l andl
makel predictionsl aboutl economicl behavior
QUESTION
Economicl Profit
Answer:
Totall revenuesl minusl totall costsl (explicitl plusl implicitl costs)
,QUESTION
Economicl Rent
Answer:
Anyl paymentl forl al factorl ofl productionl inl excessl ofl thel minimuml requiredl tol
supplyl thatl factor.l Itl isl consideredl excessivel paymentsl beyondl whatl isl
economicallyl necessary
QUESTION
Economicl Systems
Answer:
Al systeml ofl thel production,l resourcel allocation,l andl distributionl ofl goodsl andl
servicesl withinl al societyl orl givenl geographicl area
QUESTION
Economics
Answer:
Thel studyl ofl howl humansl makel decisionsl inl thel facel ofl scarcity
QUESTION
Economiesl ofl Scale
Answer:
Al proportionatel savingsl inl costsl gainedl byl anl increasedl levell ofl production
QUESTION
Efficiency
Answer:
,Producingl thel maximuml amountl ofl goodsl andl servicesl possiblel givenl availablel
resourcesl andl technology
QUESTION
Elasticl Demand
Answer:
Whenl thel elasticityl ofl demandl isl greaterl thanl one,l indicatingl al highl
responsivenessl ofl thel quantityl demandedl orl tol al changel inl pricel inl percentagel
terms
QUESTION
Elasticl Supply
Answer:
Whenl thel elasticityl ofl supplyl isl greaterl thanl one,l indicatingl al relativelyl highl
responsivenessl ofl thel quantityl suppliedl tol al changel inl pricel inl percentagel terms
QUESTION
Elasticity
Answer:
Anl economicsl conceptl thatl measuresl responsivenessl ofl onel variablel tol changesl inl
anotherl variable
QUESTION
Employed
Answer:
Thosel whol arel currentlyl workingl forl pay
QUESTION
, Equilibrium
Answer:
Al statel wherel supplyl andl demandl arel balancedl and,l inl thel absencel ofl externall
influences,l thel pricel andl quantityl willl notl change
QUESTION
Equilibriuml Price
Answer:
Thel pricel wherel thel quantityl demandedl isl equall tol thel quantityl supplied
QUESTION
Equilibriuml Quantity
Answer:
Thel quantityl ofl al goodl orl servicel boughtl atl thel equilibriuml price.l Thisl isl thel
quantityl producedl andl boughtl wherel thel supplyl andl demandl curvesl intersect
QUESTION
Excessl Demand
Answer:
Atl thel existingl price,l thel quantityl demandedl exceedsl thel quantityl supplied;l alsol
calledl al shortage
QUESTION
Excessl Supply
Answer:
Atl thel existingl price,l thel quantityl suppliedl exceedsl thel quantityl demanded;l alsol
calledl al surplus
2027l Update)l Principlesl ofl Economicsl
Guide|l Questionsl &l Answersl |l Gradel
A|l 100%l Correctl (Verifiedl Solutions)
QUESTION
Economicl Indicators
Answer:
Al statisticl aboutl anl economicl activity
QUESTION
Economicl Inefficiency
Answer:
Whenl alll goodsl andl factorsl ofl productionl arel notl allocatedl tol servel theirl
highestl andl bestl use,l minimizingl wastel andl inefficiency
QUESTION
Economicl Models
Answer:
Al simplifiedl versionl ofl realityl thatl allowsl peoplel tol observe,l understand,l andl
makel predictionsl aboutl economicl behavior
QUESTION
Economicl Profit
Answer:
Totall revenuesl minusl totall costsl (explicitl plusl implicitl costs)
,QUESTION
Economicl Rent
Answer:
Anyl paymentl forl al factorl ofl productionl inl excessl ofl thel minimuml requiredl tol
supplyl thatl factor.l Itl isl consideredl excessivel paymentsl beyondl whatl isl
economicallyl necessary
QUESTION
Economicl Systems
Answer:
Al systeml ofl thel production,l resourcel allocation,l andl distributionl ofl goodsl andl
servicesl withinl al societyl orl givenl geographicl area
QUESTION
Economics
Answer:
Thel studyl ofl howl humansl makel decisionsl inl thel facel ofl scarcity
QUESTION
Economiesl ofl Scale
Answer:
Al proportionatel savingsl inl costsl gainedl byl anl increasedl levell ofl production
QUESTION
Efficiency
Answer:
,Producingl thel maximuml amountl ofl goodsl andl servicesl possiblel givenl availablel
resourcesl andl technology
QUESTION
Elasticl Demand
Answer:
Whenl thel elasticityl ofl demandl isl greaterl thanl one,l indicatingl al highl
responsivenessl ofl thel quantityl demandedl orl tol al changel inl pricel inl percentagel
terms
QUESTION
Elasticl Supply
Answer:
Whenl thel elasticityl ofl supplyl isl greaterl thanl one,l indicatingl al relativelyl highl
responsivenessl ofl thel quantityl suppliedl tol al changel inl pricel inl percentagel terms
QUESTION
Elasticity
Answer:
Anl economicsl conceptl thatl measuresl responsivenessl ofl onel variablel tol changesl inl
anotherl variable
QUESTION
Employed
Answer:
Thosel whol arel currentlyl workingl forl pay
QUESTION
, Equilibrium
Answer:
Al statel wherel supplyl andl demandl arel balancedl and,l inl thel absencel ofl externall
influences,l thel pricel andl quantityl willl notl change
QUESTION
Equilibriuml Price
Answer:
Thel pricel wherel thel quantityl demandedl isl equall tol thel quantityl supplied
QUESTION
Equilibriuml Quantity
Answer:
Thel quantityl ofl al goodl orl servicel boughtl atl thel equilibriuml price.l Thisl isl thel
quantityl producedl andl boughtl wherel thel supplyl andl demandl curvesl intersect
QUESTION
Excessl Demand
Answer:
Atl thel existingl price,l thel quantityl demandedl exceedsl thel quantityl supplied;l alsol
calledl al shortage
QUESTION
Excessl Supply
Answer:
Atl thel existingl price,l thel quantityl suppliedl exceedsl thel quantityl demanded;l alsol
calledl al surplus
