D089 / D 089 Pre – Assesment Exam (Latest
Update ) Principles of Economics |
Questions and Answers | Grade A | 100% Correct
- WGU
Which set of questions is answered when a society decides how to distribute its
scarce resources?
What, how, and for whom to produce goods and services
3 multiple choice options
A local government is making public policy decisions about spending funds. The
residents have differing opinions on whether the funds should be used for road
repair, school expansion, health care increases, or construction of a senior center.
The local government must decide the priority.
Which economic question is this decision an example of?
What to produce
3 multiple choice options
A newspaper is trying to help citizens understand economic principles. Which
misconception should the article address?
, D089 / D 089 Pre – Assesment Exam (Latest
Update ) Principles of Economics |
Questions and Answers | Grade A | 100% Correct
- WGU
Increasing the money supply raises the standard of living for consumers in the long
run.
3 multiple choice options
Which scenario covers a topic included in microeconomics?
As a result of a hard freeze, the price of cherries increases.
3 multiple choice options
What accurately characterizes capital?
It can be in the form of intellectual discoveries.
3 multiple choice options
Why is the circular flow model used?
To describe the interaction of businesses and households in markets
3 multiple choice options
What is a result of increasing opportunity costs?
, D089 / D 089 Pre – Assesment Exam (Latest
Update ) Principles of Economics |
Questions and Answers | Grade A | 100% Correct
- WGU
To produce more of one good, the economy gives up more and more of other
goods.
3 multiple choice options
How would a production possibility frontier be drawn for an economy that
produces two goods with homogeneous resources?
As a constant slope, downward from left to right
3 multiple choice options
A company is operating at a point inside its production possibility frontier.
The resources of the company are being inefficiently utilized.
3 multiple choice options
A country produces two goods (A and B) and currently operates on the bowed out
production possibilities frontier. What is the relationship between the productions
of Good A and Good B?
If production of Good A increases, then production of Good B will decrease.
3 multiple choice options
Update ) Principles of Economics |
Questions and Answers | Grade A | 100% Correct
- WGU
Which set of questions is answered when a society decides how to distribute its
scarce resources?
What, how, and for whom to produce goods and services
3 multiple choice options
A local government is making public policy decisions about spending funds. The
residents have differing opinions on whether the funds should be used for road
repair, school expansion, health care increases, or construction of a senior center.
The local government must decide the priority.
Which economic question is this decision an example of?
What to produce
3 multiple choice options
A newspaper is trying to help citizens understand economic principles. Which
misconception should the article address?
, D089 / D 089 Pre – Assesment Exam (Latest
Update ) Principles of Economics |
Questions and Answers | Grade A | 100% Correct
- WGU
Increasing the money supply raises the standard of living for consumers in the long
run.
3 multiple choice options
Which scenario covers a topic included in microeconomics?
As a result of a hard freeze, the price of cherries increases.
3 multiple choice options
What accurately characterizes capital?
It can be in the form of intellectual discoveries.
3 multiple choice options
Why is the circular flow model used?
To describe the interaction of businesses and households in markets
3 multiple choice options
What is a result of increasing opportunity costs?
, D089 / D 089 Pre – Assesment Exam (Latest
Update ) Principles of Economics |
Questions and Answers | Grade A | 100% Correct
- WGU
To produce more of one good, the economy gives up more and more of other
goods.
3 multiple choice options
How would a production possibility frontier be drawn for an economy that
produces two goods with homogeneous resources?
As a constant slope, downward from left to right
3 multiple choice options
A company is operating at a point inside its production possibility frontier.
The resources of the company are being inefficiently utilized.
3 multiple choice options
A country produces two goods (A and B) and currently operates on the bowed out
production possibilities frontier. What is the relationship between the productions
of Good A and Good B?
If production of Good A increases, then production of Good B will decrease.
3 multiple choice options
