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WGU D089 Principles of Economics Final Exam 2026/2027
Latest Version | Verified Exam Questions & Answers | Grade A |
Complete Study Guide & Rationales
1. A nurse manager is analyzing a budget proposal for a new unit. One part of the
proposal describes the current staffing shortage, while another part argues for
hiring additional registered nurses. The manager explains to the team that the
description of the shortage represents a factual statement, while the argument
for hiring represents a value-based solution. Which economic concepts is the
nurse manager describing?
A. Supply and demand
B. Opportunity cost and scarcity
C. Positive and normative economics
D. Factors of production and factor payments
CORRECT ANSWER: C
Rationale: Positive economics involves objective, fact-based statements about
how the world works (the shortage exists). Normative economics involves
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subjective, value-based statements about how the world should be (we should
hire more nurses). The manager is distinguishing between these two types of
economic reasoning.
2. A community health nurse is assessing the resources available to address local
health needs. The nurse identifies the available nurses, medical equipment, and
the clinic building itself as key components. In economic terms, what is the nurse
assessing?
A. The factors of production
B. The opportunity costs
C. The factor payments
D. The level of scarcity
CORRECT ANSWER: A
Rationale: Factors of production are the resources an economy (or a healthcare
system) has to produce goods and services. In this scenario, nurses represent
labor, equipment represents capital, and the clinic building represents
land/capital.
3. A nurse educator is teaching a group of new graduates about improving patient
care on their unit. The educator emphasizes that the team's overall contribution
to patient outcomes can be enhanced by hiring more nursing staff and by
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providing specialized training in wound care. This strategy directly aims to
increase which factor of production?
A. Capital
B. Labor
C. Technology
D. Entrepreneurship
CORRECT ANSWER: B
Rationale: Labor's contribution to output (patient care) can be increased by
increasing its quantity (hiring more staff) or its human capital (providing
specialized training).
4. A hospital administrator is analyzing the "factor payments" associated with
running a surgical unit. Which of the following best exemplifies a factor payment?
A. The purchase price of a new MRI machine
B. The salary paid to a staff surgeon
C. The payment received from an insurance company for a procedure
D. The donation received from a community fundraiser
CORRECT ANSWER: B
Rationale: Factor payments are what a firm pays for the use of the factors of
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production. The salary paid to a surgeon is the payment for the use of that
individual's labor.
5. A nurse is triaging patients in a busy emergency department. The number of
patients needing care has exceeded the available beds and staff. What economic
condition does this situation best illustrate?
A. Opportunity cost
B. Scarcity
C. Equilibrium
D. Elasticity
CORRECT ANSWER: B
Rationale: Scarcity is the fundamental economic problem of having seemingly
unlimited human wants (patients needing care) in a world of limited resources
(available beds and staff).
6. A nurse manager notes that the current staffing levels are inefficient, with nurses
frequently waiting for equipment to become available. The manager proposes a
new workflow to utilize staff more efficiently, aiming to increase patient
throughput without hiring new staff. If successful, what will be the result
regarding the unit's "production" of patient care?
A. The unit will be able to provide care beyond its current production possibilities
WGU D089 Principles of Economics Final Exam 2026/2027
Latest Version | Verified Exam Questions & Answers | Grade A |
Complete Study Guide & Rationales
1. A nurse manager is analyzing a budget proposal for a new unit. One part of the
proposal describes the current staffing shortage, while another part argues for
hiring additional registered nurses. The manager explains to the team that the
description of the shortage represents a factual statement, while the argument
for hiring represents a value-based solution. Which economic concepts is the
nurse manager describing?
A. Supply and demand
B. Opportunity cost and scarcity
C. Positive and normative economics
D. Factors of production and factor payments
CORRECT ANSWER: C
Rationale: Positive economics involves objective, fact-based statements about
how the world works (the shortage exists). Normative economics involves
,2|Page
subjective, value-based statements about how the world should be (we should
hire more nurses). The manager is distinguishing between these two types of
economic reasoning.
2. A community health nurse is assessing the resources available to address local
health needs. The nurse identifies the available nurses, medical equipment, and
the clinic building itself as key components. In economic terms, what is the nurse
assessing?
A. The factors of production
B. The opportunity costs
C. The factor payments
D. The level of scarcity
CORRECT ANSWER: A
Rationale: Factors of production are the resources an economy (or a healthcare
system) has to produce goods and services. In this scenario, nurses represent
labor, equipment represents capital, and the clinic building represents
land/capital.
3. A nurse educator is teaching a group of new graduates about improving patient
care on their unit. The educator emphasizes that the team's overall contribution
to patient outcomes can be enhanced by hiring more nursing staff and by
,3|Page
providing specialized training in wound care. This strategy directly aims to
increase which factor of production?
A. Capital
B. Labor
C. Technology
D. Entrepreneurship
CORRECT ANSWER: B
Rationale: Labor's contribution to output (patient care) can be increased by
increasing its quantity (hiring more staff) or its human capital (providing
specialized training).
4. A hospital administrator is analyzing the "factor payments" associated with
running a surgical unit. Which of the following best exemplifies a factor payment?
A. The purchase price of a new MRI machine
B. The salary paid to a staff surgeon
C. The payment received from an insurance company for a procedure
D. The donation received from a community fundraiser
CORRECT ANSWER: B
Rationale: Factor payments are what a firm pays for the use of the factors of
, 4|Page
production. The salary paid to a surgeon is the payment for the use of that
individual's labor.
5. A nurse is triaging patients in a busy emergency department. The number of
patients needing care has exceeded the available beds and staff. What economic
condition does this situation best illustrate?
A. Opportunity cost
B. Scarcity
C. Equilibrium
D. Elasticity
CORRECT ANSWER: B
Rationale: Scarcity is the fundamental economic problem of having seemingly
unlimited human wants (patients needing care) in a world of limited resources
(available beds and staff).
6. A nurse manager notes that the current staffing levels are inefficient, with nurses
frequently waiting for equipment to become available. The manager proposes a
new workflow to utilize staff more efficiently, aiming to increase patient
throughput without hiring new staff. If successful, what will be the result
regarding the unit's "production" of patient care?
A. The unit will be able to provide care beyond its current production possibilities
