Principles of Economics - WGU D089
(2026)Actual Exam Test | Complete Questions
With Verified Answers With Rationales (100%
Accurate Solutions)
Save
Terms in this set (211)
How are Positive and Normative Positive economics clearly states and economic
economics different from each issue, and normative economics provides the
other? value-based solution for the issue.
What are factors of production? The resources the economy has available to
produce goods and services
How can Labor's contribution to an By increasing either the quantity of labor of human
economy's output of goods and capital.
services be increased?
What are two keys to the use of an Technology and, in the case of a market economic
economy's factors of production? system, the efforts of entrepreneurs
For every factor of production (or Payment
input) what is there an associated
factor of?
, What are factor payments? What the firm pays for the use of the factors of
production
When human want exceeds the Scarcity
available resources what is the
result?
If the inputs of production are No
underutilized, is a decrease in
production of the other good
required when increasing production
to the point that the output
combinations sit on the production
possibilities frontier?
How is opportunity cost calculated? By dividing the amount of a good you have given
up by the amount of the good you have gained.
How does opportunity cost appear As a constant
along a linear production
possibilities frontier?
What is happening to opportunity An increase in the quantity demanded
cost along a bowed out production
possibilities frontier?
What is the inverse relationship The law of demand
between price and quantity known
as?
What does a fall in the price of a An increase in the quantity demanded
good almost always cause?
(2026)Actual Exam Test | Complete Questions
With Verified Answers With Rationales (100%
Accurate Solutions)
Save
Terms in this set (211)
How are Positive and Normative Positive economics clearly states and economic
economics different from each issue, and normative economics provides the
other? value-based solution for the issue.
What are factors of production? The resources the economy has available to
produce goods and services
How can Labor's contribution to an By increasing either the quantity of labor of human
economy's output of goods and capital.
services be increased?
What are two keys to the use of an Technology and, in the case of a market economic
economy's factors of production? system, the efforts of entrepreneurs
For every factor of production (or Payment
input) what is there an associated
factor of?
, What are factor payments? What the firm pays for the use of the factors of
production
When human want exceeds the Scarcity
available resources what is the
result?
If the inputs of production are No
underutilized, is a decrease in
production of the other good
required when increasing production
to the point that the output
combinations sit on the production
possibilities frontier?
How is opportunity cost calculated? By dividing the amount of a good you have given
up by the amount of the good you have gained.
How does opportunity cost appear As a constant
along a linear production
possibilities frontier?
What is happening to opportunity An increase in the quantity demanded
cost along a bowed out production
possibilities frontier?
What is the inverse relationship The law of demand
between price and quantity known
as?
What does a fall in the price of a An increase in the quantity demanded
good almost always cause?
