C719 Macroeconomics: (WGU)
Preassessment;Complete Quizzes
According to the production possibilities curve model, as you increase the production of
one good, what will
happen to the sacrifices of the alternate good? correct- They will steadily increase.
A farmer fully utilizes his resources to produce cauliflower and kale. As the farmer
produces more
cauliflower, he has fewer resources available to produce kale.
Which curve is illustrated in this scenario? correct- Production possibilities curve
What are the main foci of economics? correct- Consumption, production, and use of
scarce resources
Flow of Dollars or Flow of Resources?
-Firms sell products to households- correct- Flow of dollars
Flow of Dollars or Flow of Resources?
-Households supply labor to firms- correct- Flow of resources
Flow of Dollars or Flow of Resources?
-Households provide productive resources to firms- correct- Flow of resources
Flow of Dollars or Flow of Resources?
-Households buy consumer products from firms- correct- Flow of dollars
Florence could earn an annual salary of $70,000 as a financial advisor or $60,000 as a
bank manager.
Currently, Florence is a teacher and earns an annual salary of $35,000.
What is Florence's opportunity cost for choosing to be a teacher instead of a financial
advisor? correct- $35,000
Florence is a teacher and earns $35,000 a year. Her spouse is a part-time IT specialist
who earns $45,000 a
, year. Florence and her spouse decide that one of them should quit work and become a
stay-at-home parent.
Based on the principle of comparative advantage, who should be the full-time, stay-at-
home parent? correct- Florence should stay home, since she has a lower opportunity
cost.
Referring to the three economic questions (what, how, and for whom), in a market
system, by whom are
these questions determined? correct- The buyers and sellers
In the car manufacturing industry, the supply for cars has a positive slope.
What happens if the price of cars increases? correct- There will be a movement along
the supply curve
In the car manufacturing industry, the supply for cars has a positive slope.
Which two factors can cause the supply curve to shift?
Choose 2 answers:
(1)A chance in the price of cars
(2)A change in the cost of labor
(3)A change in the expectations about the future
(4)A change in consumer tastes correct- (2)A change in the cost of labor
(3)A change in the expectations about the future
Textbooks and class enrollments are complements.
What happens to the demand curve for textbooks if the tuition rate increases? correct- It
will shift to the left.
Below are likely scenarios that affect the demand curve for automobiles.
Which scenario is correct?
(1)The unemployment rate increases to 15% in the state of Michigan due to a
recession. As a result, people will have less income and will be spending less. This
will decrease the demand for automobiles, and the demand curve for automobiles
will shift to the left.
(2)The average price of automobiles goes up. This will cause a decrease in quantity
demanded. As a result, the demand curve for automobiles will shift to the left.
(3)The inflation rate is expected to be 4% next year. As a result, the automobiles will
Preassessment;Complete Quizzes
According to the production possibilities curve model, as you increase the production of
one good, what will
happen to the sacrifices of the alternate good? correct- They will steadily increase.
A farmer fully utilizes his resources to produce cauliflower and kale. As the farmer
produces more
cauliflower, he has fewer resources available to produce kale.
Which curve is illustrated in this scenario? correct- Production possibilities curve
What are the main foci of economics? correct- Consumption, production, and use of
scarce resources
Flow of Dollars or Flow of Resources?
-Firms sell products to households- correct- Flow of dollars
Flow of Dollars or Flow of Resources?
-Households supply labor to firms- correct- Flow of resources
Flow of Dollars or Flow of Resources?
-Households provide productive resources to firms- correct- Flow of resources
Flow of Dollars or Flow of Resources?
-Households buy consumer products from firms- correct- Flow of dollars
Florence could earn an annual salary of $70,000 as a financial advisor or $60,000 as a
bank manager.
Currently, Florence is a teacher and earns an annual salary of $35,000.
What is Florence's opportunity cost for choosing to be a teacher instead of a financial
advisor? correct- $35,000
Florence is a teacher and earns $35,000 a year. Her spouse is a part-time IT specialist
who earns $45,000 a
, year. Florence and her spouse decide that one of them should quit work and become a
stay-at-home parent.
Based on the principle of comparative advantage, who should be the full-time, stay-at-
home parent? correct- Florence should stay home, since she has a lower opportunity
cost.
Referring to the three economic questions (what, how, and for whom), in a market
system, by whom are
these questions determined? correct- The buyers and sellers
In the car manufacturing industry, the supply for cars has a positive slope.
What happens if the price of cars increases? correct- There will be a movement along
the supply curve
In the car manufacturing industry, the supply for cars has a positive slope.
Which two factors can cause the supply curve to shift?
Choose 2 answers:
(1)A chance in the price of cars
(2)A change in the cost of labor
(3)A change in the expectations about the future
(4)A change in consumer tastes correct- (2)A change in the cost of labor
(3)A change in the expectations about the future
Textbooks and class enrollments are complements.
What happens to the demand curve for textbooks if the tuition rate increases? correct- It
will shift to the left.
Below are likely scenarios that affect the demand curve for automobiles.
Which scenario is correct?
(1)The unemployment rate increases to 15% in the state of Michigan due to a
recession. As a result, people will have less income and will be spending less. This
will decrease the demand for automobiles, and the demand curve for automobiles
will shift to the left.
(2)The average price of automobiles goes up. This will cause a decrease in quantity
demanded. As a result, the demand curve for automobiles will shift to the left.
(3)The inflation rate is expected to be 4% next year. As a result, the automobiles will
