Principles of Economics WGU D089 Questions with Correct Answers

Which principle of economics does the $6 price from the China vendor represent if the company decides to produce the sheet set in its Mexico facility Correct Answer principle 2:cost is determined by what is given up also known as opportunity cost Which economic system is represented by thr governments actions to regulate the production of ABC company's products Correct Answer mixed Which economies have characteristics of all the economic systems with market system being the most prevalent Correct Answer mixed A company that focuses its economic reasoning at a business level and decisions focus on individuals is what Correct Answer microeconomics What is the payment of production for a company if it buys the additional machinery for its production facility Correct Answer interest The payment for the use of capital is... Correct Answer interest Which term is a factor of production in a manufacturing facility Correct Answer machinery-capital factor Macroeconomics Correct Answer a branch of economics dealing with the performance, structure, behavior, and decision making of an economy as a whole Microeconomics Correct Answer a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scare resources and interactions among these individuals and firms Scarcity Correct Answer the basic economic problem, the gap between limited, scare, resources and theoretically limitless wants 3 basic economic questions Correct Answer What to produce? How to produce? For whom to produce? What is a consequence of a government printing more money Correct Answer decreased unemployment Principle 1 Correct Answer People face trade-offs