WGU C718 Pre-Assessment: Microeconomics PJKO 2024

WGU C718 Pre-Assessment: Microeconomics PJKO 2024 Which concept relates to limited resources? - Scarcity What does fresh water costing more than gas exemplify? - Scarcity (example) Which characteristic is a part of a market economy? a-Hereditary customary roles b-Government-created mandate c-Private property rights d-Past family traditions - c-Private property rights A student has been working extra hours at a part-time job and is debating subtracting an hour from work for extra studying. When is this student making this decision, according to economists? - At the margin Which factor of production are power tools, hammers, steel, and other building materials examples of? - Capital Which economic assertion is described by a statement of fact? - Positive statements Which statement represents economic growth on a PPF? - The production possibilities frontier shifts outward. Choice of Output Produced Each Day Country Can Produce Either/or