WGU C718 Microeconomics Questions Module #1-12 2024

WGU C718 Microeconomics Questions Module #1-12 2024 1-1 - Scarcity results from the fact that A. People's wants exceed the resources available to satisfy them. B. Not all goals are desirable. C. We cannot answer the major economic questions. D. Choices made in self-interest are not always in the social interest. E. The population keeps growing. - answer-A. People's wants exceed the resources available to satisfy them. 2 All economic questions and problems arise from- - answer- 1-2 - All economic questions and problems arise from A. The fact that society has more than it needs. B. Turmoil in the stock market. C. The unequal distribution of income. D. A society's wants exceeding what its scarce resources can produce. E. The difference between self-interest and social interest. - answer-E. A society's wants exceeding what its scarce resources can produce. 1-3 - An opportunity cost isA. The dollar amount that is paid. B. Anything the decision maker believes costs to be. C. The benefits of the highest-valued alternative forgone. D. Whatever is paid out and cannot be reduced or reversed. E. Another term for all the sunk costs. - answer-C. The benefits of the highest-valued alternative forgone.