Principles Of Economics WGU D089 Questions
with verified detailed correct answers latest
update 2025
economic systems --- correct precise answers ---a system of thr
production, resource allocation, and distribution of goods and services
within a society or given geographic area
traditional economy --- correct precise answers ---a system where
individuals make decisions based on traditions, beliefs. and customs
command economy/centralized --- correct precise answers ---System
where government makes all decisions
market economy/decentralized --- correct precise answers ---A
system where businesses make decisions based on consumer demand
mixed economy --- correct precise answers ---a system where
businesses make decisions based on consumer demand, but the
government makes decisions in terms of regulations, consumer safety,
and environment
,5 key characteristics of traditional economy --- correct precise
answers ---1-centered around family/tribe. 2-hunter/gatherer and
nomadic society 3- trade on barter rather than $ 4- produce only what
is needed surplus is rare 5- eventually change from trade to type of
currency
advantage to a traditional economy --- correct precise answers ---
little competition or friction among members, roles and contributions
are well understood, can be more sustainable than tech based
economy
disadvantages of traditional economy --- correct precise answers ---
exposed to environmental changes and weather patterns, vulnerable
to market or command economies which consume and deplete the
resources of traditional economies
5 characteristics of command economy --- correct precise answers ---
1-economic activity is planned and controlled by centralized gov
power 2- gov decides how to use/distribute nations
natural/capital/labor resources 3- nations central power controls the
priorities for how goods and services will be produced and
distributed. 4- domestic comp is overpowered as gov monopolized
bus. considered essential for economic goals ex utilities/finances/auto
, comp 5- business required to follow specific hiring/production targets
set by gov. regardless and directives to enforce centralized plan
a newspaper is trying to help citizens understand economic principles.
which misconception should they address --- correct precise answers
---increasing the money supply raises the standard of living for
consumers in the long run
less money in the economy reduces consumer spending reflects what
type of relationship --- correct precise answers ---relationship
between short run inflation and unemployment
as a result of a hard freeze, the price of cherries increases.. is an
example of what type of economics --- correct precise answers ---
microeconomics
Forms of Intellectual Property is a characteristic of what --- correct
precise answers ---capital
why is circular flow model used --- correct precise answers ---to
describe the interaction of businesses and households in markets
with verified detailed correct answers latest
update 2025
economic systems --- correct precise answers ---a system of thr
production, resource allocation, and distribution of goods and services
within a society or given geographic area
traditional economy --- correct precise answers ---a system where
individuals make decisions based on traditions, beliefs. and customs
command economy/centralized --- correct precise answers ---System
where government makes all decisions
market economy/decentralized --- correct precise answers ---A
system where businesses make decisions based on consumer demand
mixed economy --- correct precise answers ---a system where
businesses make decisions based on consumer demand, but the
government makes decisions in terms of regulations, consumer safety,
and environment
,5 key characteristics of traditional economy --- correct precise
answers ---1-centered around family/tribe. 2-hunter/gatherer and
nomadic society 3- trade on barter rather than $ 4- produce only what
is needed surplus is rare 5- eventually change from trade to type of
currency
advantage to a traditional economy --- correct precise answers ---
little competition or friction among members, roles and contributions
are well understood, can be more sustainable than tech based
economy
disadvantages of traditional economy --- correct precise answers ---
exposed to environmental changes and weather patterns, vulnerable
to market or command economies which consume and deplete the
resources of traditional economies
5 characteristics of command economy --- correct precise answers ---
1-economic activity is planned and controlled by centralized gov
power 2- gov decides how to use/distribute nations
natural/capital/labor resources 3- nations central power controls the
priorities for how goods and services will be produced and
distributed. 4- domestic comp is overpowered as gov monopolized
bus. considered essential for economic goals ex utilities/finances/auto
, comp 5- business required to follow specific hiring/production targets
set by gov. regardless and directives to enforce centralized plan
a newspaper is trying to help citizens understand economic principles.
which misconception should they address --- correct precise answers
---increasing the money supply raises the standard of living for
consumers in the long run
less money in the economy reduces consumer spending reflects what
type of relationship --- correct precise answers ---relationship
between short run inflation and unemployment
as a result of a hard freeze, the price of cherries increases.. is an
example of what type of economics --- correct precise answers ---
microeconomics
Forms of Intellectual Property is a characteristic of what --- correct
precise answers ---capital
why is circular flow model used --- correct precise answers ---to
describe the interaction of businesses and households in markets
