D089 Principles of Economics OA WGU
Questions with Correct Verified Answers
and SOLUTIONS 2025
Economics --- correct precise answer ---The study of how humans
make decisions in the face of scarcity.
Factors of Production --- correct precise answer ---Describes
theninputs used in the production of goods or services to make an
economic profit.
Macroeconomics --- correct precise answer ---A branch of economic
dealing with the performance, structure, behavior and decision
making of an economy as a whole.
Microeconomics --- correct precise answer ---A branch of economics
that studies the behavior of individuals, and firms in making decisions
regarding the allocation of scarce resources and the interactions
among these individuals and firms.
,Scarcity --- correct precise answer ---The basic economic problem, the
gap between limited, scarce, resources and theoretically limitless
wants
Opportunity Cost --- correct precise answer ---The next best
alternative that is given up when a choice is made.
Think at the Margin --- correct precise answer ---Thinking about what
the next step or an additional action means for a person.
Marginal Benefit --- correct precise answer ---The incremental
increase in the benefit to a consumer caused by the consumption of
one additional unit of a good or service.
1st (Principles of Economics ) --- correct precise answer ---Everyone
faces tradeoffs
2nd (Principles of Economics ) --- correct precise answer ---The cost
of something is determined by what you give up to get it.
3rd (Principles of Economics ) --- correct precise answer ---Rational
people think at the margin.
,4th (Principles of Economics ) --- correct precise answer ---People
respond to incentives.
5th (Principles of Economics ) --- correct precise answer ---Trade can
benefit everyone.
6th (Principles of Economics ) --- correct precise answer ---Markets
are a sound method of organizing economic activity.
7th (Principles of Economics ) --- correct precise answer ---
Government may be able to improve market outcomes.
8th (Principles of Economics ) --- correct precise answer ---A nation's
standard of living depends on its ability to produce.
9th (Principles of Economics ) --- correct precise answer ---Printing
too much money causes prices to rise.
10th (Principles of Economics ) --- correct precise answer ---There is
short-run tradeoff between inflation and unemployment.
, Economic Systems --- correct precise answer ---A system of the
production, resource allocation, and distribution of goods and services
within a society or give geographic area.
Traditional Economy --- correct precise answer ---A economic system
that relies on customs, history. and time-honored beliefs. Guides
economic decisions such as production and distribution.
Command Economy --- correct precise answer ---An economic system
in which production, investment, prices, and incomes are determined
centrally by a government.
(Centralized)
Market Economy --- correct precise answer ---An economic system in
which the decisions regarding investment, production, and
distribution are guided by the price signals created by the forces of
supply and demand
(Decentralized)
Questions with Correct Verified Answers
and SOLUTIONS 2025
Economics --- correct precise answer ---The study of how humans
make decisions in the face of scarcity.
Factors of Production --- correct precise answer ---Describes
theninputs used in the production of goods or services to make an
economic profit.
Macroeconomics --- correct precise answer ---A branch of economic
dealing with the performance, structure, behavior and decision
making of an economy as a whole.
Microeconomics --- correct precise answer ---A branch of economics
that studies the behavior of individuals, and firms in making decisions
regarding the allocation of scarce resources and the interactions
among these individuals and firms.
,Scarcity --- correct precise answer ---The basic economic problem, the
gap between limited, scarce, resources and theoretically limitless
wants
Opportunity Cost --- correct precise answer ---The next best
alternative that is given up when a choice is made.
Think at the Margin --- correct precise answer ---Thinking about what
the next step or an additional action means for a person.
Marginal Benefit --- correct precise answer ---The incremental
increase in the benefit to a consumer caused by the consumption of
one additional unit of a good or service.
1st (Principles of Economics ) --- correct precise answer ---Everyone
faces tradeoffs
2nd (Principles of Economics ) --- correct precise answer ---The cost
of something is determined by what you give up to get it.
3rd (Principles of Economics ) --- correct precise answer ---Rational
people think at the margin.
,4th (Principles of Economics ) --- correct precise answer ---People
respond to incentives.
5th (Principles of Economics ) --- correct precise answer ---Trade can
benefit everyone.
6th (Principles of Economics ) --- correct precise answer ---Markets
are a sound method of organizing economic activity.
7th (Principles of Economics ) --- correct precise answer ---
Government may be able to improve market outcomes.
8th (Principles of Economics ) --- correct precise answer ---A nation's
standard of living depends on its ability to produce.
9th (Principles of Economics ) --- correct precise answer ---Printing
too much money causes prices to rise.
10th (Principles of Economics ) --- correct precise answer ---There is
short-run tradeoff between inflation and unemployment.
, Economic Systems --- correct precise answer ---A system of the
production, resource allocation, and distribution of goods and services
within a society or give geographic area.
Traditional Economy --- correct precise answer ---A economic system
that relies on customs, history. and time-honored beliefs. Guides
economic decisions such as production and distribution.
Command Economy --- correct precise answer ---An economic system
in which production, investment, prices, and incomes are determined
centrally by a government.
(Centralized)
Market Economy --- correct precise answer ---An economic system in
which the decisions regarding investment, production, and
distribution are guided by the price signals created by the forces of
supply and demand
(Decentralized)
