D089 / D 089 Pre – Assessment V2 Exam (Latest
Update ) Principles of Economics |
Questions and Answers | Grade A | 100% Correct
- WGU
Which questions is answered when a society decides how to distribute its scarce
resources?
What, How, and for whom to produce goods and services
A local government is making public policy decisions about spending funds. The
residents have differing opinions on whether the funds should be used for road
repairs, school expansion, health care increases or construction of a senior center.
The local government must decide the priority.
Which economic question is this decision an example of?
What to produce
A newspaper is trying to help citizens understand economic principle
Which misconception should the article address?
Increasing the money supply raises the standard of living for consumers in the long
run
Which scenario covers a topic included in microeconomics?
As a result of hard freeze, the price of cherries increase
,D089 / D 089 Pre – Assessment V2 Exam (Latest
Update ) Principles of Economics |
Questions and Answers | Grade A | 100% Correct
- WGU
What accurately characterizes capital?
It can be in the form of intellectual discoveries
Why is the circular flow model used?
To describe the interaction of businesses and households in markets
What is the result of increasing opportunity costs?
to produce more of one good, the economy gives up more and more of other goods
How would a production possibility frontier be drawn for an economy that
produces two goods with homogeneous resources?
As a constant slope, downward from left to right
A company is operating at a point insides its production possibility frontier.
Which conclusion is accurate about this company?
, D089 / D 089 Pre – Assessment V2 Exam (Latest
Update ) Principles of Economics |
Questions and Answers | Grade A | 100% Correct
- WGU
Resources of the company are being inefficiently utilized
A county produces two goods (A and B) and currently operates on the bowed out
production possibilities frontier.
What is the relationship between productions of Good A and Good B?
IF production of Good A increases, then production of Good B will decrease
A local farm grows apples and oranges. Production Possibilities for this farm are
provided in the following figure:
Assume that this farm operates at option B:
What happens to the production of apples and oranges if the farm decides to move
to option D?
Production of apples will decrease by 50 pounds and production of oranges will
decrease by 45 pounds.
A group of roommates decides to buy pizza together. The table below shows the
quantity of pizza demanded at different price levels:
Update ) Principles of Economics |
Questions and Answers | Grade A | 100% Correct
- WGU
Which questions is answered when a society decides how to distribute its scarce
resources?
What, How, and for whom to produce goods and services
A local government is making public policy decisions about spending funds. The
residents have differing opinions on whether the funds should be used for road
repairs, school expansion, health care increases or construction of a senior center.
The local government must decide the priority.
Which economic question is this decision an example of?
What to produce
A newspaper is trying to help citizens understand economic principle
Which misconception should the article address?
Increasing the money supply raises the standard of living for consumers in the long
run
Which scenario covers a topic included in microeconomics?
As a result of hard freeze, the price of cherries increase
,D089 / D 089 Pre – Assessment V2 Exam (Latest
Update ) Principles of Economics |
Questions and Answers | Grade A | 100% Correct
- WGU
What accurately characterizes capital?
It can be in the form of intellectual discoveries
Why is the circular flow model used?
To describe the interaction of businesses and households in markets
What is the result of increasing opportunity costs?
to produce more of one good, the economy gives up more and more of other goods
How would a production possibility frontier be drawn for an economy that
produces two goods with homogeneous resources?
As a constant slope, downward from left to right
A company is operating at a point insides its production possibility frontier.
Which conclusion is accurate about this company?
, D089 / D 089 Pre – Assessment V2 Exam (Latest
Update ) Principles of Economics |
Questions and Answers | Grade A | 100% Correct
- WGU
Resources of the company are being inefficiently utilized
A county produces two goods (A and B) and currently operates on the bowed out
production possibilities frontier.
What is the relationship between productions of Good A and Good B?
IF production of Good A increases, then production of Good B will decrease
A local farm grows apples and oranges. Production Possibilities for this farm are
provided in the following figure:
Assume that this farm operates at option B:
What happens to the production of apples and oranges if the farm decides to move
to option D?
Production of apples will decrease by 50 pounds and production of oranges will
decrease by 45 pounds.
A group of roommates decides to buy pizza together. The table below shows the
quantity of pizza demanded at different price levels:
