WGU Principles of Economics – D089
TESTS Questions And Answers!!
Which type of economy is characterized by a government that plans and controls all
economic activity? – Answer Command
Correct! A command economy is a centralized economic system in which all
economic decisions are made by the nation’s government.
What is an example of a normative economic statement? – Answer Marginal tax
rates should be lowered on high-income individuals.
Correct! A marginal tax rate is the amount of money an individual pays in taxes on
each additional dollar earned. This statement uses the word “should”, which makes it
a value judgment or opinion and a normative statement.
Which characteristic is associated with natural resources from a business
perspective? – Answer They exist without human effort.
Correct! Natural resources are found in nature without any human effort.
How can the available supply of natural resources be increased? – Answer
Discovering new ways to extract resources
Correct! The discovery of different ways to extract natural resources can make them
more available.
A ski resort sells tickets online at $70 per ticket. The resort is not selling many
tickets, so it offers a two-for-one opportunity. Which economic principle is being
used? – Answer People respond to incentives.
Correct! The incentive of a sale or coupon changed the cost from $70 to $35, making
the ski trip more affordable and desirable. This incentive is what likely changed
buyers’ behaviors.
What are the characteristics of the production possibility frontier graph? – Answer
Trade-offs in choices and downward sloping
Correct! The graph of the production possibility frontier reflects trade-offs in choices
and is downward sloping.
How is scarcity represented on the production possibility frontier? – Answer By there
being attainable and unattainable points
Correct! The production possibility frontier depicts the impact of scarcity by providing
a clear mark between the set of attainable and unattainable points.
The government imposes new safety regulations on the production of gas stoves.
What will happen in the market for gas stoves? – Answer Supply decreases.
Correct! New government regulations on producers will make it more expensive to
produce gas stoves and will decrease supply.
The price of steel has increased by 5%, which leads to an increase in quantity
supplied by 8%. Which outcome can be concluded from the demand and supply of
steel? – Answer The supply of steel is elastic.
Correct! Because the quantity supplied increased by more than 5%, it is reasonable
to conclude that the supply of steel is elastic.<\/p>\n","protected":false},"excerpt":{"rendered":"
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