D 089 D089 Final Exam Latest

D 089 / D089 Final Exam (Latest Update 2025 / 2026) Principles of Economics | Questions and Answers | 100% Correct | Grade A - WGU

Question:

What do economists study?

Answer:

Human actions and decisions related to the production and distribution of scarce resources

Question:

What are the two main areas of economics?

Answer:

Macroeconomics and Microeconomics

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Question:

What does Macroeconomics focus on?

Answer:

Large economic systems

Question:

What does Microeconomics focus on?

Answer:

Organizations and individuals

Question:

Who must make decisions about how, what, and for whom to produce?

Answer:

Individuals, organizations, governments, and countries

Question:

Are the ten principles of economics interrelated?

Answer:

Yes

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Question:

What do the ten principles of economics describe?

Answer:

How people make decisions and interact and how the economy acts as a whole.

Question:

What are positive and normative economic thought?

Answer:

Two specific aspects of economic reasoning

Question:

How are Positive and Normative economics different from each other?

Answer:

Positive economics clearly states and economic issue, and normative economics provides the value-based solution for the issue.

Question:

What is a model?

Answer:

A framework designed to show complex economic processes. 3 / 4

Question:

What is the focus of a model?

Answer:

To gain a better understanding of how things work, observe patterns, and predict the results.

Question:

What are factors of production?

Answer:

The resources the economy has available to produce goods and services

Question:

What is labor?

Answer:

The human effort that can be applied to the production of goods and services.

Question:

How can Labor's contribution to an economy's output of goods and services be increased?

Answer:

By increasing either the quantity of labor of human capital.

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