WGU D089 ECON 2000 Principles of Economics Final Assessment (Qns & Ans) 2026

WGU D089 ECON 2000 Principles of Economics Final Assessment (Qns & Ans) 2026

1. Which of the following best describes the concept of
'opportunity cost'?
 - A. The monetary cost of an item
 - B. The value of the next best alternative foregone
 - C. The cost of production
 - D. The cost of labor
 - ANS: B. The value of the next best alternative foregone
©2026/2027
 - Rationale: Opportunity cost represents the benefits an
individual, investor, or business misses out on when choosing one
alternative over another.
2. What is the primary goal of monetary policy?
 - A. To control inflation
 - B. To increase government spending
 - C. To reduce taxes
 - D. To regulate international trade
 - ANS: A. To control inflation
 - Rationale: The primary goal of monetary policy is to
control inflation and stabilize the currency by managing interest
rates and the money supply.
3. Which of the following best describes the concept of
'elasticity of demand'?
 - A. The responsiveness of quantity demanded to a change in
price
 - B. The total revenue generated from sales
 - C. The fixed cost of production
 - D. The supply curve's slope
 - ANS: A. The responsiveness of quantity demanded to a
change in price

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