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 total cost of producing goods
 - B) The cost of the next best alternative foregone
 - C) The cost of all available alternatives
 - D) The cost of resources used in production

- ANS: B
 - Rationale: Opportunity cost refers to the value of the next
best alternative that is foregone when a decision is made.
2. What is the primary focus of microeconomics?
 - A) The study of national economies
 - B) The analysis of individual markets and consumer behavior
 - C) The examination of global trade
 - D) The study of government policies
 - ANS: B
 - Rationale: Microeconomics focuses on the behavior of
individuals and firms in making decisions regarding the allocation
of limited resources.
3. Which of the following is NOT a characteristic of a perfectly
competitive market?
 - A) Many buyers and sellers
 - B) Homogeneous products
 - C) Barriers to entry and exit
 - D) Perfect information
 - ANS: C

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