WGU D089 Principles of Economics Exam Perfectly Answered

WGU D089 Principles of Economics Exam Perfectly Answered
Question : Which type of economy is characterized by a
government that plans and controls all economic activity?
Command
Correct answer: Command
Correct! A command economy is a centralized economic
system in which all economic decisions are made by the
nation's government.
Question : What is an example of a normative economic
statement?
Marginal tax rates should be lowered on high-income
individuals.
Correct 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.

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