Wgu d089 Study guides, Class notes & Summaries

WGU D089 PRINCIPLES OF ECONOMICS EXAM ACTUAL EXAM ALL 350 QUESTIONS AND CORRECT SOLUTIONS JUST RELEASED

(WGU D089) ECON 2000 Principles of Economics - Complete OA Review (WGU D089) ECON 2000 Principles of Economics - Complete OA Review (WGU D089) ECON 2000 Principles of Economics - Complete OA Review

What are the three fundamental questions every economy must answer? Give an example of a "What" question. - Answer What to produce, how it will be produced, and from whom the goods or services are produced. What to produce (Oil vs. Cattle), How to (Current vs. New technology), From who to produce What do economists mean when they say that people "think at the margin"? - Answer Thinking about the next step or an additional action means for a person. According to the 10 Principles of...

WGU D089 PRINCIPLES OF ECONOMICS EXAM LATES 2 VERSIONS ACTUAL EXAM ALL 350 QUESTIONS AND DETAILED VERIFIED SOLUTIONS

WGU D089 Principles of Economics – TESTS Already Passed Which type of economy is characterized by a government that plans and controls all economic activity? 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? 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 o...

Principles of Economics WGU D089 Questions With Complete Answers.

Identify and describe the four functions of money. - ANSWER-medium of exchange, a store of value, unit of account and a standard of deferred payment What is included in the M1 measure of money? How does this differ from the M2 measure of money? - ANSWER-M1 is monies that are very liquid such as cash, checkable deposits, and traveler's checks. M2 is less liquid and includes M1 plus those classified as near money like savings, time deposits, certificates of deposits and money market funds. ...

Macroeconomics - ANSWER-A branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole Microeconomics - ANSWER-A branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms Scarcity - ANSWER-The basic economic problem; the gap between limited, scarce , resources and theoretically limitless wants Opportun...

What are the three fundamental questions every economy must answer? Give an example of a "What" question. - Answer- What to produce, how it will be produced, and from whom the goods or services are produced. What to produce (Oil vs. Cattle), How to (Current vs. New technology), From who to produce What do economists mean when they say that people "think at the margin"? - Answer- Thinking about the next step or an additional action means for a person. According to the 10 Principles of E...

WGU D089: Module 1 Quizzes & Answers…