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WGU D089 Principles of Economics OA
Questions and Answers
10th (Principles of Economics ) - ANSWER ✔ There is short-run tradeoff
between inflation and unemployment.
1st (Principles of Economics ) - ANSWER ✔ Everyone faces tradeoffs
2nd (Principles of Economics ) - ANSWER ✔ The cost of something is
determined by what you give up to get it.
3rd (Principles of Economics ) - ANSWER ✔ Rational people think at the
margin.
4th (Principles of Economics ) - ANSWER ✔ People respond to incentives.
5th (Principles of Economics ) - ANSWER ✔ Trade can benefit everyone.
6th (Principles of Economics ) - ANSWER ✔ Markets are a sound method
of organizing economic activity.
pg. 1
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7th (Principles of Economics ) - ANSWER ✔ Government may be able to
improve market outcomes.
8th (Principles of Economics ) - ANSWER ✔ A nation's standard of living
depends on its ability to produce.
9th (Principles of Economics ) - ANSWER ✔ Printing too much money
causes prices to rise.
Absolute Advantage - ANSWER ✔ The capability to produce more of a
given product using less of a given resource than a competing entity
Absolute Quota - ANSWER ✔ Strictly limiting the quantity of goods that
may enter a country
Accounting Profit - ANSWER ✔ Total revenues - Explicit costs
Includes appreciation.
pg. 2
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Acquisition - ANSWER ✔ When one firm purchases another.
Ad Valorem Tariff - ANSWER ✔ Import tax based on a fixed percentage of
the assessed commercial value of imported goods
Adjustable Rate Mortgage - ANSWER ✔ A loan a borrower uses to
purchase a home and which the interest rate varies with the market interest
rates
Adverse Selection - ANSWER ✔ A process in which markets deteriorate
when buyers and sellers have access to different or imperfect information
also known as asymmetric information.
Aggregate Demand - ANSWER ✔ An economic measurement of the total
amount of demand for all finished goods and services produced in an
economy.
Aggregate Demand Aggregate Supply Model (AD-AS Model) - ANSWER ✔
A model that shows what determines total supply or total demand for the
economy and how total demand in total supply interact at the macro
economic level
pg. 3
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Aggregate Demand Curve - ANSWER ✔ Shows the total spending on
domestic goods and services at each price level
Aggregate Supply - ANSWER ✔ The total supply of goods and services
available to a particular market from producers.
Aggregate Supply Curve - ANSWER ✔ The total quantity of output that
firms will produce and sell at each price level
Allocative Efficiency - ANSWER ✔ Producing goods and services
demanded by consumers at a price that reflects the marginal cost
Allocative Efficiency - ANSWER ✔ Producing goods and services
demanded by consumers at a price that reflects the marginal cost.
Asset - ANSWER ✔ Something or someone of any value any portion of
one's property or effects so considered
Autarky - ANSWER ✔ National economic self sufficiency
pg. 4
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Answers& answers for quick study and test prep.
WGU D089 Principles of Economics OA
Questions and Answers
10th (Principles of Economics ) - ANSWER ✔ There is short-run tradeoff
between inflation and unemployment.
1st (Principles of Economics ) - ANSWER ✔ Everyone faces tradeoffs
2nd (Principles of Economics ) - ANSWER ✔ The cost of something is
determined by what you give up to get it.
3rd (Principles of Economics ) - ANSWER ✔ Rational people think at the
margin.
4th (Principles of Economics ) - ANSWER ✔ People respond to incentives.
5th (Principles of Economics ) - ANSWER ✔ Trade can benefit everyone.
6th (Principles of Economics ) - ANSWER ✔ Markets are a sound method
of organizing economic activity.
pg. 1
WGU D089 Principles of Economics OAQuestions
WGU D089 Principles
and Answers
of Economics OAQuestions and Answers.pdf rank higher on Stuvia
,Page 2 of 45 / Ideal for students
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and
confidence
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/ questions
Answers& answers for quick study and test prep.
7th (Principles of Economics ) - ANSWER ✔ Government may be able to
improve market outcomes.
8th (Principles of Economics ) - ANSWER ✔ A nation's standard of living
depends on its ability to produce.
9th (Principles of Economics ) - ANSWER ✔ Printing too much money
causes prices to rise.
Absolute Advantage - ANSWER ✔ The capability to produce more of a
given product using less of a given resource than a competing entity
Absolute Quota - ANSWER ✔ Strictly limiting the quantity of goods that
may enter a country
Accounting Profit - ANSWER ✔ Total revenues - Explicit costs
Includes appreciation.
pg. 2
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WGU D089 Principles
and Answers
of Economics OAQuestions and Answers.pdf rank higher on Stuvia
,Page 3 of 45 / Ideal for students
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D089 Principles
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Principles
Economics ofpreparation
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OAQuestions
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confidence
Answersand
for
/ questions
Answers& answers for quick study and test prep.
Acquisition - ANSWER ✔ When one firm purchases another.
Ad Valorem Tariff - ANSWER ✔ Import tax based on a fixed percentage of
the assessed commercial value of imported goods
Adjustable Rate Mortgage - ANSWER ✔ A loan a borrower uses to
purchase a home and which the interest rate varies with the market interest
rates
Adverse Selection - ANSWER ✔ A process in which markets deteriorate
when buyers and sellers have access to different or imperfect information
also known as asymmetric information.
Aggregate Demand - ANSWER ✔ An economic measurement of the total
amount of demand for all finished goods and services produced in an
economy.
Aggregate Demand Aggregate Supply Model (AD-AS Model) - ANSWER ✔
A model that shows what determines total supply or total demand for the
economy and how total demand in total supply interact at the macro
economic level
pg. 3
WGU D089 Principles of Economics OAQuestions
WGU D089 Principles
and Answers
of Economics OAQuestions and Answers.pdf rank higher on Stuvia
, Page 4 of 45 / Ideal for students
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D089 Principles
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Principles
Economics ofpreparation
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OAQuestions
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confidence
Answersand
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/ questions
Answers& answers for quick study and test prep.
Aggregate Demand Curve - ANSWER ✔ Shows the total spending on
domestic goods and services at each price level
Aggregate Supply - ANSWER ✔ The total supply of goods and services
available to a particular market from producers.
Aggregate Supply Curve - ANSWER ✔ The total quantity of output that
firms will produce and sell at each price level
Allocative Efficiency - ANSWER ✔ Producing goods and services
demanded by consumers at a price that reflects the marginal cost
Allocative Efficiency - ANSWER ✔ Producing goods and services
demanded by consumers at a price that reflects the marginal cost.
Asset - ANSWER ✔ Something or someone of any value any portion of
one's property or effects so considered
Autarky - ANSWER ✔ National economic self sufficiency
pg. 4
WGU D089 Principles of Economics OAQuestions
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and Answers
of Economics OAQuestions and Answers.pdf rank higher on Stuvia
