WGU C208 Change Management and
Innovation- WGU Exam Study Guide –
Complete Questions with Correct Detailed
Answers | Latest Updated Version
Prepare effectively for your Western Governors University (WGU) exams with this
comprehensive and well-organized study guide. This resource contains complete exam
questions with correct and detailed answers, designed to help students understand key
concepts and successfully prepare for their WGU assessments.
WGU courses follow a competency-based learning model, meaning students must
demonstrate a strong understanding of course objectives before passing their assessments.
This study guide helps simplify the process by providing structured questions and accurate
explanations that reinforce important topics and improve exam readiness.
What This Study Guide Includes
✔ Complete exam questions covering key WGU course competencies
✔ Correct answers with clear and detailed explanations
✔ Organized format for quick and effective revision
✔ Coverage of commonly tested concepts in WGU assessments
✔ Latest updated version for reliable exam preparation
Why This Study Guide Is Helpful
This resource is designed to help students review faster, understand concepts more clearly,
and build confidence before taking WGU Objective Assessments (OA). Practicing with
structured questions and reviewing detailed answers helps strengthen knowledge and
improve test-taking skills.
Ideal For
,• WGU Objective Assessment (OA) preparation
• Midterm and final exam review
• Self-paced study and revision
• Practicing exam-style questions
• Strengthening understanding of course competencies
A valuable study resource designed to support WGU students in preparing effectively and
performing confidently in their exams.
Which questions is answered when a society decides how to distribute its scarce resources?
What, How, and for whom to produce goods and services
A local government is making public policy decisions about spending funds. The residents
have differing opinions on whether the funds should be used for road repairs, school
expansion, health care increases or construction of a senior center. The local government
must decide the priority.
Which economic question is this decision an example of?
What to produce
A newspaper is trying to help citizens understand economic principle
Which misconception should the article address?
Increasing the money supply raises the standard of living for consumers in the long run
Which scenario covers a topic included in microeconomics?
As a result of hard freeze, the price of cherries increase
What accurately characterizes capital?
It can be in the form of intellectual discoveries
Why is the circular flow model used?
To describe the interaction of businesses and households in markets
What is the result of increasing opportunity costs?
to produce more of one good, the economy gives up more and more of other goods
,How would a production possibility frontier be drawn for an economy that produces two
goods with homogeneous resources?
As a constant slope, downward from left to right
A company is operating at a point insides its production possibility frontier.
Which conclusion is accurate about this company?
Resources of the company are being inefficiently utilized
A county produces two goods (A and B) and currently operates on the bowed out production
possibilities frontier.
What is the relationship between productions of Good A and Good B?
IF production of Good A increases, then production of Good B will decrease
A local farm grows apples and oranges. Production Possibilities for this farm are provided in
the following figure:
Assume that this farm operates at option B:
What happens to the production of apples and oranges if the farm decides to move to option
D?
Production of apples will decrease by 50 pounds and production of oranges will decrease by 45
pounds.
A group of roommates decides to buy pizza together. The table below shows the quantity of
pizza demanded at different price levels:
Demand for pizza after a drop in Price
Price of Pizza Quantity demanded
$0.50 20
$0.75 15
$1.00 10
$1.25 5
$1.50 0
The prize pizza was originally $1.25 per slice, but it is now on sale for $0.75 per slice.
How will the price change affect the quantity of pizza slices demanded?
The quantity demanded of pizza slices will increase by 10 slices
What description accurately characterizes demand?
, Changes in income will shift demand curve, and changes in the market price of good will result
in movement along the curve
Which statement is true about the law of demand, all else being equal?
A fall in price will likely increase the quantity demanded
What is the name of a table depicting the relationship between the prices of a product and
the quantities that consumers are willing to buy at those prices?
Demand schedule
Which outcome is expected regarding the hot cocoa industry when the cost of coca from
South American increases in price, making it more expensive to U.S. businesses?
Consumers will decrease hot cocoa purchases both to make at home or while out
When a resident heard an expected tornado, the individual rant to the store to stock up on
survival items including bread, peanut butter, batteries, and water.
Which statement is likely to occur on the demand graph in response to this situation?
A shift to the right due to an increase in demand in expectation of a shortage.
Why do markets with excess demand move toward equilibrium?
Consumers are willing to pay higher prices, and firms will seek higher profits
Which statement describes how higher input costs affect equilibrium in the market for a
good?
They reduce supply, causing prices to rise
The market price of a product increases by 7%, the absolute value of price elasticity of
demand for this product is 3.8
What is the percent of change in quantity demanded?
26.6% decrease
The average price of eggs increases from $1.10 to $1.30, in response the quantity supplied
increase from 220 to 260 eggs, the elasticity of supply is equal to 1.
Which term describes the price elasticity of this supply?
Unit Elastic
Why does a price ceiling cause a market failure?
It reduces the number of exchanges that take place without any shift in the curve
Innovation- WGU Exam Study Guide –
Complete Questions with Correct Detailed
Answers | Latest Updated Version
Prepare effectively for your Western Governors University (WGU) exams with this
comprehensive and well-organized study guide. This resource contains complete exam
questions with correct and detailed answers, designed to help students understand key
concepts and successfully prepare for their WGU assessments.
WGU courses follow a competency-based learning model, meaning students must
demonstrate a strong understanding of course objectives before passing their assessments.
This study guide helps simplify the process by providing structured questions and accurate
explanations that reinforce important topics and improve exam readiness.
What This Study Guide Includes
✔ Complete exam questions covering key WGU course competencies
✔ Correct answers with clear and detailed explanations
✔ Organized format for quick and effective revision
✔ Coverage of commonly tested concepts in WGU assessments
✔ Latest updated version for reliable exam preparation
Why This Study Guide Is Helpful
This resource is designed to help students review faster, understand concepts more clearly,
and build confidence before taking WGU Objective Assessments (OA). Practicing with
structured questions and reviewing detailed answers helps strengthen knowledge and
improve test-taking skills.
Ideal For
,• WGU Objective Assessment (OA) preparation
• Midterm and final exam review
• Self-paced study and revision
• Practicing exam-style questions
• Strengthening understanding of course competencies
A valuable study resource designed to support WGU students in preparing effectively and
performing confidently in their exams.
Which questions is answered when a society decides how to distribute its scarce resources?
What, How, and for whom to produce goods and services
A local government is making public policy decisions about spending funds. The residents
have differing opinions on whether the funds should be used for road repairs, school
expansion, health care increases or construction of a senior center. The local government
must decide the priority.
Which economic question is this decision an example of?
What to produce
A newspaper is trying to help citizens understand economic principle
Which misconception should the article address?
Increasing the money supply raises the standard of living for consumers in the long run
Which scenario covers a topic included in microeconomics?
As a result of hard freeze, the price of cherries increase
What accurately characterizes capital?
It can be in the form of intellectual discoveries
Why is the circular flow model used?
To describe the interaction of businesses and households in markets
What is the result of increasing opportunity costs?
to produce more of one good, the economy gives up more and more of other goods
,How would a production possibility frontier be drawn for an economy that produces two
goods with homogeneous resources?
As a constant slope, downward from left to right
A company is operating at a point insides its production possibility frontier.
Which conclusion is accurate about this company?
Resources of the company are being inefficiently utilized
A county produces two goods (A and B) and currently operates on the bowed out production
possibilities frontier.
What is the relationship between productions of Good A and Good B?
IF production of Good A increases, then production of Good B will decrease
A local farm grows apples and oranges. Production Possibilities for this farm are provided in
the following figure:
Assume that this farm operates at option B:
What happens to the production of apples and oranges if the farm decides to move to option
D?
Production of apples will decrease by 50 pounds and production of oranges will decrease by 45
pounds.
A group of roommates decides to buy pizza together. The table below shows the quantity of
pizza demanded at different price levels:
Demand for pizza after a drop in Price
Price of Pizza Quantity demanded
$0.50 20
$0.75 15
$1.00 10
$1.25 5
$1.50 0
The prize pizza was originally $1.25 per slice, but it is now on sale for $0.75 per slice.
How will the price change affect the quantity of pizza slices demanded?
The quantity demanded of pizza slices will increase by 10 slices
What description accurately characterizes demand?
, Changes in income will shift demand curve, and changes in the market price of good will result
in movement along the curve
Which statement is true about the law of demand, all else being equal?
A fall in price will likely increase the quantity demanded
What is the name of a table depicting the relationship between the prices of a product and
the quantities that consumers are willing to buy at those prices?
Demand schedule
Which outcome is expected regarding the hot cocoa industry when the cost of coca from
South American increases in price, making it more expensive to U.S. businesses?
Consumers will decrease hot cocoa purchases both to make at home or while out
When a resident heard an expected tornado, the individual rant to the store to stock up on
survival items including bread, peanut butter, batteries, and water.
Which statement is likely to occur on the demand graph in response to this situation?
A shift to the right due to an increase in demand in expectation of a shortage.
Why do markets with excess demand move toward equilibrium?
Consumers are willing to pay higher prices, and firms will seek higher profits
Which statement describes how higher input costs affect equilibrium in the market for a
good?
They reduce supply, causing prices to rise
The market price of a product increases by 7%, the absolute value of price elasticity of
demand for this product is 3.8
What is the percent of change in quantity demanded?
26.6% decrease
The average price of eggs increases from $1.10 to $1.30, in response the quantity supplied
increase from 220 to 260 eggs, the elasticity of supply is equal to 1.
Which term describes the price elasticity of this supply?
Unit Elastic
Why does a price ceiling cause a market failure?
It reduces the number of exchanges that take place without any shift in the curve
