WGU D089 PRINCIPLES OF ECONOMICS 2026 QUESTIONS
AND ANSWERS SURE A+
✔✔Contractionary Monetary Policy - ✔✔In economic policy used to fight inflation by
✔✔Protective Tariff - ✔✔Tariffs to protect a domestic industry by making imported
goods more expensive than equivalent goods produced domestically
✔✔Specific Tariff - ✔✔Import tax expressed and an amount of money per unit imported
✔✔Ad Valorem Tariff - ✔✔Import tax based on a fixed percentage of the assessed
commercial value of imported goods
✔✔Compound Tariff - ✔✔A tax on imported goods that is a combination of a fixed
amount and in a mountain base on the value of the goods
✔✔Domestic Equilibrium - ✔✔The equilibrium achieved by a market if it is not open to
trade it is determined by where the domestic the man equals the domestic supply
✔✔Absolute Quota - ✔✔Strictly limiting the quantity of goods that may enter a country
✔✔Tariff Rate Quota - ✔✔Permitting a specified quantity of imported goods to enter a
country at a reduced rate during the quota period.
✔✔Dumping - ✔✔When a country or company exported product at a price that is below
market price to gain an unfair share of the market
✔✔Voluntary Export Restriction - ✔✔A trade restriction on the quantity of a good that an
exporting country is allowed to export to another country
✔✔Government Procurement Programs - ✔✔The process of buying goods and services
by a government agency through a specific process of issuing bid proposals and
seeking responses from companies
✔✔Export Subsidies - ✔✔A government policy to encourage export of goods and
discourage sale of goods on the domestic market through direct payments low cost
loans tax relief for exporters or government financed and to international advertising
✔✔Countervailing Duties - ✔✔An import tax imposed on certain goods to prevent
dumping or counter export subsidies
✔✔ Economics - ✔✔The study of how humans make decisions in the face of scarcity.
✔✔Factors of Production - ✔✔Describes theninputs used in the production of goods or
services to make an economic profit.
AND ANSWERS SURE A+
✔✔Contractionary Monetary Policy - ✔✔In economic policy used to fight inflation by
✔✔Protective Tariff - ✔✔Tariffs to protect a domestic industry by making imported
goods more expensive than equivalent goods produced domestically
✔✔Specific Tariff - ✔✔Import tax expressed and an amount of money per unit imported
✔✔Ad Valorem Tariff - ✔✔Import tax based on a fixed percentage of the assessed
commercial value of imported goods
✔✔Compound Tariff - ✔✔A tax on imported goods that is a combination of a fixed
amount and in a mountain base on the value of the goods
✔✔Domestic Equilibrium - ✔✔The equilibrium achieved by a market if it is not open to
trade it is determined by where the domestic the man equals the domestic supply
✔✔Absolute Quota - ✔✔Strictly limiting the quantity of goods that may enter a country
✔✔Tariff Rate Quota - ✔✔Permitting a specified quantity of imported goods to enter a
country at a reduced rate during the quota period.
✔✔Dumping - ✔✔When a country or company exported product at a price that is below
market price to gain an unfair share of the market
✔✔Voluntary Export Restriction - ✔✔A trade restriction on the quantity of a good that an
exporting country is allowed to export to another country
✔✔Government Procurement Programs - ✔✔The process of buying goods and services
by a government agency through a specific process of issuing bid proposals and
seeking responses from companies
✔✔Export Subsidies - ✔✔A government policy to encourage export of goods and
discourage sale of goods on the domestic market through direct payments low cost
loans tax relief for exporters or government financed and to international advertising
✔✔Countervailing Duties - ✔✔An import tax imposed on certain goods to prevent
dumping or counter export subsidies
✔✔ Economics - ✔✔The study of how humans make decisions in the face of scarcity.
✔✔Factors of Production - ✔✔Describes theninputs used in the production of goods or
services to make an economic profit.
