1|Page
WGU D089 Principles Of Economics Objective
Assessment Final Exam 2 Latest Versions Newest 2025
Actual Exam Complete 400 Questions And Correct
Answers| Already Graded A+
How are Positive and Normative economics different from each
other? ......answer.....Positive economics clearly states and
economic issue, and normative economics provides the value-
based solution for the issue.
What are factors of production? ......answer.....The resources the
economy has available to produce goods and services
How can Labor's contribution to an economy's output of goods and
services be increased? ......answer.....By increasing either the
quantity of labor of human capital.
,2|Page
What are two keys to the use of an economy's factors of
production? ......answer.....Technology and, in the case of a market
economic system, the efforts of entrepreneurs
For every factor of production (or input) what is there an
associated factor of? ......answer.....Payment
What are factor payments? ......answer.....What the firm pays for
the use of the factors of production
When human want exceeds the available resources what is the
result? ......answer.....Scarcity
If the inputs of production are underutilized, is a decrease in
production of the other good required when increasing production
to the point that the output combinations sit on the production
possibilities frontier? ......answer.....No
,3|Page
How is opportunity cost calculated? ......answer.....By dividing the
amount of a good you have given up by the amount of the good
you have gained.
How does opportunity cost appear along a linear production
possibilities frontier? ......answer.....As a constant
What is happening to opportunity cost along a bowed out
production possibilities frontier? ......answer.....An increase in the
quantity demanded
What is the inverse relationship between price and quantity known
as? ......answer.....The law of demand
What does a fall in the price of a good almost always cause?
......answer.....An increase in the quantity demanded
What are positive and normative economic thought?
......answer.....Two specific aspects of economic reasoning
, 4|Page
What does the law of demand assume? ......answer.....That all
variables that affect demand, other than price, remain constant
What is a demand curve? ......answer.....a graphical representation
depicting the relationship between a good or service's price and the
quantities consumers are willing to buy at those prices.
What is a demand schedule? ......answer.....A table view of the
price-quantity pairings that compose the demand curve
What will result in movement along a demand curve (up or down)?
......answer.....A change in price - a change in quantity demanded
What will result in a shift in a demand curve (left or right)?
......answer.....A change in a non-price - a change in demand
WGU D089 Principles Of Economics Objective
Assessment Final Exam 2 Latest Versions Newest 2025
Actual Exam Complete 400 Questions And Correct
Answers| Already Graded A+
How are Positive and Normative economics different from each
other? ......answer.....Positive economics clearly states and
economic issue, and normative economics provides the value-
based solution for the issue.
What are factors of production? ......answer.....The resources the
economy has available to produce goods and services
How can Labor's contribution to an economy's output of goods and
services be increased? ......answer.....By increasing either the
quantity of labor of human capital.
,2|Page
What are two keys to the use of an economy's factors of
production? ......answer.....Technology and, in the case of a market
economic system, the efforts of entrepreneurs
For every factor of production (or input) what is there an
associated factor of? ......answer.....Payment
What are factor payments? ......answer.....What the firm pays for
the use of the factors of production
When human want exceeds the available resources what is the
result? ......answer.....Scarcity
If the inputs of production are underutilized, is a decrease in
production of the other good required when increasing production
to the point that the output combinations sit on the production
possibilities frontier? ......answer.....No
,3|Page
How is opportunity cost calculated? ......answer.....By dividing the
amount of a good you have given up by the amount of the good
you have gained.
How does opportunity cost appear along a linear production
possibilities frontier? ......answer.....As a constant
What is happening to opportunity cost along a bowed out
production possibilities frontier? ......answer.....An increase in the
quantity demanded
What is the inverse relationship between price and quantity known
as? ......answer.....The law of demand
What does a fall in the price of a good almost always cause?
......answer.....An increase in the quantity demanded
What are positive and normative economic thought?
......answer.....Two specific aspects of economic reasoning
, 4|Page
What does the law of demand assume? ......answer.....That all
variables that affect demand, other than price, remain constant
What is a demand curve? ......answer.....a graphical representation
depicting the relationship between a good or service's price and the
quantities consumers are willing to buy at those prices.
What is a demand schedule? ......answer.....A table view of the
price-quantity pairings that compose the demand curve
What will result in movement along a demand curve (up or down)?
......answer.....A change in price - a change in quantity demanded
What will result in a shift in a demand curve (left or right)?
......answer.....A change in a non-price - a change in demand
