1|Page
2025 WGU D089 Principles Of Economics
Objective Assessment Final Exam 2 LatesST
Versions 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 valuebased solution for the issue.
What are factors of production? ......ANSWER.....The
resources the economy has available to produce goods
and services
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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.
When human want exceeds the available resources what is
the result? ......ANSWER.....Scarcity
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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
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
, 4|Page
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
What does the law of demand assume?
......ANSWER.....That all variables that affect demand, other
than price, remain constant
2025 WGU D089 Principles Of Economics
Objective Assessment Final Exam 2 LatesST
Versions 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 valuebased solution for the issue.
What are factors of production? ......ANSWER.....The
resources the economy has available to produce goods
and services
,2|Page
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.
When human want exceeds the available resources what is
the result? ......ANSWER.....Scarcity
,3|Page
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
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
, 4|Page
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
What does the law of demand assume?
......ANSWER.....That all variables that affect demand, other
than price, remain constant
