(NEW) WGU D089 EXAM QUESTIONS AND ALL ANSWERS
CORRECT
A property owner has 500 acres of flat land and has been approached by two
different businesses. One business wants to drill for oil, and the other wants to raise
cattle - ANSWER What to produce?
A well-established company has been producing goods and wants to create a new
line of production. The company needs to decide whether it should use a current
factory or find a new location. - ANSWER How to produce it?
To address environmental concerns, Congress is considering a bill that would
increase the price of electricity generated by coal. Increasing the price of electricity
creates a problem for low-income household ANSWER For whom to produce?
-
Which scenario matches Principle 4 of economics people respond to incentives?
- -
ANSWER A sales manager offers a higher percentage of commission for a product
that is not selling well
Principle 5: Trade can leave everyone in a better position ANSWER A farmer is -
really good at growing corn and exchanges the corn for meat and supplies
Principle 6: Markets are a sound method of organizing economic activity - ANSWER
Multiple producers and consumers exchange goods and services
Principle 7: Governments sometimes have the ability to better market outcomes -
ANSWER Companies face regulation when they create a monopoly in their industry
What is a consequence of a government printing more money? - ANSWER
Decreased Unemployment - printing more money causes inflation and can lead ot
more jobs
What is a benefit of using a traditional economic system? - ANSWER Everyone
knows their role in the market
Which characteristic is associated with a command economy? - ANSWER
Competition is limited
What is an advantage of a market economy? - ANSWER Innovation is encouraged
and rewarded
,
CORRECT
A property owner has 500 acres of flat land and has been approached by two
different businesses. One business wants to drill for oil, and the other wants to raise
cattle - ANSWER What to produce?
A well-established company has been producing goods and wants to create a new
line of production. The company needs to decide whether it should use a current
factory or find a new location. - ANSWER How to produce it?
To address environmental concerns, Congress is considering a bill that would
increase the price of electricity generated by coal. Increasing the price of electricity
creates a problem for low-income household ANSWER For whom to produce?
-
Which scenario matches Principle 4 of economics people respond to incentives?
- -
ANSWER A sales manager offers a higher percentage of commission for a product
that is not selling well
Principle 5: Trade can leave everyone in a better position ANSWER A farmer is -
really good at growing corn and exchanges the corn for meat and supplies
Principle 6: Markets are a sound method of organizing economic activity - ANSWER
Multiple producers and consumers exchange goods and services
Principle 7: Governments sometimes have the ability to better market outcomes -
ANSWER Companies face regulation when they create a monopoly in their industry
What is a consequence of a government printing more money? - ANSWER
Decreased Unemployment - printing more money causes inflation and can lead ot
more jobs
What is a benefit of using a traditional economic system? - ANSWER Everyone
knows their role in the market
Which characteristic is associated with a command economy? - ANSWER
Competition is limited
What is an advantage of a market economy? - ANSWER Innovation is encouraged
and rewarded
,
