PRINCIPLES OF ECONOMICS WGU D089
EXAM 2025/2026 QUESTIONS AND
ANSWERS 100% PASS
Which principle of economics does the $6 price from the China vendor represent if the
company decides to produce the sheet set in its Mexico facility - ANS principle 2:cost is
determined by what is given up also known as opportunity cost
which economic system is represented by thr governments actions to regulate the production
of ABC company's products - ANS mixed
which economies have characteristics of all the economic systems with market system being
the most prevalent - ANS mixed
a company that focuses its economic reasoning at a business level and decisions focus on
individuals is what - ANS microeconomics
what is the payment of production for a company if it buys the additional machinery for its
production facility - ANS interest
the payment for the use of capital is... - ANS interest
which term is a factor of production in a manufacturing facility - ANS machinery-capital
factor
pg. 1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, Macroeconomics - ANS a branch of economics dealing with the performance, structure,
behavior, and decision making of an economy as a whole
Microeconomics - ANS a branch of economics that studies the behavior of individuals and
firms in making decisions regarding the allocation of scare resources and interactions among
these individuals and firms
Scarcity - ANS the basic economic problem, the gap between limited, scare, resources and
theoretically limitless wants
3 basic economic questions - ANS What to produce? How to produce? For whom to
produce?
what is a consequence of a government printing more money - ANS decreased
unemployment
principle 1 - ANS People face trade-offs
principle 2 - ANS The cost of something is determined by what you give up to get it
principle 3 - ANS Rational people think at the margin
principle 4 - ANS People respond to incentives
principle 5 - ANS trade can benefit everyone
principle 6 - ANS markets are sound method of organizing economic activity
principle 7 - ANS governments may be able to improve market outcomes
pg. 2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
EXAM 2025/2026 QUESTIONS AND
ANSWERS 100% PASS
Which principle of economics does the $6 price from the China vendor represent if the
company decides to produce the sheet set in its Mexico facility - ANS principle 2:cost is
determined by what is given up also known as opportunity cost
which economic system is represented by thr governments actions to regulate the production
of ABC company's products - ANS mixed
which economies have characteristics of all the economic systems with market system being
the most prevalent - ANS mixed
a company that focuses its economic reasoning at a business level and decisions focus on
individuals is what - ANS microeconomics
what is the payment of production for a company if it buys the additional machinery for its
production facility - ANS interest
the payment for the use of capital is... - ANS interest
which term is a factor of production in a manufacturing facility - ANS machinery-capital
factor
pg. 1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, Macroeconomics - ANS a branch of economics dealing with the performance, structure,
behavior, and decision making of an economy as a whole
Microeconomics - ANS a branch of economics that studies the behavior of individuals and
firms in making decisions regarding the allocation of scare resources and interactions among
these individuals and firms
Scarcity - ANS the basic economic problem, the gap between limited, scare, resources and
theoretically limitless wants
3 basic economic questions - ANS What to produce? How to produce? For whom to
produce?
what is a consequence of a government printing more money - ANS decreased
unemployment
principle 1 - ANS People face trade-offs
principle 2 - ANS The cost of something is determined by what you give up to get it
principle 3 - ANS Rational people think at the margin
principle 4 - ANS People respond to incentives
principle 5 - ANS trade can benefit everyone
principle 6 - ANS markets are sound method of organizing economic activity
principle 7 - ANS governments may be able to improve market outcomes
pg. 2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
