PACKAGE DEAL FOR Microeconomics - C718 WGU 2023 Correct Questions & Answers

Economics - ANSWER the study of how people, individually and through institutions, make decisions about producing and consuming goods and services, and how they face the problem of scarcity. Focuses on opportunity costs, the assumption of maximization in terms of ones own self interest, and the anal...

capital - ANSWER Which factor of production are power tools, hammers, steel, and other building materials examples of? positive statement - ANSWER Which economic assertion is described by a statement of fact? scarcity - ANSWER Which concept relates to limited resources? scarcity - ANSWER A ...

Marginal thinking - ANSWER what's next/ additional action Normal good (regular) - ANSWER a good that consumers demand more of when their incomes increase. Ex: "I'm still going to buy gas b/c I need it" Inferior good (luxury) - ANSWER a good that consumers demand less of when their incomes...

Accounting profit formula - ANSWER total revenue - explicit costs economic profit formula - ANSWER = total revenue - explicit costs - implicit costs Total revenue formula - ANSWER = price x quantity Average fixed cost (AFC) formula - ANSWER =total fixed cost DIVIDED BY quantity Average V...

Which concept relates to limited resources? - ANSWER Scarcity What does fresh water costing more than gas exemplify? - ANSWER Scarcity (example) Which characteristic is a part of a market economy? a-Hereditary customary roles b-Government-created mandate c-Private property rights d-Past ...

price elasticity of demand - ANSWER Measures responsiveness of consumers to a change in price. % change QD/%change in price Unit Elastic - ANSWER Quantity Demanded changes by same percent as price changes. Ed=1 %ΔP=%ΔQ Inelastic Demand - ANSWER Quantity demanded does not respond strongly ...

1-1 - Scarcity results from the fact that A. People's wants exceed the resources available to satisfy them. B. Not all goals are desirable. C. We cannot answer the major economic questions. D. Choices made in self-interest are not always in the social interest. E. The population keeps growing....

Which factor of production are power tools, hammers, steel, and other building materials examples of? A natural resource A human resource Capital Entrepreneurship - ANSWER Capital Which economic assertion is described by a statement of fact? All other things unchanged Fallacy of false cause...

Economic Profit forumula - ANSWER Total Revenue - Implicit Costs - Explicit Costs Accounting Profit - ANSWER Total Revenue - Explicit Costs Explicit costs - ANSWER Out of pocket costs, payments made to the factors of production implicit costs - ANSWER Cost included in the economic concept o...

What is the definition of economics? - ANSWER the study of how humans make decisions in the face of scarcity What are economic and accounting profits? - ANSWER Accounting - profit computed using only explicit costs Total revenue - Explicit costs = accounting profit Economic - profit computed...

What is economics? - ANSWER The study of how humans make choices under conditions of scarcity. What is meant by scarcity in economics? - ANSWER The wants for goods, resources, and services exceeds what is available. Microeconomic - ANSWER The microeconomic perspective focuses on parts of the e...

To Economists, Scarcity means - ANSWER unlimited wants cannot be satisfied by the limited resources Joe decides to attend the one-hour review session for microeconomics instead of working at his job. His job pays him $10 per hour. Joe's opportunity cost of attending the review session is - ANSWE...