WGU - D089 Principles of Economics 260+ (Latest Edition) 100% Verified Q&A + Answer Key Solutions

WGU - D089 PRINCIPLES OF
ECONOMICS

260+ (Latest 2025-2026 Edition) 100%
Verified Q&A + Answer Key Solutions


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,Question 1
Economics
Correct Answer
The study of how humans make decisions in the face of scarcity.

Question 2
Factors of Production
Correct Answer
Describes theninputs used in the production of goods or services to make an economic profit.


Question 3
Macroeconomics
Correct Answer
A branch of economic dealing with the performance, structure, behavior and decision making of an economy as a
whole.

Question 4
Microeconomics
Correct Answer
A branch of economics that studies the behavior of individuals, and firms in making decisions regarding the
allocation of scarce resources and the interactions among these individuals and firms.

Question 5
Scarcity
Correct Answer
The basic economic problem, the gap between limited, scarce, resources and theoretically limitless wants

Question 6
Opportunity Cost

Correct Answer
The next best alternative that is given up when a choice is made.

Question 7
Think at the Margin
Correct Answer
Thinking about what the next step or an additional action means for a person.




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,Question 8
Marginal Benefit
Correct Answer
The incremental increase in the benefit to a consumer caused by the consumption of one additional unit of a good
or service.

Question 9
1st (Principles of Economics )
Correct Answer
Everyone faces tradeoffs

Question 10
2nd (Principles of Economics )
Correct Answer
The cost of something is determined by what you give up to get it.

Question 11
3rd (Principles of Economics )
Correct Answer
Rational people think at the margin.

Question 12
4th (Principles of Economics )
Correct Answer
People respond to incentives.

Question 13
5th (Principles of Economics )
Correct Answer
Trade can benefit everyone.

Question 14
6th (Principles of Economics )
Correct Answer
Markets are a sound method of organizing economic activity.

Question 15
7th (Principles of Economics )
Correct Answer
Government may be able to improve market outcomes.

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, Question 16
8th (Principles of Economics )
Correct Answer
A nation's standard of living depends on its ability to produce.

Question 17
9th (Principles of Economics )
Correct Answer
Printing too much money causes prices to rise.


Question 18
10th (Principles of Economics )
Correct Answer
There is short-run tradeoff between inflation and unemployment.

Question 19
Economic Systems
Correct Answer
A system of the production, resource allocation, and distribution of goods and services within a society or give
geographic area.

Question 20
Traditional Economy
Correct Answer
A economic system that relies on customs, history. and time-honored beliefs. Guides economic decisions such as
production and distribution.

Question 21
Command Economy

Correct Answer
An economic system in which production, investment, prices, and incomes are determined centrally by a
government.

(Centralized)




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