WGU C718 Pre-Assessment: Microeconomics
PJKO |Graded A+ 2026
Which concept relates to limited resources? - Scarcity
What does fresh water costing more than gas exemplify? - 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 family traditions - c-Private property rights
A student has been working extra hours at a part-time job and is debating subtracting an
hour from work
for extra studying.
When is this student making this decision, according to economists? - At the margin
Which factor of production are power tools, hammers, steel, and other building materials
examples of? -
Capital
Which economic assertion is described by a statement of fact? - Positive statements
Which statement represents economic growth on a PPF? - The production possibilities
frontier shifts
outward.
Choice of Output Produced Each Day
Country Can Produce Either/or
Machine Parts Bottles of Olive Oil
Romania 5 25
Bulgaria 10 30
Based on this chart, how many bottles of olive oil does each machine part in Romania cost? -
5
, What will occur when the beef industry conducts a successful advertising campaign? -
Demand will shift
to the right.
The market for dog food is in equilibrium. Then both the supply and the demand for dog
food increases.
Which effect will this change have on the equilibrium price and quantity for dog food? - The
change in
equilibrium price is ambiguous, and the quantity increases.
A firm that produces both yogurt and ice cream is finding that prices are rising for ice
cream. The owners
have only so much raw material milk.
What will be these owners' response, due to their limited resource? - They will wish to
produce more ice
cream and less yogurt.
What will shift when new firms leave the smartwatch industry? - Supply will shift to the left.
What will happen to the demand curve for ramen noodles if incomes are rising across the
nation? -
Demand for ramen noodles shifts to the left.
What will happen if something other than price affects production for sellers? - The seller
will have a
new supply curve.
The table below lists the quantity demanded for televisions:
Price Quantity Demand
$250 5
$350 6
$450 4
$550 2
What is represented in the table above? - Demand schedule
In price elasticity of demand, how much will quantity demanded decrease if demand is
elastic and there
PJKO |Graded A+ 2026
Which concept relates to limited resources? - Scarcity
What does fresh water costing more than gas exemplify? - 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 family traditions - c-Private property rights
A student has been working extra hours at a part-time job and is debating subtracting an
hour from work
for extra studying.
When is this student making this decision, according to economists? - At the margin
Which factor of production are power tools, hammers, steel, and other building materials
examples of? -
Capital
Which economic assertion is described by a statement of fact? - Positive statements
Which statement represents economic growth on a PPF? - The production possibilities
frontier shifts
outward.
Choice of Output Produced Each Day
Country Can Produce Either/or
Machine Parts Bottles of Olive Oil
Romania 5 25
Bulgaria 10 30
Based on this chart, how many bottles of olive oil does each machine part in Romania cost? -
5
, What will occur when the beef industry conducts a successful advertising campaign? -
Demand will shift
to the right.
The market for dog food is in equilibrium. Then both the supply and the demand for dog
food increases.
Which effect will this change have on the equilibrium price and quantity for dog food? - The
change in
equilibrium price is ambiguous, and the quantity increases.
A firm that produces both yogurt and ice cream is finding that prices are rising for ice
cream. The owners
have only so much raw material milk.
What will be these owners' response, due to their limited resource? - They will wish to
produce more ice
cream and less yogurt.
What will shift when new firms leave the smartwatch industry? - Supply will shift to the left.
What will happen to the demand curve for ramen noodles if incomes are rising across the
nation? -
Demand for ramen noodles shifts to the left.
What will happen if something other than price affects production for sellers? - The seller
will have a
new supply curve.
The table below lists the quantity demanded for televisions:
Price Quantity Demand
$250 5
$350 6
$450 4
$550 2
What is represented in the table above? - Demand schedule
In price elasticity of demand, how much will quantity demanded decrease if demand is
elastic and there
