7/3/26, 1:14 AM WGU - D089 - Principles of Economics EXAM Questions and Answers (latest version verified for accuracy) | 2026\2027 Latest!! (Veri…
WGU - D089 - Principles of Economics EXAM
Questions and Answers (latest version verified for
accuracy) | 2026\2027 Latest!! (Verified Answers)
Study Guide
Save Add to calendar
Terms in this set (211)
How are Positive and Normative Positive economics clearly states and economic
economics different from each issue, and normative economics provides the
other? value-based solution for the issue.
What are factors of production? The resources the economy has available to
produce goods and services
How can Labor's contribution to an By increasing either the quantity of labor of human
economy's output of goods and capital.
services be increased?
https://quizlet.com/1192920158/wgu-d089-principles-of-economics-exam-questions-and-answers-latest-version-verified-for-accuracy-20262027-latest… 1/25
,7/3/26, 1:14 AM WGU - D089 - Principles of Economics EXAM Questions and Answers (latest version verified for accuracy) | 2026\2027 Latest!! (Veri…
What are two keys to the use of an Technology and, in the case of a market economic
economy's factors of production? system, the efforts of entrepreneurs
For every factor of production (or Payment
input) what is there an associated
factor of?
What are factor payments? What the firm pays for the use of the factors of
production
When human want exceeds the Scarcity
available resources what is the
result?
If the inputs of production are No
underutilized, is a decrease in
production of the other good
required when increasing production
to the point that the output
combinations sit on the production
possibilities frontier?
How is opportunity cost calculated? By dividing the amount of a good you have given
up by the amount of the good you have gained.
How does opportunity cost appear As a constant
along a linear production
possibilities frontier?
What is happening to opportunity An increase in the quantity demanded
cost along a bowed out production
possibilities frontier?
https://quizlet.com/1192920158/wgu-d089-principles-of-economics-exam-questions-and-answers-latest-version-verified-for-accuracy-20262027-latest… 2/25
, 7/3/26, 1:14 AM WGU - D089 - Principles of Economics EXAM Questions and Answers (latest version verified for accuracy) | 2026\2027 Latest!! (Veri…
What is the inverse relationship The law of demand
between price and quantity known
as?
What does a fall in the price of a An increase in the quantity demanded
good almost always cause?
What are positive and normative Two specific aspects of economic reasoning
economic thought?
What does the law of demand That all variables that affect demand, other than
assume? price, remain constant
What is a demand curve? a graphical representation depicting the
relationship between a good or service's price and
the quantities consumers are willing to buy at those
prices.
What is a demand schedule? A table view of the price-quantity pairings that
compose the demand curve
What will result in movement along a A change in price - a change in quantity demanded
demand curve (up or down)?
https://quizlet.com/1192920158/wgu-d089-principles-of-economics-exam-questions-and-answers-latest-version-verified-for-accuracy-20262027-latest… 3/25
WGU - D089 - Principles of Economics EXAM
Questions and Answers (latest version verified for
accuracy) | 2026\2027 Latest!! (Verified Answers)
Study Guide
Save Add to calendar
Terms in this set (211)
How are Positive and Normative Positive economics clearly states and economic
economics different from each issue, and normative economics provides the
other? value-based solution for the issue.
What are factors of production? The resources the economy has available to
produce goods and services
How can Labor's contribution to an By increasing either the quantity of labor of human
economy's output of goods and capital.
services be increased?
https://quizlet.com/1192920158/wgu-d089-principles-of-economics-exam-questions-and-answers-latest-version-verified-for-accuracy-20262027-latest… 1/25
,7/3/26, 1:14 AM WGU - D089 - Principles of Economics EXAM Questions and Answers (latest version verified for accuracy) | 2026\2027 Latest!! (Veri…
What are two keys to the use of an Technology and, in the case of a market economic
economy's factors of production? system, the efforts of entrepreneurs
For every factor of production (or Payment
input) what is there an associated
factor of?
What are factor payments? What the firm pays for the use of the factors of
production
When human want exceeds the Scarcity
available resources what is the
result?
If the inputs of production are No
underutilized, is a decrease in
production of the other good
required when increasing production
to the point that the output
combinations sit on the production
possibilities frontier?
How is opportunity cost calculated? By dividing the amount of a good you have given
up by the amount of the good you have gained.
How does opportunity cost appear As a constant
along a linear production
possibilities frontier?
What is happening to opportunity An increase in the quantity demanded
cost along a bowed out production
possibilities frontier?
https://quizlet.com/1192920158/wgu-d089-principles-of-economics-exam-questions-and-answers-latest-version-verified-for-accuracy-20262027-latest… 2/25
, 7/3/26, 1:14 AM WGU - D089 - Principles of Economics EXAM Questions and Answers (latest version verified for accuracy) | 2026\2027 Latest!! (Veri…
What is the inverse relationship The law of demand
between price and quantity known
as?
What does a fall in the price of a An increase in the quantity demanded
good almost always cause?
What are positive and normative Two specific aspects of economic reasoning
economic thought?
What does the law of demand That all variables that affect demand, other than
assume? price, remain constant
What is a demand curve? a graphical representation depicting the
relationship between a good or service's price and
the quantities consumers are willing to buy at those
prices.
What is a demand schedule? A table view of the price-quantity pairings that
compose the demand curve
What will result in movement along a A change in price - a change in quantity demanded
demand curve (up or down)?
https://quizlet.com/1192920158/wgu-d089-principles-of-economics-exam-questions-and-answers-latest-version-verified-for-accuracy-20262027-latest… 3/25
