PRINCIPLES OF ECONOMICS - WGU D089
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,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 cost An increase in the quantity demanded
along a bowed out production
possibilities frontier?
What is the inverse relationship The law of demand
between price and quantity known as?
What does a fall in the price of a good An increase in the quantity demanded
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 price,
assume? 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)?
ACTUAL EXAM TEST | STUDY GUIDE |
QUESTIONS AND ANSWERS | EXAM PREP|
GRADED A+ | GUARANTEED SUCCESS
Updated Questions and Answers | 100% Verified Exam Prep
,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 cost An increase in the quantity demanded
along a bowed out production
possibilities frontier?
What is the inverse relationship The law of demand
between price and quantity known as?
What does a fall in the price of a good An increase in the quantity demanded
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 price,
assume? 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)?
