age 1 of 56
WGU D089 Principles of Economics ACTUAL EXAM
STUDY GUIDE 2025/2026 COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS WITH RATIONALES ||
100% GUARANTEED PASS <RECENT VERSION>
Absolute Quota .....Answer.....Strictly limiting the quantity of
goods that may enter a country
Tariff Rate Quota .....Answer.....Permitting a specified quantity of
imported goods to enter a country at a reduced rate during the
quota period.
Dumping .....Answer.....When a country or company exported
product at a price that is below market price to gain an unfair
share of the market
,age 2 of 56
Voluntary Export Restriction .....Answer.....A trade restriction on
the quantity of a good that an exporting country is allowed to
export to another country
Government Procurement Programs .....Answer.....The process of
buying goods and services by a government agency through a
specific process of issuing bid proposals and seeking responses
from companies
Export Subsidies .....Answer.....A government policy to encourage
export of goods and discourage sale of goods on the domestic
market through direct payments low cost loans tax relief for
exporters or government financed and to international
advertising
Countervailing Duties .....Answer.....An import tax imposed on
certain goods to prevent dumping or counter export subsidies
,age 3 of 56
Economics .....Answer.....The study of how humans make decisions
in the face of scarcity.
Factors of Production .....Answer.....Describes theninputs used in
the production of goods or services to make an economic profit.
Macroeconomics .....Answer.....A branch of economic dealing with
the performance, structure, behavior and decision making of an
economy as a whole.
Microeconomics .....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.
Scarcity .....Answer.....The basic economic problem, the gap
between limited, scarce, resources and theoretically limitless
wants
, age 4 of 56
Opportunity Cost .....Answer.....The next best alternative that is
given up when a choice is made.
Think at the Margin .....Answer.....Thinking about what the next
step or an additional action means for a person.
Marginal Benefit .....Answer.....The incremental increase in the
benefit to a consumer caused by the consumption of one
additional unit of a good or service.
1st (Principles of Economics ) .....Answer.....Everyone faces
tradeoffs
2nd (Principles of Economics ) .....Answer.....The cost of something
is determined by what you give up to get it.
3rd (Principles of Economics ) .....Answer.....Rational people think
at the margin.
WGU D089 Principles of Economics ACTUAL EXAM
STUDY GUIDE 2025/2026 COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS WITH RATIONALES ||
100% GUARANTEED PASS <RECENT VERSION>
Absolute Quota .....Answer.....Strictly limiting the quantity of
goods that may enter a country
Tariff Rate Quota .....Answer.....Permitting a specified quantity of
imported goods to enter a country at a reduced rate during the
quota period.
Dumping .....Answer.....When a country or company exported
product at a price that is below market price to gain an unfair
share of the market
,age 2 of 56
Voluntary Export Restriction .....Answer.....A trade restriction on
the quantity of a good that an exporting country is allowed to
export to another country
Government Procurement Programs .....Answer.....The process of
buying goods and services by a government agency through a
specific process of issuing bid proposals and seeking responses
from companies
Export Subsidies .....Answer.....A government policy to encourage
export of goods and discourage sale of goods on the domestic
market through direct payments low cost loans tax relief for
exporters or government financed and to international
advertising
Countervailing Duties .....Answer.....An import tax imposed on
certain goods to prevent dumping or counter export subsidies
,age 3 of 56
Economics .....Answer.....The study of how humans make decisions
in the face of scarcity.
Factors of Production .....Answer.....Describes theninputs used in
the production of goods or services to make an economic profit.
Macroeconomics .....Answer.....A branch of economic dealing with
the performance, structure, behavior and decision making of an
economy as a whole.
Microeconomics .....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.
Scarcity .....Answer.....The basic economic problem, the gap
between limited, scarce, resources and theoretically limitless
wants
, age 4 of 56
Opportunity Cost .....Answer.....The next best alternative that is
given up when a choice is made.
Think at the Margin .....Answer.....Thinking about what the next
step or an additional action means for a person.
Marginal Benefit .....Answer.....The incremental increase in the
benefit to a consumer caused by the consumption of one
additional unit of a good or service.
1st (Principles of Economics ) .....Answer.....Everyone faces
tradeoffs
2nd (Principles of Economics ) .....Answer.....The cost of something
is determined by what you give up to get it.
3rd (Principles of Economics ) .....Answer.....Rational people think
at the margin.
