Study guides, Class notes & Summaries
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Bundle for WGU C718 Correctly Solved 2024 | 2025
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Bundle for WGU C718 Correctly Solved 2024 | 2025. Actual tests, vocabulary, microeconomics, pre-assessment, PJKO, full study guide
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WGU C718 vocabulary | Questions and Correct Solutions 2024
- Exam (elaborations) • 11 pages • 2024
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WGU C718 vocabulary | Questions and 
Correct Solutions 2024 
absolute advantage - Answer -when a country (or person) can produce more of a good than another 
country (In this picture England has absolute advantage in both goods) 
accounting profit - Answer -profit computed using only explicit costs (Acct Profit = Total Revenue - 
Explicit Costs) 
marginal external costs - Answer -additional costs incurred by third parties outside the production 
process when a unit of output is produced 
adverse...
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WGU C718 Full Study Guide | 104 Questions and Correct Solutions 2024
- Exam (elaborations) • 20 pages • 2024
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WGU C718 Full Study Guide | 104 Questions 
and Correct Solutions 2024 
What is the definition of economics? - Answer -the study of how humans make decisions in the face of 
scarcity 
What are economic and accounting profits? - Answer -Accounting - profit computed using only explicit 
costs 
Total revenue - Explicit costs = accounting profit 
Economic - profit computed using explicit and implicit costs 
Total revenue - Explicit costs - Implicit costs = Economic profit 
What are the characteristic...
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WGU C718 Microeconomics Questions Module #1-12 | 60 Questions and Correct Solutions 2024
- Exam (elaborations) • 50 pages • 2024
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WGU C718 Microeconomics Questions 
Module #1-12 | 60 Questions and Correct 
Solutions 2024 
1-1 - Scarcity results from the fact that 
A. People's wants exceed the resources available to satisfy them. 
B. Not all goals are desirable. 
C. We cannot answer the major economic questions. 
D. Choices made in self-interest are not always in the social interest. 
E. The population keeps growing. - Answer -A. People's wants exceed the resources available to satisfy 
them. 
2 All economic questions and...
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WGU C718 Pre-Assessment: Microeconomics PJKO | 60 Questions and Correct Solutions 2024
- Exam (elaborations) • 7 pages • 2024
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WGU C718 Pre-Assessment: Microeconomics 
PJKO | 60 Questions and Correct Solutions 
2024 
Which concept relates to limited resources? - Answer -Scarcity 
What does fresh water costing more than gas exemplify? - Answer -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 - Answer -c-Private property rights 
A student has been working extra hours at a part-time job a...
And that's how you make extra money
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WGU C718 vocabulary Test Questions with Answers 2024/2025
- Exam (elaborations) • 17 pages • 2024
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WGU C718 vocabulary Test Questions with 
Answers 2024/2025 
absolute advantage - ️️ -when a country (or person) can produce more of a good 
than another country (In this picture England has absolute advantage in both goods) 
accounting profit - ️️ -profit computed using only explicit costs (Acct Profit = Total 
Revenue - Explicit Costs) 
marginal external costs - ️️ -additional costs incurred by third parties outside the 
production process when a unit of output is produced 
adverse ...
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WGU C718 Pre-Assessment: Microeconomics PJKO | 60 Questions with 100% Correct Answers | Verified | Latest Update
- Exam (elaborations) • 9 pages • 2024
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- $12.49
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WGU C718 Pre-Assessment: Microeconomics 
PJKO | 60 Questions with 100% Correct 
Answers | Verified | Latest Update 
Which concept relates to limited resources? - Answer ️️ -Scarcity 
What does fresh water costing more than gas exemplify? - Answer ️️ -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 - Answer ️️ -c-Private property rights 
A student ha...
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WGU C718 Full Study Guide Questions | 104 Questions with 100% Correct Answers | Verified | Latest Update | 25 Pages
- Exam (elaborations) • 25 pages • 2024
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- $12.49
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WGU C718 Full Study Guide Questions | 104 
Questions with 100% Correct Answers | 
Verified | Latest Update | 25 Pages 
What is the definition of economics? - Answer ️️ -the study of how humans make decisions in 
the face of scarcity 
What are economic and accounting profits? - Answer ️️ -Accounting - profit computed using 
only explicit costs 
Total revenue - Explicit costs = accounting profit 
Economic - profit computed using explicit and implicit costs 
Total revenue - Explicit costs -...
-
WGU C718 Pre-Assessment: Microeconomics PJKO | 60 Questions with 100% Correct Answers | Verified | Latest Update
- Exam (elaborations) • 9 pages • 2024
-
- $12.49
- + learn more
WGU C718 Pre-Assessment: Microeconomics 
PJKO | 60 Questions with 100% Correct 
Answers | Verified | Latest Update 
Which concept relates to limited resources? - Answer ️️ -Scarcity 
What does fresh water costing more than gas exemplify? - Answer ️️ -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 - Answer ️️ -c-Private property rights 
A student ha...
-
WGU C718 Full Study Guide Questions | 104 Questions with 100% Correct Answers | Verified | Latest Update | 25 Pages
- Exam (elaborations) • 25 pages • 2024
-
- $13.49
- + learn more
WGU C718 Full Study Guide Questions | 104 
Questions with 100% Correct Answers | 
Verified | Latest Update | 25 Pages 
What is the definition of economics? - Answer ️️ -the study of how humans make decisions in 
the face of scarcity 
What are economic and accounting profits? - Answer ️️ -Accounting - profit computed using 
only explicit costs 
Total revenue - Explicit costs = accounting profit 
Economic - profit computed using explicit and implicit costs 
Total revenue - Explicit costs -...
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