WGU C211 OA EXAMINATION TEST 2026 FULL
SOLVED QUESTIONS AND SOLUTIONS
◉ law that is based on religious teachings. Answer: theocratic
◉ less confrontational, shorter, less specific form of law. Answer:
civil
◉ common law is ______ flexible than civil law. Answer: more
◉ the legal right to use an economic resource and to derive income
and benefits from it. Answer: property right
◉ legal rights awarded by government authorities to investors of
new products or processes who are given monopoly rights to derive
income from inventions. Answer: patent
◉ exclusive legal rights of authors and publishers to publish and
disseminate their work. Answer: copyright
◉ exclusive legal rights of firms to use specific names, brands and
designs to differentiate their products. Answer: trademark
,◉ characterized by the invisible hand of market forces where the
government takes a hands off approach. Answer: market
◉ factors of production should be government owned or state
owned and all supply, demand and pricing are planned by the
government. Answer: command
◉ the economic system of most countries. Answer: mixed economy
◉ a curve that represents a consumers preferences. Answer:
indifference curve
◉ ________ indifference curves are preferred to ______ ones. Answer:
higher, lower
◉ indifference curves are bowed ______. Answer: inward
◉ the rate at which a consumer is willing to substitute one good for
another. Answer: marginal rate of substitution
◉ the limit on consumption bundles that a consumer can afford.
Answer: budget constraint
, ◉ a piece of analysis that shows the combination of goods the
consumer can afford given their income and price of goods. Answer:
budget constraint
◉ an increase in income will shift the budget constraint ________.
Answer: outward
◉ the slope of the indifference curve equals the slope of the. Answer:
budget constraint
◉ the consumer chooses consumption of the two goods so that the
marginal rate of substitution equals the. Answer: relative price
◉ the increase in total cost that results from adding an additional
unit of production. Answer: marginal cost
◉ formula to calculate marginal cost. Answer: change in total cost /
change in quantity
◉ a firm will produce the quantity where MR = MC as long as
________. Answer: price > AVC
◉ when price falls below the AVC, what will a firm do?. Answer: shut
down temporarily
SOLVED QUESTIONS AND SOLUTIONS
◉ law that is based on religious teachings. Answer: theocratic
◉ less confrontational, shorter, less specific form of law. Answer:
civil
◉ common law is ______ flexible than civil law. Answer: more
◉ the legal right to use an economic resource and to derive income
and benefits from it. Answer: property right
◉ legal rights awarded by government authorities to investors of
new products or processes who are given monopoly rights to derive
income from inventions. Answer: patent
◉ exclusive legal rights of authors and publishers to publish and
disseminate their work. Answer: copyright
◉ exclusive legal rights of firms to use specific names, brands and
designs to differentiate their products. Answer: trademark
,◉ characterized by the invisible hand of market forces where the
government takes a hands off approach. Answer: market
◉ factors of production should be government owned or state
owned and all supply, demand and pricing are planned by the
government. Answer: command
◉ the economic system of most countries. Answer: mixed economy
◉ a curve that represents a consumers preferences. Answer:
indifference curve
◉ ________ indifference curves are preferred to ______ ones. Answer:
higher, lower
◉ indifference curves are bowed ______. Answer: inward
◉ the rate at which a consumer is willing to substitute one good for
another. Answer: marginal rate of substitution
◉ the limit on consumption bundles that a consumer can afford.
Answer: budget constraint
, ◉ a piece of analysis that shows the combination of goods the
consumer can afford given their income and price of goods. Answer:
budget constraint
◉ an increase in income will shift the budget constraint ________.
Answer: outward
◉ the slope of the indifference curve equals the slope of the. Answer:
budget constraint
◉ the consumer chooses consumption of the two goods so that the
marginal rate of substitution equals the. Answer: relative price
◉ the increase in total cost that results from adding an additional
unit of production. Answer: marginal cost
◉ formula to calculate marginal cost. Answer: change in total cost /
change in quantity
◉ a firm will produce the quantity where MR = MC as long as
________. Answer: price > AVC
◉ when price falls below the AVC, what will a firm do?. Answer: shut
down temporarily
