WGU C201 CHAPTER 3 EXAM
QUESTIONS WITH 100% CORRECT
ANSWERS L LATEST VERSION 2025/2026.
"In the United States, changes in price levels are tracked by the (_____), which measures the
monthly average changes in prices of goods and services." - ANS consumer price index (CPI)
The term used to describe the study of the overall operations of an economy and its various
components is known as (_____). - ANS macroeconomics
(_____) refers to the study of the economic activities of a firm or an individual. -
ANS microeconomics
"A (_____) occurs when government grants exclusive rights in a single market to a single firm,
such as a utility company." - ANS regulated monopoly
(_____) refers to people who are temporarily out of work but who are looking for a job. -
ANS frictional unemployment
The science of allocating scarce resources is known as (_____). - ANS economics
The (_____) depicts the difference in the amount of a good a seller will produce at various
prices. - ANS supply curve
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, The (_____) is the price at which the demand curve and the supply curve intersect. -
ANS equilibrium price
(_____) counts people like farm laborers or ski instructors who are out of work due to the time
of year. - ANS seasonal unemployment
(_____) refers to governmental measures designed to affect the level of economic activity
through changes in the money supply. - ANS monetary policy
"When the federal government spends more than it gets from tax revenues, a (_____) is the
result." - ANS deficit
The ability and willingness of buyers to purchase goods and services in the economy is known as
(_____). - ANS demand
"When people are out of work during a recession or other economic downturn, their job loss is
referred to as (_____)." - ANS cyclical unemployment
"When prices continue to increase due to costs or demand, the economy is said to be
experiencing a period of (_____)." - ANS inflation
Governmental actions concerning tax revenue and expenditures of public funds are referred to
as (_____). - ANS fiscal policy
The (_____) measures the number of people who are looking for work but who are unable to
find jobs. - ANS unemployment rate
"In a (_____) government controls determine business ownership, profits, and resource
allocation." - ANS planned economy
(_____) counts those people who are unable to find work for a long period of time because
their skills fail to match those needed in the workforce. - ANS structural unemployment
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
QUESTIONS WITH 100% CORRECT
ANSWERS L LATEST VERSION 2025/2026.
"In the United States, changes in price levels are tracked by the (_____), which measures the
monthly average changes in prices of goods and services." - ANS consumer price index (CPI)
The term used to describe the study of the overall operations of an economy and its various
components is known as (_____). - ANS macroeconomics
(_____) refers to the study of the economic activities of a firm or an individual. -
ANS microeconomics
"A (_____) occurs when government grants exclusive rights in a single market to a single firm,
such as a utility company." - ANS regulated monopoly
(_____) refers to people who are temporarily out of work but who are looking for a job. -
ANS frictional unemployment
The science of allocating scarce resources is known as (_____). - ANS economics
The (_____) depicts the difference in the amount of a good a seller will produce at various
prices. - ANS supply curve
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, The (_____) is the price at which the demand curve and the supply curve intersect. -
ANS equilibrium price
(_____) counts people like farm laborers or ski instructors who are out of work due to the time
of year. - ANS seasonal unemployment
(_____) refers to governmental measures designed to affect the level of economic activity
through changes in the money supply. - ANS monetary policy
"When the federal government spends more than it gets from tax revenues, a (_____) is the
result." - ANS deficit
The ability and willingness of buyers to purchase goods and services in the economy is known as
(_____). - ANS demand
"When people are out of work during a recession or other economic downturn, their job loss is
referred to as (_____)." - ANS cyclical unemployment
"When prices continue to increase due to costs or demand, the economy is said to be
experiencing a period of (_____)." - ANS inflation
Governmental actions concerning tax revenue and expenditures of public funds are referred to
as (_____). - ANS fiscal policy
The (_____) measures the number of people who are looking for work but who are unable to
find jobs. - ANS unemployment rate
"In a (_____) government controls determine business ownership, profits, and resource
allocation." - ANS planned economy
(_____) counts those people who are unable to find work for a long period of time because
their skills fail to match those needed in the workforce. - ANS structural unemployment
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
