7/11/25, 11:11 PM Economics D089
WGU D089 ECONOMICS ACTUAL TEST BANK EXAM 2025-2026
\COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS
\VERIFIED ANSWERS \ALREADY GRADED A+ ||ASSURED PASS
A property owner has What to produce—Using the economy's scarce
500 acres of flat land
resources to produce one thing requires giving up
and has been
approached by two another. Producing better education, for example, may
different businesses. require decreasing other services, such as healthcare.
One business wants to
drill for oil, and the
other wants to raise
cattle.
Which Fundamental
Question of Economics
is the property owner
trying to answer?
A person graduates Demand increases.
from college and gets a
full-time job. What
happens to the Correct! Demand increases with higher income.
demand for this
person's goods and
services?
No change in demand
for either goods or
services.
Demand increases.
It depends whether
demand is elastic or
inelastic.
Demand decreases.
Privately-owned goods and services are standard, and
people and businesses have the right to
commercialize their property freely.
People can innovate, produce, sell, and purchase goods and
services.
Market Economic System Prices, production, and job availability are driven by self-
motivation and competition, according to the laws of
supply and demand.
1/161
,7/11/25, 11:11 PM Economics D089
The economy relies on market efficiency where
producers and consumers have access to the same
information to make economic decisions.
Government interference is limited to regulating safety,
fair access, environmental, and national defense
issues.
What is an advantage of a Innovation is encouraged and rewarded. -There is a lot
market economy? of competition in a market economy, so innovation is
rewarded.
Features a combination of traditional, command, and
market economies to varying degrees. In a mixed
economic system, decisions are made based on
consumer demands. However, there is government
involvement in making decisions about
consumer safety, environmental, and other regulations.
Mixed Economic System
Goods and services are distributed to where they are
needed the most; therefore, prices are set by supply
and demand.
Competition incentivizes innovation and improves the
quality of products and services.
Goods and services are more available and accessible
to those who are willing to pay.
The role of the government is expanded to help ensure
access for the underprivileged.
What is a disadvantage of a Freedom of choice can fluctuate from too much to too little.
mixed economic system?
Focuses on the actions of individual agents within the
Microeconomics
economy, like households, workers, and businesses.
Looks at the economy as a whole. It focuses on broad
Macroeconomics issues such as the growth of production, number of
unemployed people, inflationary increase in prices,
government deficits, and levels of exports and imports.
Which economic framework Macroeconomics
would a
student use to study
inflation in a country over
past years?
2/161
,7/11/25, 11:11 PM Economics D089
Which economic framework Microeconomics
would a
student use to explain past
price changes in a specific
industry?
3/161
, 7/11/25, 11:11 PM Economics D089
Normative statements because fairness of outcomes should be
Which economic reasoning is
considered
used in deciding among
Normative statements deal with fairness and are often
public policy goals?
an important consideration of public policy.
Which economic reasoning Macroeconomics
is involved when someone
wants to study a country's
output of gross domestic
product (GDP)?
Positive economics vs Positive economics clearly states an economic issue,
normative economics and normative economics provides the value-based
solution for the issue.
What are the four factors of Natural resources, labor, capital, entrepreneurship
production?
Which criterion must be It has been produced already and is used for producing
satisfied to include capital other goods and services. - The resulting capital must
as a physical good or actually be produced and also be useful for other
intellectual discovery? goods and services.
Why is technology an Entrepreneurs use technology to best organize
important part of production. -New ideas and technologies must be
entrepreneurship? applied by an entrepreneur.
Labor | wages
Capital |
interest Land
The factors of production
| Rent
require payments for each
of the scarce resources
Labor requires payment in the form of wages for hourly
used to make a product or
workers and salaries for executives.
service.
Match each factor of
production with its specific Capital requires payment of interest for using another's
type of payment. money to pay for things needed for producing a good
or service.
Labor
Interest
Capital Land requires payment from a business to use the
rent space needed for producing a good or service.
4/161
WGU D089 ECONOMICS ACTUAL TEST BANK EXAM 2025-2026
\COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS
\VERIFIED ANSWERS \ALREADY GRADED A+ ||ASSURED PASS
A property owner has What to produce—Using the economy's scarce
500 acres of flat land
resources to produce one thing requires giving up
and has been
approached by two another. Producing better education, for example, may
different businesses. require decreasing other services, such as healthcare.
One business wants to
drill for oil, and the
other wants to raise
cattle.
Which Fundamental
Question of Economics
is the property owner
trying to answer?
A person graduates Demand increases.
from college and gets a
full-time job. What
happens to the Correct! Demand increases with higher income.
demand for this
person's goods and
services?
No change in demand
for either goods or
services.
Demand increases.
It depends whether
demand is elastic or
inelastic.
Demand decreases.
Privately-owned goods and services are standard, and
people and businesses have the right to
commercialize their property freely.
People can innovate, produce, sell, and purchase goods and
services.
Market Economic System Prices, production, and job availability are driven by self-
motivation and competition, according to the laws of
supply and demand.
1/161
,7/11/25, 11:11 PM Economics D089
The economy relies on market efficiency where
producers and consumers have access to the same
information to make economic decisions.
Government interference is limited to regulating safety,
fair access, environmental, and national defense
issues.
What is an advantage of a Innovation is encouraged and rewarded. -There is a lot
market economy? of competition in a market economy, so innovation is
rewarded.
Features a combination of traditional, command, and
market economies to varying degrees. In a mixed
economic system, decisions are made based on
consumer demands. However, there is government
involvement in making decisions about
consumer safety, environmental, and other regulations.
Mixed Economic System
Goods and services are distributed to where they are
needed the most; therefore, prices are set by supply
and demand.
Competition incentivizes innovation and improves the
quality of products and services.
Goods and services are more available and accessible
to those who are willing to pay.
The role of the government is expanded to help ensure
access for the underprivileged.
What is a disadvantage of a Freedom of choice can fluctuate from too much to too little.
mixed economic system?
Focuses on the actions of individual agents within the
Microeconomics
economy, like households, workers, and businesses.
Looks at the economy as a whole. It focuses on broad
Macroeconomics issues such as the growth of production, number of
unemployed people, inflationary increase in prices,
government deficits, and levels of exports and imports.
Which economic framework Macroeconomics
would a
student use to study
inflation in a country over
past years?
2/161
,7/11/25, 11:11 PM Economics D089
Which economic framework Microeconomics
would a
student use to explain past
price changes in a specific
industry?
3/161
, 7/11/25, 11:11 PM Economics D089
Normative statements because fairness of outcomes should be
Which economic reasoning is
considered
used in deciding among
Normative statements deal with fairness and are often
public policy goals?
an important consideration of public policy.
Which economic reasoning Macroeconomics
is involved when someone
wants to study a country's
output of gross domestic
product (GDP)?
Positive economics vs Positive economics clearly states an economic issue,
normative economics and normative economics provides the value-based
solution for the issue.
What are the four factors of Natural resources, labor, capital, entrepreneurship
production?
Which criterion must be It has been produced already and is used for producing
satisfied to include capital other goods and services. - The resulting capital must
as a physical good or actually be produced and also be useful for other
intellectual discovery? goods and services.
Why is technology an Entrepreneurs use technology to best organize
important part of production. -New ideas and technologies must be
entrepreneurship? applied by an entrepreneur.
Labor | wages
Capital |
interest Land
The factors of production
| Rent
require payments for each
of the scarce resources
Labor requires payment in the form of wages for hourly
used to make a product or
workers and salaries for executives.
service.
Match each factor of
production with its specific Capital requires payment of interest for using another's
type of payment. money to pay for things needed for producing a good
or service.
Labor
Interest
Capital Land requires payment from a business to use the
rent space needed for producing a good or service.
4/161
