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WGU C719 MACRO ECONOMICS EXAM COMPLETE
300 QUESTIONS AND CORRECT DETAILED
ANSWERS LATEST UPDATE THIS YEAR - JUST
RELEASED
WGU C719 EXAM MACRO ECONOMICS EXAM PA
QUESTION: Florence could earn an annual salary of $70,000 as a financial advisor or $60,000 as a bank manager. Currently, Florence is a teacher and earns an annual salary of $35,000.
What is Florence's opportunity cost for choosing to be a teacher instead of a financial advisor?
$20,000
$35,000
$60,000
$70,000 - ANSWER-$35,000
QUESTION: Florence is a teacher and earns $35,000 a year. Her spouse is a part-time IT specialist who earns $45,000 a year. Florence and her spouse decide that one of them should quit work and become a stay-at-home parent.
Based on the principle of comparative advantage, who should be the full-time, stay-at-home parent?
Florence should stay home, since she has a lower opportunity cost.
Her spouse should stay at home, since Florence can potentially earn more. 1 / 4
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Her spouse should stay at home, since Florence only makes $35,000.
Neither; they should both continue working. - ANSWER-Florence should stay home, since she has a lower opportunity cost.
QUESTION: Referring to the three economic questions (what, how, and for whom), in a market system, by whom are these questions determined?
The culture's tradition The buyers and sellers The central authority The market itself - ANSWER-The buyers and sellers
QUESTION: According to the production possibilities curve model, as you increase the production of one good, what will happen to the sacrifices of the alternate good?
They will steadily increase.They will steadily decrease.They will remain the same.They will gradually disappear. - ANSWER-They will steadily increase.
QUESTION: A farmer fully utilizes his resources to produce cauliflower and kale. As the farmer produces more cauliflower, he has fewer resources available to produce kale.
Which curve is illustrated in this scenario? 2 / 4
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Production possibilities curve Aggregate supply curve Aggregate demand curve Business cycle - ANSWER-Production possibilities curve
In the car manufacturing industry, the supply for cars has a positive slope.
What happens if the price of cars increases?
The supply curve will shift right.The supply curve will shift left.The supply curve will change slope.There will be a movement along the supply curve. - ANSWER-There will be a movement along the supply curve.
QUESTION: In the car manufacturing industry, the supply for cars has a positive slope.
Which two factors can cause the supply curve to shift?
A change in the price of cars A change in the cost of labor A change in expectations about the future A change in consumer tastes - ANSWER-A change in the cost of labor A change in expectations about the future 3 / 4
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QUESTION: Textbooks and class enrollments are complements.
What happens to the demand curve for textbooks if the tuition rate increases?
It will shift to the right.It will stay the same.It will shift to the left.It will first shift to the left, then shift to the right. - ANSWER-It will shift to the left.
QUESTION: Below are likely scenarios that affect the demand curve for automobiles.
Which scenario is correct?
The unemployment rate increases to 15% in the state of Michigan due to a recession. As a result, people will have less income and will be spending less. This will decrease the demand for automobiles, and the demand curve for automobiles will shift to the left.
The average price of automobiles goes up. This will cause a decrease in quantity demanded. As a result, the demand curve for automobiles will shift to the left
The inflation rate is expected to be 4% next year. As a result, the automobiles will become relatively more expensive. This will shift the current demand for automobiles leftward.
Public transportation becomes less available. Public transportation and private commuting are substitutes. This will cause a leftward shift in the demand for automobiles. - ANSWER-The unemployment rate increases to 15% in the state of Michigan due to a recession. As a result,
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