WGU; D089; Pre-; Assessment; (Latest; 2025/; 2026; Update); Principles; of; Economics; Review|; Q/A; |; Grade; A|; 100%; Correct; (Verified; Answers)
Q:; Which; of; the; following; items; is; not; a; factor; of; production?
A.; An; oil; rig; in; the; Gulf; of; Mexico B.; A; factory; worker; in; Michigan C.; A; b-ank; loan; to; a; farmer; in; Iowa D.; An; orange; grove; in; Florida
Answer:
C.; A; bank; loan; to; a; farmer; in; Iowa
Q:; What; term; describes; the; condition; that; occurs; when; human; wants; are; unlimited; but; the; resources; to; meet; those; wants; are; limited?
A.; Opportunity; cost B.; Production; Possibilities C.; Trade-off D.; Scarcity
Answer:
D.; Scarcity Feedback:; Scarcity; is; the; condition; that; occurs; when; there; are; limited; resources; and; unlimited; wants.
Q:; Karen; is; paid; by; the; hour; and; her; boss; offers; her; the; option; to; stay; or; to; leave; work; early.; Which; of; the; following; is; an; opportunity; cost; of; clocking; out; and; leaving; work; early?
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A.; The; time; it; takes; her; to; drive; home.B.; The; extra; free; time; she; will; get; by; leaving; early.C.; The; additional; money; she; would; earn; by; finishing; her; shift.D.; The; money; she; earned; in; her; shift; so; far.
Answer:
C.; The; additional; money; she; would; earn; by; finishing; her; shift.
Feedback:When; Karen; leaves; work; early; she; gives; up; the; money; she; would; have; earned; by; continuing; to; work.
Q:; The; production; possibilities; frontier; is; based; on; which; of; the; following; assumptions?; Choose; 2.
A.; All; resources; are; fully; employed.B.; Markets; are; in; equilibrium.C.; Technology; is; variable.D.; Resources; are; fixed.
Answer:
A.; All; resources; are; fully; employed.
Feedback:The; PPF; is; based; on; the; following; assumptions:; 1.; Resources; are; fixed,; 2.; All; available; resources; are; fully; employed,; 3.; Only; two; things; are; produced,; 4.; Technology; is; fixed.
D.; Resources; are; fixed.
Feedback:The; PPF; is; based; on; the; following; assumptions:; 1.; Resources; are; fixed,; 2.; All; available; resources; are; fully; employed,; 3.; Only; two; things; are; produced,; 4.; Technology; is; fixed.
Q:; Atlantis; is; currently; producing; combination; D; on; its; PPF.; What; trade-off; must; Atlantis; make; in; order; to; produce; combination; E?
A.; Atlantis; must; give; up; 50; pounds; of; fish; to; produce; an; additional; 200; pounds; of; potato. 2 / 4
B.; Atlantis; must; give; up; 400; pounds; of; potato; to; produce; 650; pounds; of; fish.C.; Atlantis; must; give; up; 600; pounds; of; fish; to; produce; 600; pounds; of; potatoes.D.; Atlantis; must; give; up; 200; pounds; of; potato; to; produce; an; additional; 50; pounds; of; fish.
Answer:
D.; Atlantis; must; give; up; 200; pounds; of; potato; to; produce; an; additional; 50; pounds; of; fish.
Feedback:When; Atlantis; changes; its; output; combination; from; D; to; C,; the; quantity; of; fish; produced; changes; from; 600; to; 650; pounds.; There; is; a; gain; of; 50; pounds; of; fish.; That; change; from; D; to; C; requires; the; quantity; of; potatoes; produced; to; fall; from; 400; to; 200; pounds.; This; means; that; Atlantis; must; give; up; 200; pounds; of; potatoes; to; gain; 50; pounds; of; fish.
Q:; Based; on; the; PPF; for; Atlantis,; how; would; you; describe; combination; G?
A.; Efficient; and; attainable B.; Unattainable C.; Inefficient; and; unattainable D.; Inefficient; and; attainable
Answer:
B.; Unattainable
Feedback:Points; that; lie; outside; of; the; production; possibilities; frontier; are; unattainable.
Q:; Based; on; the; shape; of; Atlantis'; PPF,; which; of; the; following; statements; is; true?; Choose; 2.
A.; There; are; increasing; opportunity; costs.B.; Markets; are; in; equilibrium.C.; Resources; are; heterogeneous; in; production.D.; Technology; is; improving.
Answer:
A.; There; are; increasing; opportunity; costs. 3 / 4
Feedback:Heterogenous; inputs; generate; increasing; opportunities; and; create; a; bowed; out; PPF.
C.; Resources; are; heterogeneous; in; production.
Feedback:Heterogenous; inputs; generate; increasing; opportunities; and; create; a; bowed; out; PPF.
Q:; Which; of; the; following; describes; a; Production; Possibilities; Curve; when; resources; are; homogeneous?
A.; A; straight; line; &; constant; opportunity; costs B.; A; bowed; out; curve; &; increasing; opportunity; costs C.; A; bowed; out; curve; &; constant; opportunity; costs D.; A; straight; line; &; increasing; opportunity; costs
Answer:
A.; A; straight; line; &; constant; opportunity; costs
Q:; Suppose; an; economy; suffers; from; a; recession; with; high; unemployment,; but; then; recovers; eventually; reaching; full; employment.; How; would; this; be; illustrated; using; a; PPF?
A.; The; economy; begins; by; producing; a; combination; that; is; inside; the; PPF; and; then; moves; to; a; point; on; the; existing; PPF.B.; The; economy; begins; by; producing; a; combination; that; is; inside; the; PPF.; The; PPF; moves; inward,; towards; this; point; as; employment; increases.C.; The; PPF; shifts; inward; to; depict; the; time; when; there; is; unemployment; and; then; expands; outward; as; employment; increases.D.; The; economy; begins; by; producing; a; combination; that; lies; on; the; PPF,; and; then; moves; to; another; point; along; the; PPF; as; employment; increases.
Answer:
A.; The; economy; begins; by; producing; a; combination; that; is; inside; the; PPF; and; then; moves; to; a; point; on; the; existing; PPF.
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