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WGU D089 PRINCIPLES OF ECONOMICS OBJECTIVE
ASSESSMENT FINAL EXAM (2 LATEST VERSIONS)
LATEST 2025/ 2026 ACTUAL EXAM WITH COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS
(100% VERIFIED ANSWERS) |ALREADY GRADED A+|
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Which type of economy is characterized by a government that plans and controls all economic activity? - Answer- Command Correct! A command economy is a centralized economic system in which all economic decisions are made by the nation's government.
What is an example of a normative economic statement? - Answer-Marginal tax rates should be lowered on high- income individuals.Correct! A marginal tax rate is the amount of money an individual pays in taxes on each additional dollar earned.This statement uses the word "should", which makes it a value judgment or opinion and a normative statement.
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Which characteristic is associated with natural resources from a business perspective? - Answer-They exist without human effort.Correct! Natural resources are found in nature without any human effort.
How can the available supply of natural resources be increased? - Answer-Discovering new ways to extract resources Correct! The discovery of different ways to extract natural resources can make them more available.
A ski resort sells tickets online at $70 per ticket. The resort is not selling many tickets, so it offers a two-for-one opportunity. Which economic principle is being used? - Answer-People respond to incentives.Correct! The incentive of a sale or coupon changed the cost from $70 to $35, making the ski trip more affordable and desirable. This incentive is what likely changed buyers' behaviors.
What are the characteristics of the production possibility frontier graph? - Answer-Trade-offs in choices and downward sloping
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