WGU D089

A property owner has 500 acres of flat land and has been approached by two different businesses. One business wants to drill for oil, and the other wants to raise cattle - What to produce? A well-established company has been producing goods and wants to create a new line of production. The company needs to decide whether it should use a current factory or find a new location. - How to produce it? To address environmental concerns, Congress is considering a bill that would increase the price...

Which type of economy is characterized by a government that plans and controls all economic activity? - 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? - 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 u...

which principle of economics does the $6 price from the China vendor represent if the company decides to produce the sheet set in its Mexico facility - principle 2:cost is determined by what is given up also known as opportunity cost which economic system is represented by thr governments actions to regulate the production of ABC company's products - mixed which economies have characteristics of all the economic systems with market system being the most prevalent - mixed a company that f...

How are Positive and Normative economics different from each other? - Positive economics clearly states and economic issue, and normative economics provides the value-based solution for the issue. What are factors of production? - The resources the economy has available to produce goods and services How can Labor's contribution to an economy's output of goods and services be increased? - By increasing either the quantity of labor of human capital. What are two keys to the use of an econ...