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WGU Global Economics for Managers (C211, UZC2) - Global-Economics-for-Managers Exam Questions

Page: 1 / 17
Total 136 questions

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QUESTION NO: 1
Which quantity is calculated using the formula variable costs (VC) + fixed costs (FC)?

A. Explicit cost (EC) B. Average variable cost (AVC) C. Total cost (TC) D. Implicit cost (IC)

Correct Answer: C

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QUESTION NO: 2
What is one of the three primary types of foreign exchange transactions?

A. Hedging transactions B. Arbitrage transactions C. Forward transactions D. Spot transactions

Correct Answer: D

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QUESTION NO: 3
Which transaction is included in the consumption component of GDP?

A. A company exports automobiles B. A firm purchases new machinery C. A government builds a highway D. A person pays for a haircut

Correct Answer: D

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QUESTION NO: 4
The benefit attributed to firms that enter a market before other firms in the same market segment is best described by which term?

A. First-mover advantage B. Economies of scope C. Late-mover advantage D. Competitive neutrality

Correct Answer: A

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QUESTION NO: 5
What is a key feature of an oligopoly?

A. The market represents a prisoner's dilemma. B. Products are always homogeneous. C. Entry is free in the long run. D. Firms are price takers.

Correct Answer: A

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QUESTION NO: 6
What is the definition of marginal cost?

A. The fixed cost of production B. The opportunity cost of capital C. The increase in cost that arises from producing an additional unit of output D. The total cost divided by total output

Correct Answer: C

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QUESTION NO: 7
What is a characteristic of a market economy?

A. It is in place in most of the world's countries. B. It emphasizes private ownership of all factors of production. C. It leaves the planning of supply, demand, and pricing to the government. D. It gives the government the primary authoritative role in the economy.

Correct Answer: B

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QUESTION NO: 8
What is the Nash equilibrium?

A. A group of firms illegally acting in unison to improve profits or dominate a market B. A situation in which economic actors interacting with one another each choose their best strategy from among all available strategies currently being used by said actors C. An agreement among firms in a market over production and price D. A particular situation between two entities that illustrates why cooperation is difficult to maintain even when it is mutually beneficial

Correct Answer: B

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Page: 1 / 17
Total 136 questions

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