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| Section | Objectives |
|---|---|
| Topic 1: Microeconomics for Managers | - Elasticity and pricing decisions - Supply and demand analysis - Market structures and competition |
| Topic 2: Managerial Economic Decision-Making | - Cost-benefit analysis in business contexts - Risk and uncertainty in global markets |
| Topic 3: Foundations of Economics | - Market systems and economic models - Scarcity, opportunity cost, and economic reasoning |
| Topic 4: Global Economics | - International trade and comparative advantage - Exchange rates and currency systems - Global economic institutions and trade policy |
| Topic 5: Macroeconomic Environment | - GDP, inflation, and unemployment - Fiscal and monetary policy |
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NEW QUESTION # 58
What is the Nash equilibrium?
Answer: C
Explanation:
A Nash equilibrium occurs when each participant in a strategic interaction chooses the best available strategy given the strategies chosen by others. Option C is correct because no actor has an incentive to change its strategy unilaterally once the equilibrium is reached. This concept is central to game theory and is especially useful in oligopoly analysis, where firms must consider how rivals will respond to pricing, output, advertising, or product decisions. Option A describes the prisoner's dilemma more specifically, which can produce a Nash equilibrium but is not the definition itself. Option B describes collusion or cartel behavior. Option D describes illegal coordinated action by firms. Managers use Nash equilibrium logic to anticipate competitor behavior and understand why mutually beneficial cooperation can be unstable.
NEW QUESTION # 59
What is a feature of a democracy?
Answer: C
Explanation:
A democracy gives citizens the right to elect representatives who govern on their behalf. Option D is correct because political participation, representative government, accountability, and civil liberties are core features of democratic systems. Democracies generally have institutional checks and balances, rule of law, and mechanisms for peaceful leadership change. These features can reduce arbitrary government action and improve transparency for businesses. Option B describes totalitarianism, where one person or party holds absolute political control. Option C describes a political risk that may occur in some countries but is not a defining feature of democracy. Option A is also incorrect because democracies usually reduce extreme political uncertainty compared with authoritarian systems, although policy changes can still affect firms. The defining feature is citizen representation through elections.
NEW QUESTION # 60
What are examples of intellectual property? (Choose TWO.)
Answer: A,D
Explanation:
InGlobal Economics for Managers,intellectual property (IP)refers to legally protected creations of the mind.
Patentsandtrademarksare two major forms of IP, making options A and B correct.
Patents protect new inventions, processes, or technologies, granting exclusive rights to inventors for a limited time. Trademarks protect brand identifiers such as names and logos.
Subsidies and tariffs are government policies, not intellectual property protections.
Therefore, options A and B correctly identify examples of intellectual property.
NEW QUESTION # 61
Which goods have a positive cross-price elasticity?
Answer: B
Explanation:
InGlobal Economics for Managers,substitute goodshave apositive cross-price elasticity of demand, making option C correct. Cross-price elasticity measures how the quantity demanded of one good responds to a change in the price of another good.
For substitutes, an increase in the price of one good leads consumers to switch to the alternative, increasing demand for the substitute. This positive relationship results in a positive cross-price elasticity. Examples include tea and coffee or butter and margarine.
Complements have negative cross-price elasticity, normal goods relate to income elasticity, and "shortage goods" is not an elasticity classification.
Thus, option C is correct.
NEW QUESTION # 62
What is a key feature of an oligopoly?
Answer: B
Explanation:
A key feature of oligopoly is the tension between cooperation and self-interest. Option A is correct because oligopolistic markets contain only a few major sellers, so each firm's pricing, output, and advertising decisions affect rivals. Firms may benefit collectively from cooperation, such as keeping prices high, but each firm also has an incentive to undercut rivals and gain market share. This creates strategic interdependence.
Option B is wrong because oligopoly firms are not independent like perfectly competitive firms; they must anticipate competitor reactions. Option C is also wrong because one seller's actions can significantly affect other sellers' profits. Option D is incorrect because oligopoly firms often have strong motivation to cooperate, whether formally or tacitly, though explicit collusion may be illegal.
NEW QUESTION # 63
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