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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Global Finance and Monetary Systems | 25% | - Foreign Exchange Markets
|
| Topic 2: International Trade Theory and Policy | 25% | - Classical and Modern Trade Theories
|
| Topic 3: Foundations of Global Economics | 20% | - Views on Globalization
|
| Topic 4: Foreign Direct Investment and Global Strategy | 20% | - Foreign Direct Investment (FDI)
|
| Topic 5: Macroeconomics for Managers | 10% | - Economic Indicators and Policies
|
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NEW QUESTION # 62
What are three characteristics of industries primed for collusion? (Choose THREE.)
Answer: A,B,F
Explanation:
In Global Economics for Managers, industries that are primed for collusion typically possess structural features that make coordination among firms easier and more profitable. Three such characteristics are a small number of rivals, the presence of a price leader, and homogeneous products, making options A, B, and C correct.
A small number of rivals simplifies coordination. When only a few firms dominate a market, each firm can easily monitor competitors' actions and detect deviations from agreed-upon pricing or output levels. This increases the sustainability of collusive behavior.
A price leader often emerges in oligopolistic industries. One dominant firm sets prices, and others follow, reducing uncertainty and facilitating tacit collusion without explicit agreements. Price leadership helps firms avoid price wars while maintaining higher profits.
Homogeneous products further support collusion because firms compete primarily on price rather than product differentiation. When products are identical, undercutting prices becomes the main competitive tool, making collusion attractive as a way to stabilize prices and profits.
Options D, E, and F reduce the likelihood of collusion. Product differentiation weakens coordination, informed consumers intensify competition, and free entry undermines collusive agreements by attracting new competitors.
Thus, A, B, and C correctly identify characteristics of industries prone to collusion.
NEW QUESTION # 63
What are characteristics of a market economy? (Choose TWO.)
Answer: A,D
Explanation:
InGlobal Economics for Managers, amarket economyis characterized by decentralized decision making and reliance on market forces, making optionsB and Ecorrect.
Option B is correct becauseAdam Smith, inThe Wealth of Nations(1776), laid the intellectual foundation for market economies. He argued that individuals pursuing their own self-interest unintentionally promote the overall welfare of society.
Option E correctly identifies the"invisible hand", a central concept in market economies. Prices, supply, and demand coordinate economic activity without centralized planning. Firms decide what to produce based on profitability, and consumers decide what to buy based on preferences and prices.
Options A, C, D, and F describecommand economies, where governments control production, pricing, and resource ownership-characteristics inconsistent with market economies.
Thus, B and E accurately describe defining features of a market economy.
NEW QUESTION # 64
What is one of the three primary strategies that nonfinancial companies use to cope with currency risks?
Answer: C
Explanation:
InGlobal Economics for Managers,strategic hedgingis identified as one of the three primary strategies that nonfinancial companies use to cope with currency risk, making option B the correct answer. Currency risk arises when fluctuations in exchange rates affect a firm's revenues, costs, assets, or liabilities denominated in foreign currencies. Managing this risk is a critical component of global business decision making.
Strategic hedging involvesstructuring operations and transactions to offset currency exposures naturally
, rather than relying solely on financial instruments. This may include matching currency inflows and outflows, diversifying production and sourcing across multiple countries, or pricing products in local currencies. By aligning revenues and costs in the same currency, firms reduce their net exposure to exchange rate movements.
Option A refers to distribution choices and does not directly address currency risk management. Option C, keeping low inventories, is an operational efficiency tactic but does not systematically reduce exchange rate exposure. Option D, reducing currency liabilities, may lower exposure in certain cases but is not considered one of the three primary strategies outlined in managerial economics frameworks.
Global Economics for Managerstypically categorizes currency risk management strategies intofinancial hedging, strategic (operational) hedging, and pricing strategies. Among these, strategic hedging is especially important for nonfinancial firms because it integrates risk management into long-term operational decisions rather than treating it as a purely financial problem.
For managers, understanding strategic hedging helps ensure more stable cash flows, improved forecasting, and reduced vulnerability to currency volatility. Therefore, option B correctly identifies a primary strategy used by nonfinancial companies to cope with currency risks.
NEW QUESTION # 65
What is the definition of marginal cost?
Answer: B
Explanation:
InGlobal Economics for Managers,marginal cost (MC)is defined asthe increase in total cost that arises from producing one additional unit of output, making option B correct. Marginal cost plays a central role in production and pricing decisions because it reflects the incremental cost of expanding output.
Marginal cost typically includes additional labor, materials, and variable inputs required for one more unit.
Fixed costs do not affect marginal cost in the short run because they do not change with output. As production increases, marginal cost may initially decline due to specialization and efficiency gains, but it often rises later because of diminishing marginal returns.
Managers rely on marginal cost to determine optimal output levels. Producing beyond the point where marginal cost exceeds marginal revenue reduces profit. Therefore, understanding marginal cost is essential for profit maximization, cost control, and operational planning.
Thus, option B correctly defines marginal cost.
NEW QUESTION # 66
One view of globalization claims that human civilization has always had some type of globalization.
Which view is it?
Answer: C
Explanation:
InGlobal Economics for Managers, thelong-run historical viewof globalization argues that globalization is not a recent phenomenon, but rather a process that has existed throughout human history. This view emphasizes that trade, migration, cultural exchange, and cross-border interactions have occurred for thousands of years, long before modern multinational enterprises or digital technologies emerged.
Under this perspective, early examples of globalization include ancient trade routes such as the Silk Road, maritime trade across the Mediterranean, and colonial-era exchanges of goods, capital, and labor. Although the scale, speed, and complexityof globalization have increased dramatically in recent decades, the underlying idea of cross-border integration is seen as historically continuous.
This view contrasts with more recent interpretations that define globalization as a post-World War II or late
20th-century phenomenon driven by multinational corporations, trade liberalization, and digital communication. The long-run historical view does not deny the importance of these modern forces but argues that they represent anintensification, not the origin, of globalization.
For managers, this perspective is important because it frames globalization as a persistent structural force rather than a temporary trend. Firms operating globally must recognize that international economic integration has deep roots and is likely to continue evolving rather than reversing permanently.
Therefore, option C correctly identifies the long-run historical view as the perspective that sees globalization as an enduring feature of human civilization.
NEW QUESTION # 67
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