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| Section | Objectives |
|---|---|
| Topic 1: Global Economics | - Global economic institutions and trade policy - International trade and comparative advantage - Exchange rates and currency systems |
| Topic 2: Microeconomics for Managers | - Elasticity and pricing decisions - Market structures and competition - Supply and demand analysis |
| Topic 3: Managerial Economic Decision-Making | - Risk and uncertainty in global markets - Cost-benefit analysis in business contexts |
| Topic 4: Macroeconomic Environment | - Fiscal and monetary policy - GDP, inflation, and unemployment |
| Topic 5: Foundations of Economics | - Market systems and economic models - Scarcity, opportunity cost, and economic reasoning |
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NEW QUESTION # 80
Which statement about the GDP deflator is true?
Answer: D
NEW QUESTION # 81
What is one of the four strategic goals of firms looking for potential locations?
Answer: C
Explanation:
Market-seeking is one of the major strategic goals firms pursue when choosing international locations. A market-seeking firm enters or invests in a foreign location to access customers, expand sales, serve local demand, or improve proximity to consumers. Option D is correct because it is a recognized foreign direct investment motive. Firms may also pursue resource-seeking, efficiency-seeking, or strategic asset-seeking goals. Scale-seeking, profit-seeking, and competition-seeking may sound plausible, but they are not the standard location motives used in this framework. Managers evaluate market-seeking opportunities by examining market size, income levels, consumer preferences, growth potential, distribution infrastructure, and competitive intensity. This matters because the reason for entering a location affects entry mode, pricing, staffing, and long-term investment decisions.
NEW QUESTION # 82
What is true about tariffs?
Answer: A
Explanation:
InGlobal Economics for Managers, atariffis defined as a tax imposed on imported goods, and one of its most direct and predictable effects is that itraises the domestic priceof the affected product. As a result, tariffs encourage consumers to reduce their consumption, making option C the correct answer.
When a tariff is applied, imported goods become more expensive relative to domestically produced alternatives. This price increase shifts consumer behavior: buyers either purchase fewer units overall or substitute toward domestic products or other alternatives. Because demand curves slope downward, higher prices lead to lower quantities demanded, which explains why consumer consumption falls after a tariff is imposed.
Option A is incorrect because tariffsreduce, not increase, the quantity of imports. Higher import prices discourage foreign suppliers and domestic buyers from trading. Option B is incorrect because domestic quantity demanded falls due to the higher price, even though domesticquantity suppliedmay rise. Option D is incorrect because tariffs raise the domestic priceabove, not below, the world price.
Global Economics for Managersemphasizes that tariffs redistribute economic surplus. Consumers lose surplus due to higher prices and reduced consumption. Domestic producers gain surplus because they face less foreign competition and can sell more at higher prices. Governments gain tariff revenue. However, these gains do not fully offset consumer losses, resulting indeadweight lossand reduced overall economic efficiency.
For managers, understanding the consumption-reducing effect of tariffs is essential when evaluating pricing strategies, demand forecasts, and market entry decisions in protected markets. Tariffs distort market signals and often provoke retaliation, further affecting global trade flows.
Therefore, option C accurately describes a true and fundamental effect of tariffs in international trade economics.
NEW QUESTION # 83
What is a feature of a democracy?
Answer: D
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 # 84
What is a characteristic of a market economy?
Answer: C
Explanation:
InGlobal Economics for Managers, amarket economyis characterized byprivate ownership of the factors of production, making option B correct. Individuals and firms own land, labor, capital, and entrepreneurship, and decisions are guided by market prices rather than central planning.
Private ownership creates incentives for efficiency, innovation, and investment. Prices emerge from supply and demand, coordinating economic activity through what Adam Smith described as the "invisible hand." Options A, C, and D describe command economies, not market economies.
Thus, option B correctly identifies a defining feature of a market economy.
NEW QUESTION # 85
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