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WGU Global-Economics-for-Managers Exam Syllabus Topics:

Section	Objectives
Topic 1: Competency 2: Political and Economic Forces	- Market Economy vs. Command Economy - Property Rights and the Rule of Law
Topic 2: Competency 1: International Trade and Currency Exchange	- Currency Exchange Rate Determination - Impact of Interest Rates on Financial Flows and Exchange Rates - Introduction to International Trade Theories
Topic 3: Competency 3: Economic Decision-Making by Firms and Customers	- Consumer Behavior (Budget Constraint, Indifference Curves) - Firm Behavior Under Different Market Structures (Perfect Competition, Monopoly, Oligopoly)
Topic 4: Key Topics Across All Competencies	- Global Business Strategies and Porter's Framework - International Trade Policies (Tariffs, Quotas) - Supply and Demand Shifts - Currency Appreciation and Depreciation - Foreign Direct Investment (FDI) Impacts - Elastic vs. Inelastic Goods

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WGU Global Economics for Managers (C211, UZC2) Online Questions - Outstanding Practice To your Global-Economics-for-Managers Exam

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WGU Global Economics for Managers (C211, UZC2) Sample Questions (Q76-Q81):

NEW QUESTION # 76
What is a characteristic of a market economy?

A. Central planning determines production decisions.
B. Prices are fixed by the government.
C. Resources are allocated through quotas.
D. Factors of production are privately owned.

Answer: D

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 # 77
Which entrant is able to erect significant barriers for other entrants?

A. Late mover
B. Dodger
C. Contender
D. First mover

Answer: D

Explanation:
InGlobal Economics for Managers, afirst moveris a firm that enters a market early and is often able toerect significant barriers to entry, making option B correct.
First movers can secure scarce resources, establish strong brand recognition, achieve economies of scale, and set technological or industry standards. These advantages make it difficult for later entrants to compete effectively.
Late movers benefit from reduced uncertainty but rarely control key assets. Contenders and dodgers are strategic responses to multinational enterprises, not timing-based entry categories.
Therefore, option B correctly identifies the entrant most capable of erecting significant entry barriers.

NEW QUESTION # 78
What is true about tariffs?

A. They eliminate deadweight loss
B. They lower domestic prices below world prices
C. They allow the government to raise revenue
D. They increase consumer surplus

Answer: C

Explanation:
InGlobal Economics for Managers, tariffs are recognized as a policy tool thatallows governments to raise revenue, making option C correct.
Tariffs generate revenue by taxing imported goods. While domestic producers may benefit and governments gain revenue, consumers lose due to higher prices and reduced choices. Tariffs also create deadweight loss, reducing overall economic efficiency.
Options A, B, and D contradict standard trade theory.
Therefore, option C is correct.

NEW QUESTION # 79
Which statement is true for a monopoly firm, but not for a competitive firm?

A. The marginal revenue equals the price.
B. The marginal revenue is less than its price.
C. The firm is a price taker.
D. Economic profit is zero in the long run.

Answer: B

Explanation:
InGlobal Economics for Managers, a key distinction between monopolies and perfectly competitive firms is the relationship betweenprice and marginal revenue. For a monopoly,marginal revenue is less than price, making option C correct.
A monopoly faces adownward-sloping demand curve, meaning that to sell an additional unit, the firm must lower the price not only for the marginal unit but also for all previous units sold. As a result, marginal revenue declines faster than price and always lies below the demand curve.
In contrast, a perfectly competitive firm is aprice taker. It can sell as much output as it wants at the market price, so marginal revenue equals price.
Options A and B describe competitive firms, not monopolies. Option D is incorrect because monopolies can earn economic profits in the long run due to entry barriers.
Thus, option C correctly identifies a feature unique to monopoly firms.

NEW QUESTION # 80
What is one characteristic of a market shortage?

A. Price is greater than the equilibrium price.
B. There is downward pressure on price.
C. Quantity demanded is less than equilibrium quantity.
D. Quantity supplied is less than equilibrium quantity.

Answer: D

Explanation:
InGlobal Economics for Managers, amarket shortageoccurs whenquantity demanded exceeds quantity suppliedat the current price. A defining characteristic of a shortage is thatquantity supplied is less than the equilibrium quantity, making option D correct.
Shortages typically arise when prices are set below equilibrium, such as under price controls. At these lower prices, consumers demand more, while producers supply less, creating excess demand.
Option A describes a surplus condition. Option B contradicts the definition of shortage. Option C is incorrect because shortages createupward, not downward, pressure on prices.
Thus, option D correctly identifies a characteristic of a market shortage.

NEW QUESTION # 81
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