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

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

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WGU Global Economics for Managers (C211, UZC2) Sample Questions (Q24-Q29):

NEW QUESTION # 24
What are key features of an oligopoly? (Choose THREE.)

A. There is little motivation for cooperation between firms.
B. Firms are independent of one another, like competitive firms.
C. Firms in an oligopoly are interdependent in ways competitive firms are not.
D. The actions of any one seller can have a large impact on the profits of other sellers.
E. There are a few sellers.
F. The actions of any one seller have little impact on others' profits.

Answer: C,D,E

Explanation:
InGlobal Economics for Managers, oligopolies are defined bya small number of sellers,interdependence, andstrategic interaction, making options A, B, and C correct.
Option C is foundational: oligopolies consist ofonly a few dominant firms, unlike perfect or monopolistic competition. Because of this concentration, firms cannot ignore competitors' actions.
Option B highlightsinterdependence, a defining feature of oligopolies. Firms must consider how rivals will respond to pricing, output, or strategic changes. This leads to behavior such as price leadership, tacit collusion, or strategic rivalry.
Option A follows directly from interdependence. When one firm changes price or output, it can significantly affect market conditions and the profits of competing firms.
Options D and E incorrectly describe competitive markets, where firms are price takers. Option F is incorrect because oligopolies often have strong incentives to cooperate, either explicitly or tacitly, to maintain profitability.
Thus, A, B, and C accurately capture the essential characteristics of an oligopoly.

NEW QUESTION # 25
Which system has elements of a market economy and a command economy?

A. Market-command economy
B. Compromise economy
C. Mixed economy
D. Fair economy

Answer: C

Explanation:
InGlobal Economics for Managers, amixed economyis defined as an economic system that combines elements of both amarket economyand acommand economy, making option C the correct answer. In a mixed economy, resource allocation is determined partly by market forces-such as supply, demand, and prices-and partly by government intervention through regulation, taxation, public spending, and state ownership in selected sectors.
Most modern economies are mixed economies. While private firms and consumers make many economic decisions independently, governments play an active role in correcting market failures, providing public goods, redistributing income, and stabilizing the economy. Examples include regulations on labor and environmental standards, public education and healthcare systems, and social welfare programs.
Option A, fair economy, and option D, compromise economy, are not standard economic classifications.
Option B, market-command economy, is not a formally recognized system in managerial economics.
Global Economics for Managersemphasizes that understanding mixed economies is critical for managers because government policies directly affect costs, pricing, competition, and strategic decisions. Thus, option C correctly identifies the system that blends market and command features.

NEW QUESTION # 26
What are examples of fixed costs? (Choose TWO.)

A. Sales commissions
B. Monthly internet cost in a women's apparel business
C. Cost of parts in computer manufacturing
D. Cost of flour in bread production
E. A $1,000 state license fee to operate a shop

Answer: B,E

Explanation:
InGlobal Economics for Managers,fixed costsare costs that do not vary with the level of output in the short run, making optionsC and Dcorrect.
Option C, astate license fee, is fixed because it must be paid regardless of how much output is produced.
Option D,monthly internet service, is also fixed since the cost remains constant even if production rises or falls.
Options A, B, and E arevariable costsbecause they increase as output increases. Sales commissions depend on sales volume, flour usage depends on bread production, and parts costs rise with the number of devices produced.
Understanding fixed costs is essential for break-even analysis and short-run production decisions. Thus, C and D are correct.

NEW QUESTION # 27
The marginal cost of producing a computer is $600, but the marginal revenue is $1,000. What is the best action for the respective firm?

A. Increase production
B. Pause production
C. Decrease production
D. Exit the market

Answer: A

Explanation:
According toGlobal Economics for Managers, firms shouldincrease production when marginal revenue (MR) exceeds marginal cost (MC), making option C correct.
In this case, MR = $1,000 and MC = $600. Producing one additional unit generates more revenue than cost, increasing profit by $400. Rational, profit-maximizing firms should continue expanding output as long as MR
> MC.
This decision rule applies across market structures, including monopoly, oligopoly, and perfect competition.
The firm should stop increasing production only when MR equals MC.
Options A, B, and D would cause the firm to forgo profitable opportunities.
Thus, option C is the correct managerial response.

NEW QUESTION # 28
What is a characteristic of a market economy?

A. It is defined by a government taking the authoritative role in the economy.
B. The government takes a hands-off approach known as laissez-faire.
C. It found a near ideal in China and the former Soviet Union during the heydays of communism.
D. Factors of production are government-owned or state-owned.

Answer: B

Explanation:
A market economy is associated with limited government intervention and reliance on private decision making, often described as a laissez-faire approach. Option B is correct because laissez-faire means the government largely allows market forces to guide production, pricing, investment, and consumption. In a pure market system, private individuals and firms own resources and respond to price signals. Option A is incorrect because China under communism and the former Soviet Union are classic examples of command economies, not market economies. Option C is also a command-economy characteristic because it gives government the authoritative role. Option D is wrong for the same reason: state ownership of production factors belongs to command or socialist systems. Market economies emphasize private ownership and voluntary exchange.

NEW QUESTION # 29
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