Quiz WGU - Global-Economics-for-Managers - Unparalleled Reliable WGU Global Economics for Managers (C211, UZC2) Exam Review

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

SectionObjectives
Topic 1: Key Topics Across All Competencies- Currency Appreciation and Depreciation
- Global Business Strategies and Porter's Framework
- International Trade Policies (Tariffs, Quotas)
- Foreign Direct Investment (FDI) Impacts
- Supply and Demand Shifts
- Elastic vs. Inelastic Goods
Topic 2: 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 3: Competency 1: International Trade and Currency Exchange- Impact of Interest Rates on Financial Flows and Exchange Rates
- Currency Exchange Rate Determination
- Introduction to International Trade Theories
Topic 4: Competency 2: Political and Economic Forces- Property Rights and the Rule of Law
- Market Economy vs. Command Economy

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WGU Global Economics for Managers (C211, UZC2) Sample Questions (Q106-Q111):

NEW QUESTION # 106
What measures how the quantity demanded of one good responds to a change in the price of another good?

Answer: A

Explanation:
Cross-price elasticity of demand measures how the quantity demanded of one good changes in response to a price change in another good. Option A is correct because this concept identifies whether goods are substitutes or complements. If cross-price elasticity is positive, the goods are substitutes; when the price of one rises, demand for the other increases. For example, if coffee becomes more expensive, demand for tea may rise. If cross-price elasticity is negative, the goods are complements; when the price of one rises, demand for the other falls. For example, if printers become more expensive, demand for printer cartridges may decline. Price elasticity of demand measures responsiveness to the good's own price, not another good's price.
The other options are not standard terms.


NEW QUESTION # 107
When an import tariff is placed on footwear, which quantity increases?

Answer: C

Explanation:
InGlobal Economics for Managers, animport tariffraises the domestic price of the imported good, making producer surplus for domestic producers increase, which makes option B correct.
When a tariff is imposed on imported footwear, foreign suppliers face higher costs, reducing imports.
Domestic producers benefit from reduced competition and higher market prices, allowing them to increase output and earn higher surplus.
Option A is incorrect because imports decrease. Option C is incorrect because higher prices reduce domestic demand. Option D is incorrect because consumer surplus falls due to higher prices and fewer choices.
Tariffs redistribute surplus from consumers to producers and the government, while also creating deadweight loss. Thus, option B is correct.


NEW QUESTION # 108
What is the bandwagon effect?

Answer: D

Explanation:
In Global Economics for Managers, the bandwagon effect refers to the movement of investors in the same direction at the same time, making option B correct. This phenomenon occurs when individuals follow the actions of others rather than relying solely on their own information or analysis.
The bandwagon effect is common in financial markets, particularly during asset bubbles or currency crises.
As more investors buy or sell an asset, others follow, reinforcing the trend regardless of underlying fundamentals. This herd behavior can amplify volatility and lead to mispricing.
Options A, C, and D do not describe collective investor behavior.
Thus, option B correctly defines the bandwagon effect.


NEW QUESTION # 109
When is it best for a firm to increase production?

Answer: C

Explanation:
InGlobal Economics for Managers, the fundamental profit-maximization rule states that firms shouldincrease production when marginal revenue exceeds marginal cost, making option C correct.
Marginal revenue represents the additional revenue from selling one more unit, while marginal cost represents the additional cost of producing it. As long as MR > MC, producing additional units increases profit. Firms should stop expanding output when MR = MC.
Option A implies losses on additional units. Option B relates to cost efficiency, not profit maximization.
Option D ignores costs and therefore does not maximize profit.
Therefore, option C correctly identifies the condition under which firms should increase production.


NEW QUESTION # 110
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 # 111
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