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| Section | Objectives |
|---|---|
| Topic 1: Macroeconomic Environment | - Fiscal and monetary policy - GDP, inflation, and unemployment |
| Topic 2: Microeconomics for Managers | - Elasticity and pricing decisions - Market structures and competition - Supply and demand analysis |
| Topic 3: Managerial Economic Decision-Making | - Cost-benefit analysis in business contexts - Risk and uncertainty in global markets |
| Topic 4: Global Economics | - Exchange rates and currency systems - Global economic institutions and trade policy - International trade and comparative advantage |
| Topic 5: Foundations of Economics | - Market systems and economic models - Scarcity, opportunity cost, and economic reasoning |
>> Global-Economics-for-Managers Exam Syllabus <<
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NEW QUESTION # 95
When is it best for a firm to restart production?
Answer: C
Explanation:
A firm should restart production when total revenue is greater than total variable cost, meaning the firm can cover its variable costs and contribute something toward fixed costs. Option C is correct because, after a short- term shutdown, fixed costs may still exist whether the firm produces or not. The key restart decision is whether operating revenue can cover variable operating expenses. If total revenue exceeds total variable cost, production reduces losses or may generate profit. Option A is not sufficient because total revenue being less than total cost may still allow production to be better than shutdown if variable costs are covered. Option B means producing additional units lowers profit, so it supports decreasing production. Option D does not justify restarting. The short-run rule focuses on variable cost coverage.
NEW QUESTION # 96
Which good tends to have elastic demand?
Answer: A
Explanation:
A good with close substitutes tends to have elastic demand because consumers can easily switch to another product when its price rises. Option A is correct. Elastic demand means quantity demanded responds strongly to price changes. For example, if one brand of bottled water increases in price and many similar brands are available, consumers can quickly shift purchases. This makes the seller more constrained when raising prices.
Goods with few substitutes, necessities, or small budget shares tend to have less elastic demand.
Complements affect cross-price relationships, but having many or few complements does not directly define whether demand for the good itself is elastic. Tangibility also does not determine elasticity. For managers, elasticity is critical because it affects pricing strategy, revenue forecasting, and competitive positioning.
NEW QUESTION # 97
What are common types of barriers to entry that can cause a monopoly? (Choose TWO.)
Answer: B,C
Explanation:
InGlobal Economics for Managers, monopolies arise whenbarriers to entryprevent potential competitors from entering a market. Two common barriers areeconomies of scaleandgovernment-granted exclusive rights, making options B and E correct.
Economies of scaleoccur when average costs decline as output increases. In industries with very high fixed costs, a single large firm can produce at a lower cost than multiple smaller firms. This discourages entry because new firms cannot compete efficiently at small scales, leading to monopoly outcomes.
Government regulations granting exclusive production rights-such as patents, licenses, or exclusive franchises-also create monopolies by legally preventing competition. These barriers are intentional and often justified to encourage innovation or ensure service provision.
Option A does not restrict entry. Option C may limit foreign competition but does not necessarily create a monopoly. Option D does not prevent entry. Option F may increase market concentration but is not a structural entry barrier itself.
Thus, options B and E are correct.
NEW QUESTION # 98
When supply increases and demand stays the same, what happens to the equilibrium point of price and quantity?
Answer: B
Explanation:
InGlobal Economics for Managers, an increase in supply with demand held constant leads to anew equilibrium characterized by a lower price and a higher quantity, making option A-quantity increases- the correct answer. This outcome follows directly from standard supply-and-demand analysis.
When supply increases, the supply curve shifts to the right. At the original equilibrium price, producers are now willing and able to supply more than consumers wish to buy, creating excess supply. To eliminate this surplus, sellers reduce prices. As prices fall, quantity demanded increases until a new equilibrium is reached where quantity supplied equals quantity demanded.
Although price also changes (it falls), the question asks what happens to theequilibrium point of price and quantity, and among the given options, onlyquantity increasesis correct. Price does not remain the same, nor does it increase, and quantity certainly does not decrease.
This concept is critical for managers analyzing productivity improvements, technological progress, or reductions in input costs. Supply increases are often driven by innovation, economies of scale, or favorable regulatory changes, all of which allow firms to produce more at every price.
Thus, option A correctly describes the equilibrium outcome when supply increases and demand remains unchanged.
NEW QUESTION # 99
What is a key feature of an oligopoly?
Answer: B
Explanation:
InGlobal Economics for Managers, oligopolies are often modeled as aprisoner's dilemma, making option B correct.
Firms face incentives to cooperate for mutual gain but also incentives to cheat to maximize individual profit.
This tension explains price rigidity, collusion instability, and strategic behavior.
Other options describe competitive markets or are not universally true.
Thus, option B is correct.
NEW QUESTION # 100
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