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| Section | Objectives |
|---|---|
| Topic 1: Microeconomics for Managers | - Elasticity and pricing decisions - Supply and demand analysis - Market structures and competition |
| Topic 2: Global Economics | - Exchange rates and currency systems - Global economic institutions and trade policy - International trade and comparative advantage |
| Topic 3: Managerial Economic Decision-Making | - Cost-benefit analysis in business contexts - Risk and uncertainty in global markets |
| Topic 4: Foundations of Economics | - Scarcity, opportunity cost, and economic reasoning - Market systems and economic models |
| Topic 5: Macroeconomic Environment | - GDP, inflation, and unemployment - Fiscal and monetary policy |
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NEW QUESTION # 71
Which statement about the GDP deflator is true?
Answer: B
Explanation:
InGlobal Economics for Managers, theGDP deflatoris a price index used to measureinflation, making option A correct. The percentage change in the GDP deflator from one year to the next reflects the overall inflation rate of domestically produced goods and services.
The GDP deflator is calculated as:
GDP Deflator = (Nominal GDP / Real GDP) × 100
Because it includes all goods and services produced domestically, it provides a broad measure of price changes across the economy. Unlike the CPI, it is not based on a fixed basket of goods.
Option B is incorrect because real GDP, not the GDP deflator, is used to assess economic well-being. Option C is incorrect because the GDP deflator is derived from the same GDP components. Option D is incorrect because the deflator generally increases over time due to inflation.
Thus, option A is correct.
NEW QUESTION # 72
Which statement is true for a monopoly firm, but not for a competitive firm?
Answer: D
Explanation:
In Global Economics for Managers , a key distinction between monopolies and perfectly competitive firms is the relationship between price and marginal revenue . For a monopoly, marginal revenue is less than price
, making option C correct.
A monopoly faces a downward-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 a price 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 # 73
A shopper purchases a shirt for $17 but was willing to pay $25. What does this indicate?
Answer: C
Explanation:
InGlobal Economics for Managers,consumer surplusis defined as the difference betweenwhat a consumer is willing to payfor a good andwhat the consumer actually pays, making option A correct.
In this example, the shopper was willing to pay $25 but paid only $17. The consumer surplus is therefore:
Consumer Surplus = Willingness to Pay # Price Paid
Consumer Surplus = $25 # $17 = $8
This $8 represents the net benefit the consumer gains from the transaction. Consumer surplus captures the idea that consumers often value goods more than the market price, and the difference contributes to their economic welfare.
Options B and C incorrectly refer to producer surplus, which depends on production costs rather than consumer willingness to pay. Option D incorrectly states that consumer surplus equals $25, which is the maximum willingness to pay, not the surplus.
Global Economics for Managersuses consumer surplus extensively to evaluate the effects of price changes, taxes, and trade policies on consumer welfare. Thus, option A is correct.
NEW QUESTION # 74
Which system has elements of a market economy and a command economy?
Answer: B
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 # 75
What happens when the Federal Reserve increases the money supply?
Answer: A
Explanation:
InGlobal Economics for Managers, an increase in the money supply leads to arightward shift of the aggregate demand (AD) curve, making option B correct.
An expanded money supply lowers interest rates, encouraging borrowing and spending by households and firms. Consumption and investment rise, increasing total demand for goods and services at every price level.
Options C and D involve supply-side changes, not monetary policy effects.
Thus, option B correctly describes the macroeconomic impact of an increased money supply.
NEW QUESTION # 76
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