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| Section | Objectives |
|---|---|
| Managerial Economic Decision-Making | - Risk and uncertainty in global markets - Cost-benefit analysis in business contexts |
| Microeconomics for Managers | - Market structures and competition - Supply and demand analysis - Elasticity and pricing decisions |
| Foundations of Economics | - Scarcity, opportunity cost, and economic reasoning - Market systems and economic models |
| Global Economics | - Exchange rates and currency systems - Global economic institutions and trade policy - International trade and comparative advantage |
| Macroeconomic Environment | - Fiscal and monetary policy - GDP, inflation, and unemployment |
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NEW QUESTION # 53
The marginal revenue from producing a smartphone is $200, and the marginal cost is $150. What is the best action for the firm?
Answer: A
Explanation:
InGlobal Economics for Managers, profit-maximizing firms shouldincrease production when marginal revenue (MR) exceeds marginal cost (MC), making option A correct.
Here, MR = $200 and MC = $150. Since the additional revenue from producing one more unit exceeds the additional cost, producing that unit increases profit. Firms should continue increasing output until MR equals MC.
Options B, C, and D contradict the marginal decision rule. Reducing or stopping production would forgo profitable opportunities.
Thus, option A is correct.
NEW QUESTION # 54
What are features shared by monopolies and perfect competition? (Choose TWO.)
Answer: A,E
Explanation:
In Global Economics for Managers , monopolies and perfectly competitive firms share two important features: profit maximization at MR = MC and the ability to earn economic profits in the short run , making options E and F correct.
Option E applies universally: all firms maximize profit where marginal revenue equals marginal cost , regardless of market structure. This decision rule guides output choices in both monopoly and perfect competition.
Option F is also correct because firms in both structures can earn economic profits in the short run . In perfect competition, short-run profits attract new entrants, while monopolies may sustain profits longer due to entry barriers.
Options A and B distinguish the two structures. Option C applies only to monopoly. Option D applies only to monopoly, not perfect competition.
Thus, options E and F correctly identify shared features.
NEW QUESTION # 55
A country has experienced a decrease in inflation. What is the effect on the country's currency exchange rate?
Answer: B
Explanation:
In Global Economics for Managers, a decrease in inflation generally leads to an appreciation of a country's currency, making option C correct.
Lower inflation increases the purchasing power of a country's currency relative to others. As domestic prices rise more slowly than foreign prices, exports become more competitive, and demand for the currency increases. Under purchasing power parity, lower inflation is associated with currency appreciation.
Options A, B, and D contradict established exchange rate theory.
Therefore, option C is correct.
NEW QUESTION # 56
Which term best describes a market structure of limited competition in which the market is shared by a small number of sellers?
Answer: A
Explanation:
In Global Economics for Managers , an oligopoly is defined as a market structure characterized by limited competition in which a small number of sellers dominate the market , making option C the correct answer. These firms collectively control a large share of total market output, and each firm's actions significantly influence the behavior and profitability of the others.
Oligopolistic markets are common in industries with high barriers to entry, such as automobiles, airlines, telecommunications, and energy. Barriers may include economies of scale, high capital requirements, technological advantages, or government regulation. Because only a few firms operate in the market, strategic decision making becomes critical.
Option A, monopoly, involves a single seller. Option B, monopolistic competition, includes many sellers offering differentiated products. Option D, perfect competition, involves many sellers with no market power.
Global Economics for Managers emphasizes that oligopolies are marked by strategic interaction, where firms must anticipate competitors' reactions when setting prices, output, advertising, or investment levels. This interdependence distinguishes oligopoly from other market structures.
Thus, option C accurately describes a market structure with limited competition and a small number of sellers.
NEW QUESTION # 57
Which characteristic is attributed to totalitarianism?
Answer: B
Explanation:
In Global Economics for Managers , totalitarianism is characterized by the concentration of absolute political power in the hands of a single individual or a single ruling party , making option D the correct answer. Under a totalitarian system, political authority is centralized, dissent is suppressed, and the state seeks to control not only political life but often economic, social, and ideological aspects of society as well.
Unlike democratic systems, totalitarian regimes do not permit free elections, political pluralism, or meaningful checks and balances. Citizens are not granted the right to elect representatives, nor are freedoms of expression, association, or organization protected. Instead, political opposition is restricted or eliminated, and state power is maintained through coercion, propaganda, and control of institutions.
Option A is incorrect because totalitarian systems generally involve high political risk , particularly for firms, due to arbitrary policy changes, expropriation risk, and weak legal protections. Option B describes liberal democratic systems that emphasize civil liberties. Option C is a defining feature of representative democracies, not totalitarian regimes.
Global Economics for Managers stresses that totalitarianism presents significant challenges for global managers. While such systems may offer short-term stability or rapid decision making, they often involve unpredictable policy shifts, weak protection of property rights, and limited transparency. These conditions increase political risk and complicate long-term business planning.
Therefore, option D correctly identifies the defining characteristic of totalitarianism as the delegation of absolute political control to one person or party.
NEW QUESTION # 58
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