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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Global Finance and Monetary Systems | 25% | - Balance of Payments and International Monetary System
|
| Topic 2: Foreign Direct Investment and Global Strategy | 20% | - Foreign Direct Investment (FDI)
|
| Topic 3: Foundations of Global Economics | 20% | - Views on Globalization
|
| Topic 4: International Trade Theory and Policy | 25% | - Trade Policies and Barriers
|
| Topic 5: Macroeconomics for Managers | 10% | - Economic Indicators and Policies
|
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NEW QUESTION # 110
What is one of the elements of the Porter Diamond in the theory of national competitive advantage of industries?
Answer: A
Explanation:
InGlobal Economics for Managers, one of the four core elements ofPorter's Diamond Model of National Competitive Advantageisdomestic demand conditions, making option C the correct answer. Michael Porter' s framework explains why certain industries within particular countries achieve international competitiveness, emphasizing the role of the national environment in shaping firm performance.
Domestic demand conditions refer to thenature, size, and sophistication of demand in the home market.
When domestic consumers are demanding, quality-conscious, and forward-looking, firms are pressured to innovate, improve product quality, and adopt advanced production methods. These pressures help firms develop capabilities that later become advantages in international markets. For example, firms accustomed to serving sophisticated domestic buyers are better prepared to compete globally.
Option A is incorrect because firm opportunity costs are a general microeconomic concept and are not part of the Porter Diamond. Option B is incorrect because the model emphasizesdomestic factor conditions, not foreign supply markets. Option D, trade deficits, is a macroeconomic outcome and does not explain the structural sources of competitive advantage within industries.
Global Economics for Managershighlights that Porter's Diamond consists of four interrelated determinants:
factor conditions, domestic demand conditions, related and supporting industries, and firm strategy, structure, and rivalry. Among these, domestic demand conditions are particularly important because they influence the direction and pace of innovation. Strong home demand encourages firms to anticipate global trends rather than merely react to them.
For managers, understanding domestic demand conditions helps explain why firms from certain countries dominate specific global industries. Therefore, option C accurately identifies a key element of the Porter Diamond theory.
NEW QUESTION # 111
What are examples of variable costs? Choose two answers.
Answer: C,F
Explanation:
Variable costs change as output changes. Option A is correct because a tax charged on variable inputs increases as the firm uses more inputs to produce more output. Option E is also correct because the cost of parts used in individual devices rises directly with the number of devices produced. If the manufacturer produces more computers, it must buy more parts; if production falls, parts costs fall. The other choices are fixed costs because they generally do not vary directly with the quantity produced in the short run. A license fee, CEO salary, rent, and monthly internet service are normally paid regardless of whether output is high or low. Managers must separate fixed and variable costs to make production, pricing, shutdown, and break-even decisions.
NEW QUESTION # 112
When producing a piece of luggage, the marginal cost is $92 and the marginal revenue is $81. What is the best action for the firm?
Answer: A
Explanation:
According toGlobal Economics for Managers, whenmarginal cost exceeds marginal revenue, firms should decrease production, making option D correct.
In this case, MC = $92 and MR = $81. Producing an additional unit would reduce profit because the cost of production exceeds the revenue gained. Reducing output moves the firm closer to the profit-maximizing condition where MR equals MC.
Options A, B, and C would worsen losses or ignore marginal decision-making principles.
Therefore, option D is the correct managerial response.
NEW QUESTION # 113
When is it best for a firm to restart production?
Answer: A
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 # 114
What are common types of barriers to entry that can cause a monopoly? (Choose TWO.)
Answer: B,E
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 # 115
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