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| Section | Objectives |
|---|---|
| Topic 1: Competency 2: Political and Economic Forces | - Property Rights and the Rule of Law - Market Economy vs. Command Economy |
| Topic 2: Key Topics Across All Competencies | - Elastic vs. Inelastic Goods - Supply and Demand Shifts - International Trade Policies (Tariffs, Quotas) - Global Business Strategies and Porter's Framework - Foreign Direct Investment (FDI) Impacts - Currency Appreciation and Depreciation |
| Topic 3: Competency 1: International Trade and Currency Exchange | - Introduction to International Trade Theories - Currency Exchange Rate Determination - Impact of Interest Rates on Financial Flows and Exchange Rates |
| Topic 4: 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) |
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NEW QUESTION # 28
When an import tariff is placed on footwear, which quantity increases?
Answer: A
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 # 29
Which statement is true for a monopoly firm, but not for a competitive firm?
Answer: B
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 # 30
Which statement about the GDP deflator is true?
Answer: B
NEW QUESTION # 31
Which mode of entry is an equity-based entry mode?
Answer: A
Explanation:
InGlobal Economics for Managers, entry modes are commonly classified intonon-equity,contractual, and equity-basedmodes, depending on the level of ownership, control, and risk assumed by the firm. A50/50 joint ventureis an equity-based entry mode, making option B the correct answer.
Equity-based entry modes involveownership of assets in the foreign market. In a 50/50 joint venture, two firms-typically one domestic and one foreign-each contribute capital and share ownership, control, profits, and risks equally. This structure allows firms to access local market knowledge, share financial risk, and comply with host-country regulations that may restrict full foreign ownership.
Option A, franchising, and option C, licensing, arecontractual entry modes. In these arrangements, firms transfer intellectual property or business formats to foreign partners without taking ownership stakes. While these modes involve lower risk and investment, they also provide less control. Option D, indirect exports, is a non-equity modethat requires minimal commitment and no foreign ownership.
Global Economics for Managersemphasizes that equity-based modes like joint ventures are often chosen when firms need local partners, face political or regulatory constraints, or operate in culturally or institutionally complex environments. However, they also involve higher risk due to shared control and potential partner conflicts.
Thus, option B correctly identifies an equity-based mode of entry.
NEW QUESTION # 32
The benefit attributed to firms that enter a market before other firms in the same market segment is best described by which term?
Answer: B
Explanation:
In Global Economics for Managers , the benefit enjoyed by firms that enter a market before competitors is known as first-mover advantage , making option C correct. First movers are firms that are pioneers in introducing new products, technologies, or business models into a market.
First-mover advantages can arise from several sources. Early entrants may be able to build brand recognition
, secure control over scarce resources , establish customer loyalty , or set industry standards that later entrants must follow. In some cases, first movers can erect significant barriers to entry, making it difficult for competitors to gain market share.
However, Global Economics for Managers also notes that first-mover advantages are not guaranteed. Early entrants face higher uncertainty, development costs, and the risk of technological obsolescence. Nevertheless, when successful, first movers can sustain long-term competitive advantages.
Option A refers to late-mover advantage, which arises from reduced uncertainty. Option B is not a standard strategic concept. Option D relates to cost efficiencies across products, not timing of entry.
Thus, option C correctly identifies first-mover advantage.
NEW QUESTION # 33
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