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| Section | Objectives |
|---|---|
| Global Economics | - Exchange rates and currency systems - International trade and comparative advantage - Global economic institutions and trade policy |
| Macroeconomic Environment | - GDP, inflation, and unemployment - Fiscal and monetary policy |
| Foundations of Economics | - Scarcity, opportunity cost, and economic reasoning - Market systems and economic models |
| Microeconomics for Managers | - Elasticity and pricing decisions - Supply and demand analysis - Market structures and competition |
| Managerial Economic Decision-Making | - Risk and uncertainty in global markets - Cost-benefit analysis in business contexts |
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NEW QUESTION # 131
In which situation is the dodger strategy appropriate for responding to multinational enterprises (MNEs)?
Answer: D
Explanation:
InGlobal Economics for Managers, thedodger strategyis appropriate whenindustry pressure to globalize is low and a firm's competitive assets are customized to its home market, making option D correct.
Under this strategy, firms avoid direct confrontation with multinational enterprises by focusing on niche markets, specialized products, or protected domestic segments. Since globalization pressure is weak, firms are not forced to expand internationally, and their localized assets give them an advantage at home.
Dodgers may also cooperate selectively with MNEs or operate in areas where global competition is limited.
This strategy minimizes risk and preserves firm-specific advantages without costly global expansion.
Options A and B align with extender strategies. Option C aligns with contender strategies.
Thus, option D correctly identifies when the dodger strategy is appropriate.
NEW QUESTION # 132
Which term best describes a market structure of limited competition in which the market is shared by a small number of sellers?
Answer: C
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 # 133
Barriers to entry in a market are the main cause of monopolies. Which statement is accurate when the barrier to entry has its source in government regulation?
Answer: B
Explanation:
A monopoly created by government regulation exists when a single firm receives the exclusive legal right to produce or sell a good or service. Option B is correct because legal exclusivity prevents competitors from entering the market. This may occur through patents, copyrights, licenses, public franchises, or other government-granted rights. Option A describes a natural monopoly, where one firm can serve the entire market at lower cost due to cost structure. Option C describes a resource monopoly, where one firm controls a key input. Option D describes economies of scale, another source of natural monopoly power. Government- created monopoly power differs because entry is restricted by law rather than resource control or production efficiency. Managers must recognize this because legal rights can create strong market power.
NEW QUESTION # 134
Which changes increase demand? (Choose TWO.)
Answer: C,D
Explanation:
InGlobal Economics for Managers, demand for a good increases when factors other than its own price change in a favorable direction. Two such changes arean increase in the price of a substituteanda decrease in the price of a complement, making options A and B correct.
When the price of asubstituterises, consumers switch toward the relatively cheaper alternative, increasing demand for the good in question. For example, if the price of coffee increases, demand for tea may rise.
When the price of acomplementfalls, consumers are more likely to purchase both goods together, increasing demand. For instance, a decrease in the price of printers raises demand for printer ink.
Options C and D reduce demand rather than increase it.
Thus, A and B correctly identify changes that increase demand.
NEW QUESTION # 135
What is deadweight cost?
Answer: A
Explanation:
InGlobal Economics for Managers,deadweight cost (or deadweight loss)is defined asa net loss that occurs in an economy as a result of tariffs or other market distortions, making option D the correct answer.
Deadweight cost represents the reduction in total economic surplus-consumer surplus plus producer surplus-that is not offset by gains to any other group, including the government.
When a tariff is imposed on imported goods, domestic prices rise above world prices. As a result, consumers purchase less of the good and pay higher prices, while domestic producers may increase output despite being less efficient than foreign producers. Although the government collects tariff revenue, this revenue does not fully compensate for the loss experienced by consumers and the misallocation of resources. The portion of lost surplus that is not transferred to producers or the government is the deadweight cost.
Option A is incorrect because a government payment to a domestic firm refers to asubsidy, not a deadweight cost. Option B describes ananti-dumping tariff, which is a specific trade policy instrument rather than a definition of deadweight cost. Option C definesopportunity cost, a fundamental economic concept distinct from deadweight loss.
From a managerial perspective,Global Economics for Managersemphasizes that deadweight costs signal economic inefficiency. Tariffs distort price signals, encouraging production in higher-cost domestic industries and discouraging consumption that would otherwise generate value. These inefficiencies reduce overall economic welfare and can lead to retaliation by trading partners, further magnifying losses.
Understanding deadweight cost is essential for managers operating in global markets, as it explains why protectionist policies often reduce national and global welfare despite benefiting specific interest groups.
Thus, option D accurately reflects the definition and economic significance of deadweight cost in international trade analysis.
NEW QUESTION # 136
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