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WGU Global-Economics-for-Managers Exam Syllabus Topics:

Section	Objectives
Global Economics	- Global economic institutions and trade policy - International trade and comparative advantage - Exchange rates and currency systems
Macroeconomic Environment	- Fiscal and monetary policy - GDP, inflation, and unemployment
Microeconomics for Managers	- Elasticity and pricing decisions - Supply and demand analysis - Market structures and competition
Foundations of Economics	- Scarcity, opportunity cost, and economic reasoning - Market systems and economic models
Managerial Economic Decision-Making	- Risk and uncertainty in global markets - Cost-benefit analysis in business contexts

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WGU Global Economics for Managers (C211, UZC2) Sample Questions (Q78-Q83):

NEW QUESTION # 78
Which statement about the GDP deflator is true?

A. It follows a nearly strict decreasing pattern from a base year.
B. Its percentage change from one year to the next is the inflation rate.
C. It is a more reliable indicator of economic well-being than real GDP.
D. It includes fewer core economic measurements than GDP.

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 # 79
A country has experienced a decrease in inflation. What is the effect on the country's currency exchange rate?

A. It becomes unstable
B. It has no effect
C. It increases
D. It depreciates

Answer: C

NEW QUESTION # 80
What are weaknesses of the theory of mercantilism? (Choose TWO.)

A. Application of the theory reduces national wealth in the long run.
B. The theory emphasizes comparative advantage.
C. The theory leads to inefficient allocation of resources.
D. The theory promotes free trade.
E. The theory encourages specialization and productivity growth.

Answer: A,C

Explanation:
In Global Economics for Managers, mercantilism is widely criticized for two major weaknesses: it leads to inefficient allocation of resources and reduces national wealth in the long run, making options A and B correct.
Mercantilism views global trade as a zero-sum game, where one country's gain comes at another's expense.
As a result, it emphasizes export promotion, import restrictions, and accumulation of precious metals. These policies distort market signals and push resources toward protected industries rather than their most productive uses, leading to inefficiency.
Over time, these inefficiencies reduce overall economic growth and national wealth. Protectionist measures raise prices for consumers, reduce competition, and discourage innovation. Retaliation by trading partners can further harm exports and global welfare.
Options C, D, and E describe modern trade theories, not mercantilism. Mercantilism rejects comparative advantage and free trade.
Therefore, A and B correctly identify weaknesses of mercantilism.

NEW QUESTION # 81
What is the definition of marginal cost?

A. The increase in cost that arises from producing an additional unit of output
B. The fixed cost of production
C. The total cost divided by total output
D. The opportunity cost of capital

Answer: A

Explanation:
InGlobal Economics for Managers,marginal cost (MC)is defined asthe increase in total cost that arises from producing one additional unit of output, making option B correct. Marginal cost plays a central role in production and pricing decisions because it reflects the incremental cost of expanding output.
Marginal cost typically includes additional labor, materials, and variable inputs required for one more unit.
Fixed costs do not affect marginal cost in the short run because they do not change with output. As production increases, marginal cost may initially decline due to specialization and efficiency gains, but it often rises later because of diminishing marginal returns.
Managers rely on marginal cost to determine optimal output levels. Producing beyond the point where marginal cost exceeds marginal revenue reduces profit. Therefore, understanding marginal cost is essential for profit maximization, cost control, and operational planning.
Thus, option B correctly defines marginal cost.

NEW QUESTION # 82
When is it best for a firm to decrease production?

A. When the average variable cost is less than the price of a unit after a short-term stop.
B. When the price of a unit covers the average variable cost after a short-term stop.
C. When marginal cost is greater than marginal revenue.
D. When total revenue is greater than total cost.

Answer: C

Explanation:
A firm should decrease production when marginal cost is greater than marginal revenue. Option A is correct because each additional unit costs more to produce than it brings in revenue, which reduces profit. The standard profit-maximizing rule is to produce where marginal revenue equals marginal cost. If marginal cost exceeds marginal revenue, output is too high and the firm should reduce production. Option B does not justify decreasing production because total revenue greater than total cost indicates profit. Options C and D describe conditions under which restarting or continuing production may be reasonable because price covers average variable cost. The question is about marginal decision making, not total profitability or shutdown rules. For managers, the key rule is simple: do not produce units that reduce profit.

NEW QUESTION # 83
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