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| Section | Objectives |
|---|---|
| Key Topics Across All Competencies | - International Trade Policies (Tariffs, Quotas) - Foreign Direct Investment (FDI) Impacts - Supply and Demand Shifts - Elastic vs. Inelastic Goods - Currency Appreciation and Depreciation - Global Business Strategies and Porter's Framework |
| Competency 1: International Trade and Currency Exchange | - Impact of Interest Rates on Financial Flows and Exchange Rates - Introduction to International Trade Theories - Currency Exchange Rate Determination |
| 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) |
| Competency 2: Political and Economic Forces | - Property Rights and the Rule of Law - Market Economy vs. Command Economy |
>> Global-Economics-for-Managers최신 인증시험정보 <<
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질문 # 93
What is an example of a transaction accounted for in the net exports component of GDP?
정답：B
설명：
Net exports equal exports minus imports. Option C is correct because buying a car from a different country is an import transaction, and imports are included in the net exports calculation as a subtraction. This transaction affects GDP because spending on foreign-produced goods must be removed from domestic production measures. Option A is generally consumption if the food is domestically purchased. Option B is government spending because a member of Congress is paid by the government. Option D is investment because new residential construction is counted as investment in GDP accounting. Net exports help managers understand the role of international trade in national output, currency demand, and market exposure. A country importing more than it exports has negative net exports.
질문 # 94
When supply decreases and demand stays the same, what happens to the equilibrium point of price and quantity? Choose two answers.
정답：D,F
설명：
When supply decreases while demand remains unchanged, the supply curve shifts left. At the original price, there is now less quantity supplied than quantity demanded, creating upward pressure on price. As price rises, consumers reduce quantity demanded until the market reaches a new equilibrium. Option A is correct because equilibrium price increases. Option E is correct because equilibrium quantity decreases. This result often occurs when input costs rise, production disruptions occur, regulation increases production costs, or natural disasters reduce available supply. Options B, C, D, and F contradict the standard supply-and-demand outcome. Managers must understand this relationship because supply disruptions can raise selling prices, reduce sales volume, affect inventory planning, and influence sourcing strategy. The basic result is higher price and lower quantity.
질문 # 95
If the demand for a good is elastic, what is true?
정답：C
설명：
InGlobal Economics for Managers, demand is said to beelasticwhen thequantity demanded responds substantially to changes in price, making option A correct. Elastic demand occurs when consumers are highly sensitive to price changes, often because close substitutes are available or the good represents a significant portion of income.
When demand is elastic, a small percentage change in price leads to a larger percentage change in quantity demanded. This relationship has important implications for pricing and revenue decisions. In such cases, price and total revenue move inopposite directions-a price decrease increases total revenue, while a price increase reduces total revenue.
Option B is incorrect because total revenue does not increase with price changes in both directions. Option C is false because price and total revenue move in opposite directions under elastic demand. Option D describes inelastic demand, where quantity responds only slightly to price changes.
Managers must understand elasticity when setting prices, forecasting revenue, and designing marketing strategies. Therefore, option A accurately defines elastic demand.
질문 # 96
What is one characteristic of a market shortage?
정답：D
설명：
InGlobal Economics for Managers, amarket shortageoccurs whenquantity demanded exceeds quantity suppliedat the current price. A defining characteristic of a shortage is thatquantity supplied is less than the equilibrium quantity, making option D correct.
Shortages typically arise when prices are set below equilibrium, such as under price controls. At these lower prices, consumers demand more, while producers supply less, creating excess demand.
Option A describes a surplus condition. Option B contradicts the definition of shortage. Option C is incorrect because shortages createupward, not downward, pressure on prices.
Thus, option D correctly identifies a characteristic of a market shortage.
질문 # 97
Direct exports have which advantage?
정답：D
설명：
InGlobal Economics for Managers,direct exportingallows firms tocapitalize on economies of scale in production in the home country, making option B correct.
By concentrating production domestically, firms can achieve lower average costs, maintain quality control, and leverage existing facilities and expertise. Direct exporting avoids the fixed costs of establishing foreign production facilities.
Options A, C, and D are incorrect because exporting typically involves transportation costs, limited distribution control, and exposure to exchange rate risk.
Thus, option B correctly identifies a key advantage of direct exporting.
질문 # 98
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