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| Section | Objectives |
|---|---|
| Key Topics Across All Competencies | - Global Business Strategies and Porter's Framework - International Trade Policies (Tariffs, Quotas) - Currency Appreciation and Depreciation - Foreign Direct Investment (FDI) Impacts - Elastic vs. Inelastic Goods - Supply and Demand Shifts |
| Competency 1: International Trade and Currency Exchange | - Impact of Interest Rates on Financial Flows and Exchange Rates - Currency Exchange Rate Determination - Introduction to International Trade Theories |
| 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 | - Market Economy vs. Command Economy - Property Rights and the Rule of Law |
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NEW QUESTION # 48
What is a key feature of an oligopoly?
Answer: B
Explanation:
InGlobal Economics for Managers, oligopolies are often modeled as aprisoner's dilemma, making option B correct.
Firms face incentives to cooperate for mutual gain but also incentives to cheat to maximize individual profit.
This tension explains price rigidity, collusion instability, and strategic behavior.
Other options describe competitive markets or are not universally true.
Thus, option B is correct.
NEW QUESTION # 49
Which good tends to have elastic demand?
Answer: A
Explanation:
A good with close substitutes tends to have elastic demand because consumers can easily switch to another product when its price rises. Option A is correct. Elastic demand means quantity demanded responds strongly to price changes. For example, if one brand of bottled water increases in price and many similar brands are available, consumers can quickly shift purchases. This makes the seller more constrained when raising prices.
Goods with few substitutes, necessities, or small budget shares tend to have less elastic demand.
Complements affect cross-price relationships, but having many or few complements does not directly define whether demand for the good itself is elastic. Tangibility also does not determine elasticity. For managers, elasticity is critical because it affects pricing strategy, revenue forecasting, and competitive positioning.
NEW QUESTION # 50
A country has experienced a decrease in inflation. What is the effect on the country's currency exchange rate?
Answer: C
NEW QUESTION # 51
What is one of the elements of the Porter Diamond in the theory of national competitive advantage of industries?
Answer: D
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 # 52
The marginal revenue from producing a smartphone is $200, and the marginal cost is $150. What is the best action for the firm?
Answer: A
Explanation:
InGlobal Economics for Managers, profit-maximizing firms shouldincrease production when marginal revenue (MR) exceeds marginal cost (MC), making option A correct.
Here, MR = $200 and MC = $150. Since the additional revenue from producing one more unit exceeds the additional cost, producing that unit increases profit. Firms should continue increasing output until MR equals MC.
Options B, C, and D contradict the marginal decision rule. Reducing or stopping production would forgo profitable opportunities.
Thus, option A is correct.
NEW QUESTION # 53
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