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

Section	Objectives
Topic 1: Macroeconomic Environment	- Fiscal and monetary policy - GDP, inflation, and unemployment
Topic 2: Foundations of Economics	- Scarcity, opportunity cost, and economic reasoning - Market systems and economic models
Topic 3: Managerial Economic Decision-Making	- Cost-benefit analysis in business contexts - Risk and uncertainty in global markets
Topic 4: Global Economics	- Global economic institutions and trade policy - International trade and comparative advantage - Exchange rates and currency systems
Topic 5: Microeconomics for Managers	- Supply and demand analysis - Elasticity and pricing decisions - Market structures and competition

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WGU Global Economics for Managers (C211, UZC2) Sample Questions (Q99-Q104):

NEW QUESTION # 99
In an oligopoly with an initial agreement to maximize total profit, which statements might a firm motivated by self-interest likely make? (Choose THREE.)

A. "I should always cooperate, regardless of outcomes."
B. "If my fellow firms live up to the agreement, I am better off raising production."
C. "I am better off reducing output below the agreed level."
D. "Regardless of what my fellow firms do, I am better off raising production beyond the agreed-to level."
E. "If my fellow firms fail to live up to the agreement and raise production, I am better off raising production myself."

Answer: B,D,E

Explanation:
InGlobal Economics for Managers, oligopolies often face aprisoner's dilemma, making deviation from collusive agreements individually rational. Options A, B, and C correctly reflect this logic.
If others cooperate, cheating by increasing output raises individual profit. If others cheat, matching their behavior minimizes losses. Therefore, regardless of others' actions, raising output appears optimal.
Options D and E contradict self-interested incentives.
Thus, A, B, and C correctly capture oligopolistic behavior.

NEW QUESTION # 100
If the demand for a good is elastic, what is true?

A. The quantity demanded responds substantially to changes in the price.
B. Price and total revenue move in the same direction.
C. Total revenue increases with a change in price in either direction.
D. The quantity demanded responds only slightly to changes in the price.

Answer: A

Explanation:
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.

NEW QUESTION # 101
What is deadweight cost?

A. A government payment to a domestic firm
B. A tariff levied on imports that are selling below cost in order to unfairly drive domestic firms out of business
C. A net loss that occurs in an economy as a result of tariffs
D. The lost potential from pursuing one activity at the expense of another, given the alternatives

Answer: C

Explanation:
In Global Economics for Managers , deadweight cost (or deadweight loss) is defined as a 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 a subsidy , not a deadweight cost. Option B describes an anti-dumping tariff , which is a specific trade policy instrument rather than a definition of deadweight cost. Option C defines opportunity cost , a fundamental economic concept distinct from deadweight loss.
From a managerial perspective, Global Economics for Managers emphasizes 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 # 102
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?

A. A single firm can supply a good or service to an entire market at a lower cost than two or more firms could.
B. A key resource required for production is owned by a single firm.
C. A single firm has the exclusive legal right to produce some good or service.
D. Economies of scale allow a firm to create output at a lower cost than other competitors.

Answer: C

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 # 103
What is the Nash equilibrium?

A. A particular situation between two entities that illustrates why cooperation is difficult to maintain even when it is mutually beneficial
B. An agreement among firms in a market over production and price
C. A group of firms illegally acting in unison to improve profits or dominate a market
D. A situation in which economic actors interacting with one another each choose their best strategy from among all available strategies currently being used by said actors

Answer: D

Explanation:
A Nash equilibrium occurs when each participant in a strategic interaction chooses the best available strategy given the strategies chosen by others. Option C is correct because no actor has an incentive to change its strategy unilaterally once the equilibrium is reached. This concept is central to game theory and is especially useful in oligopoly analysis, where firms must consider how rivals will respond to pricing, output, advertising, or product decisions. Option A describes the prisoner's dilemma more specifically, which can produce a Nash equilibrium but is not the definition itself. Option B describes collusion or cartel behavior. Option D describes illegal coordinated action by firms. Managers use Nash equilibrium logic to anticipate competitor behavior and understand why mutually beneficial cooperation can be unstable.

NEW QUESTION # 104
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