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| Section | Objectives |
|---|---|
| Competency 3: Economic Decision-Making by Firms and Customers | - Firm Behavior Under Different Market Structures (Perfect Competition, Monopoly, Oligopoly) - Consumer Behavior (Budget Constraint, Indifference Curves) |
| Competency 1: International Trade and Currency Exchange | - Introduction to International Trade Theories - Impact of Interest Rates on Financial Flows and Exchange Rates - Currency Exchange Rate Determination |
| Competency 2: Political and Economic Forces | - Property Rights and the Rule of Law - Market Economy vs. Command Economy |
| Key Topics Across All Competencies | - Foreign Direct Investment (FDI) Impacts - Global Business Strategies and Porter's Framework - Elastic vs. Inelastic Goods - International Trade Policies (Tariffs, Quotas) - Supply and Demand Shifts - Currency Appreciation and Depreciation |
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NEW QUESTION # 34
When is it best for a firm to restart production?
Answer: A
Explanation:
A firm should restart production when total revenue is greater than total variable cost, meaning the firm can cover its variable costs and contribute something toward fixed costs. Option C is correct because, after a short- term shutdown, fixed costs may still exist whether the firm produces or not. The key restart decision is whether operating revenue can cover variable operating expenses. If total revenue exceeds total variable cost, production reduces losses or may generate profit. Option A is not sufficient because total revenue being less than total cost may still allow production to be better than shutdown if variable costs are covered. Option B means producing additional units lowers profit, so it supports decreasing production. Option D does not justify restarting. The short-run rule focuses on variable cost coverage.
NEW QUESTION # 35
What are examples of intellectual property? (Choose TWO.)
Answer: B,D
Explanation:
In Global Economics for Managers , intellectual property (IP) refers to legally protected creations of the mind. Patents and trademarks are two major forms of IP, making options A and B correct.
Patents protect new inventions, processes, or technologies, granting exclusive rights to inventors for a limited time. Trademarks protect brand identifiers such as names and logos.
Subsidies and tariffs are government policies, not intellectual property protections.
Therefore, options A and B correctly identify examples of intellectual property.
NEW QUESTION # 36
Which pillar of formal institutions represents the coercive power of governments?
Answer: C
Explanation:
InGlobal Economics for Managers, theregulatory pillarof formal institutions represents thecoercive power of governments, making option C correct. Regulatory institutions consist of laws, rules, regulations, and enforcement mechanisms that shape economic behavior through rewards and punishments.
The regulatory pillar relies on the authority of the state to enforce compliance. Governments impose sanctions such as fines, imprisonment, or license revocation to ensure adherence to laws. For firms, this pillar defines what is legally permissible in areas such as labor practices, taxation, environmental standards, and competition policy.
The other institutional pillars-normative and cognitive-do not rely on coercion. Normative institutions are based on social norms and values, while cognitive institutions reflect shared beliefs and taken-for-granted assumptions.
Understanding the regulatory pillar is essential for managers because violations can result in severe legal and financial consequences. Thus, option C correctly identifies the pillar associated with government coercive power.
NEW QUESTION # 37
What does the term resource mobility describe?
Answer: C
Explanation:
InGlobal Economics for Managers,resource mobilityrefers tothe assumption that a resource removed from one industry can be moved to another, making option B the correct answer. Resource mobility is a core microeconomic concept that explains how factors of production-such as labor, capital, and land-can be reallocated across different uses in response to changes in economic conditions.
This concept is especially important in both domestic and international trade analysis. When trade patterns change due to globalization, technological progress, or policy shifts, some industries expand while others contract. Resource mobility determines how easily workers, machines, and capital can shift from declining industries to growing ones. High resource mobility allows an economy to adjust efficiently, minimizing long- term unemployment and production losses.
Option A describesfree trade ideology, not resource mobility. Option C defines atrade surplus, which relates to a country's balance of trade rather than factor movement. Option D reflectsprotectionism, a policy stance that restricts trade and is unrelated to the movement of resources between industries.
Global Economics for Managershighlights that resource mobility is often assumed in economic models to simplify analysis, but in reality, mobility can be limited. Skills may not transfer easily across industries, capital may be industry-specific, and geographic or institutional barriers can slow adjustment. These limitations explain why trade liberalization can create short-run adjustment costs even when long-run gains are positive.
For managers, understanding resource mobility is critical when making strategic decisions about investment, workforce planning, and location. Firms operating in dynamic global markets benefit when resources can be redeployed quickly in response to price signals and competitive pressures. Therefore, option B precisely captures the meaning and importance of resource mobility within microeconomic and macroeconomic principles.
NEW QUESTION # 38
Which characteristics are attributed to a democracy? (Choose THREE.)
Answer: B,D,E
Explanation:
InGlobal Economics for Managers, democracies are characterized bycivil liberties, economic freedoms, and relatively lower political risk, making options A, C, and D correct.
Democracies protect freedom of expression and organization, allow domestic and foreign firms to operate, and provide stable institutional environments with predictable rules.
Options B and E describe authoritarian systems, not democracies.
Thus, A, C, and D correctly describe democratic systems.
NEW QUESTION # 39
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