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| Section | Objectives |
|---|---|
| Topic 1: Key Topics Across All Competencies | - Currency Appreciation and Depreciation - Foreign Direct Investment (FDI) Impacts - Supply and Demand Shifts - Elastic vs. Inelastic Goods - Global Business Strategies and Porter's Framework - International Trade Policies (Tariffs, Quotas) |
| Topic 2: 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 |
| Topic 3: Competency 2: Political and Economic Forces | - Property Rights and the Rule of Law - Market Economy vs. Command Economy |
| Topic 4: 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) |
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NEW QUESTION # 60
Which goods have a positive cross-price elasticity?
Answer: B
Explanation:
InGlobal Economics for Managers,substitute goodshave apositive cross-price elasticity of demand, making option C correct. Cross-price elasticity measures how the quantity demanded of one good responds to a change in the price of another good.
For substitutes, an increase in the price of one good leads consumers to switch to the alternative, increasing demand for the substitute. This positive relationship results in a positive cross-price elasticity. Examples include tea and coffee or butter and margarine.
Complements have negative cross-price elasticity, normal goods relate to income elasticity, and "shortage goods" is not an elasticity classification.
Thus, option C is correct.
NEW QUESTION # 61
What is the Nash equilibrium?
Answer: B
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 # 62
Which characteristic is attributed to totalitarianism?
Answer: A
Explanation:
In Global Economics for Managers , totalitarianism is characterized by the concentration of absolute political power in the hands of a single individual or a single ruling party , making option D the correct answer. Under a totalitarian system, political authority is centralized, dissent is suppressed, and the state seeks to control not only political life but often economic, social, and ideological aspects of society as well.
Unlike democratic systems, totalitarian regimes do not permit free elections, political pluralism, or meaningful checks and balances. Citizens are not granted the right to elect representatives, nor are freedoms of expression, association, or organization protected. Instead, political opposition is restricted or eliminated, and state power is maintained through coercion, propaganda, and control of institutions.
Option A is incorrect because totalitarian systems generally involve high political risk , particularly for firms, due to arbitrary policy changes, expropriation risk, and weak legal protections. Option B describes liberal democratic systems that emphasize civil liberties. Option C is a defining feature of representative democracies, not totalitarian regimes.
Global Economics for Managers stresses that totalitarianism presents significant challenges for global managers. While such systems may offer short-term stability or rapid decision making, they often involve unpredictable policy shifts, weak protection of property rights, and limited transparency. These conditions increase political risk and complicate long-term business planning.
Therefore, option D correctly identifies the defining characteristic of totalitarianism as the delegation of absolute political control to one person or party.
NEW QUESTION # 63
What is one characteristic of a market shortage?
Answer: C
Explanation:
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.
NEW QUESTION # 64
What are properties of a typical indifference curve? (Choose TWO.)
Answer: B,C
Explanation:
InGlobal Economics for Managers, indifference curves have two key properties:higher curves represent higher utility, andcurves do not cross, making options A and C correct.
If curves crossed, preferences would be inconsistent. Higher curves indicate greater satisfaction.
Options B and D violate consumer theory assumptions.
Thus, A and C are correct.
NEW QUESTION # 65
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