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WGU Global Economics for Managers (C211, UZC2) Question and Answers

WGU Global Economics for Managers (C211, UZC2)

Last Update May 31, 2026
Total Questions : 134

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Questions 1

When supply decreases and demand stays the same, what happens to the equilibrium point of price and quantity? Choose two answers.

Options:

A.  

Price increases.

B.  

Price decreases.

C.  

Quantity remains the same.

D.  

Quantity increases.

E.  

Quantity decreases.

F.  

Price remains the same.

Discussion 0
Questions 2

What is the definition of globalization?

Options:

A.  

The spread of regulatory influence to a greater pool of subjects

B.  

The development of custom products for each segment of a population

C.  

The close integration of countries and peoples of the world

D.  

The achievement of a one-world market for goods and services

Discussion 0
Questions 3

A shopper purchases a shirt for $17 but was willing to pay $25. What does this indicate?

Options:

A.  

The consumer surplus is $8.

B.  

The producer surplus is $17.

C.  

The producer surplus is $25.

D.  

The consumer surplus is $25.

Discussion 0
Questions 4

What are key features of an oligopoly? (Choose THREE.)

Options:

A.  

The actions of any one seller can have a large impact on the profits of other sellers.

B.  

Firms in an oligopoly are interdependent in ways competitive firms are not.

C.  

There are a few sellers.

D.  

Firms are independent of one another, like competitive firms.

E.  

The actions of any one seller have little impact on others’ profits.

F.  

There is little motivation for cooperation between firms.

Discussion 0
Questions 5

An institution-based view of global business focuses on the specific relationship between which two entities?

Options:

A.  

Customers and firms

B.  

Customers and institutions

C.  

Firms and governments

D.  

Firms and institutions

Discussion 0
Questions 6

Which protection of intellectual property is used for the design of a logo?

Options:

A.  

Patent

B.  

Copyright

C.  

Trademark

D.  

Trade secret

Discussion 0
Questions 7

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?

Options:

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 single firm has the exclusive legal right to produce some good or service.

C.  

A key resource required for production is owned by a single firm.

D.  

Economies of scale allow a firm to create output at a lower cost than other competitors.

Discussion 0
Questions 8

Which situation illustrates the proposition that when formal constraints are unclear or fail, informal constraints play a larger role in reducing uncertainty and providing constancy to firms?

Options:

A.  

Choosing a headquarters location based on cost of living, airports, and tax credits

B.  

Firms relocating overseas due to a new domestic tax policy

C.  

Firms entering gray markets due to high taxes

D.  

A firm follows strict environmental practices despite lax local laws

Discussion 0
Questions 9

Costs that do not vary with output quantity divided by the quantity of output is best described by which term?

Options:

A.  

Total cost

B.  

Marginal cost

C.  

Average variable cost

D.  

Average fixed cost

Discussion 0
Questions 10

In which situation is the dodger strategy appropriate for responding to multinational enterprises (MNEs)?

Options:

A.  

There is low industry pressure to globalize, and competitive assets are transferable abroad.

B.  

There is high industry pressure to globalize, and competitive assets are transferable abroad.

C.  

There is high industry pressure to globalize, and competitive assets are customized to home markets.

D.  

There is low industry pressure to globalize, and competitive assets are customized to home markets.

Discussion 0
Questions 11

What are characteristics of a market economy? (Choose TWO.)

Options:

A.  

It is defined by a government taking the authoritative role in the economy.

B.  

It was first noted by Adam Smith in The Wealth of Nations in 1776.

C.  

Supply, demand, and pricing are planned by the government.

D.  

It found a near ideal in China and the former Soviet Union during communism.

E.  

It is characterized by the “invisible hand” of market forces.

F.  

Factors of production are government-owned or state-owned.

Discussion 0
Questions 12

What are common types of barriers to entry that can cause a monopoly? (Choose TWO.)

Options:

A.  

A single firm owning a key resource

B.  

Economies of scale in the production process

C.  

Perfect information

D.  

Elastic demand

E.  

Free entry and exit

Discussion 0
Questions 13

What is the profit maximization condition for a monopoly?

Options:

A.  

When price equals marginal cost

B.  

When marginal revenue equals marginal cost

C.  

When total revenue is maximized

D.  

When marginal cost is minimized

Discussion 0
Questions 14

Which good tends to have elastic demand?

Options:

A.  

A good with close substitutes

B.  

A good with many complements

C.  

A good that is tangible

D.  

A good with few complements

Discussion 0
Questions 15

Which statement about Federal Reserve lending to banks is true?

Options:

A.  

Fed lending to banks follows an overall uptrend.

B.  

The discount rate is changed annually.

C.  

Banks set consumer interest rates at the discount rate.

D.  

Banks pay the discount rate when borrowing funds from the Fed.

Discussion 0
Questions 16

What are examples of equity modes of entry? (Choose THREE.)

Options:

A.  

Strategic alliances

B.  

Greenfield investments

C.  

Acquisitions

D.  

Licensing

E.  

Franchising

Discussion 0
Questions 17

Which effect does increased government spending have on aggregate demand if the multiplier effect is greater than the crowding-out effect?

Options:

A.  

Aggregate demand increases by more than the increase in government spending.

B.  

Aggregate demand decreases by more than the increase in government spending.

C.  

Aggregate demand increases by less than the increase in government spending.

D.  

Aggregate demand decreases by less than the increase in government spending.

Discussion 0
Questions 18

In which situation is the contender strategy appropriate for responding to multinational enterprises (MNEs)?

Options:

A.  

There is high industry pressure to globalize, and competitive assets are transferable abroad.

B.  

There is high industry pressure to globalize, and competitive assets are customized to home markets.

C.  

There is low industry pressure to globalize, and competitive assets are transferable abroad.

D.  

There is low industry pressure to globalize, and competitive assets are customized to home markets.

Discussion 0
Questions 19

What is a tariff levied on imports that are selling below cost in order to unfairly drive domestic firms out of business?

Options:

A.  

Factor endowment

B.  

Deadweight cost

C.  

Antidumping duty

D.  

Opportunity cost

Discussion 0
Questions 20

What is deadweight cost?

Options:

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.  

The lost potential from pursuing one activity at the expense of another, given the alternatives

D.  

A net loss that occurs in an economy as a result of tariffs

Discussion 0
Questions 21

What are examples of regulatory pillars? (Choose TWO.)

Options:

A.  

Stealing office supplies because most colleagues are doing the same thing

B.  

Reporting a crime because it is against the law to withhold information

C.  

Investing in foreign currencies because others view it as safe

D.  

Paying parking tickets out of fear of a suspended driver’s license

E.  

Coasting through stop signs because it is common

F.  

Refusing military service because of pacifist beliefs

Discussion 0
Questions 22

What is true about gross domestic product (GDP)?

Options:

A.  

It is thought to be the single best measure of a society’s economic well-being.

B.  

Its year-to-year percentage change represents the inflation rate.

C.  

It places heavier weight on intangible services than tangible goods.

D.  

It includes the income of citizens working abroad.

Discussion 0
Questions 23

If the demand for a good is inelastic, what is true?

Options:

A.  

Quantity demanded responds substantially to price changes

B.  

Quantity demanded responds only slightly to price changes

C.  

Price and total revenue move in opposite directions

D.  

Consumers are highly sensitive to price changes

Discussion 0
Questions 24

Which statement is a description of theocratic law?

Options:

A.  

It is a legal system based on religious teachings and dogma.

B.  

It is a legal system that is the oldest, most influential, and most widely distributed in the world.

C.  

It is a legal system that uses comprehensive statutes and codes as a primary means to form legal judgments.

D.  

It is a legal system that is shaped by precedents and traditions from previous judicial decisions.

Discussion 0
Questions 25

What are examples of variable costs? Choose two answers.

Options:

A.  

A 5% tax charged by the government on variable inputs

B.  

A $1,000 license fee charged by the state government to operate a shop

C.  

The CEO’s salary for a major manufacturing firm

D.  

The rent paid by a magazine publisher for its creative team

E.  

The cost of the parts used in individual devices made by a computer manufacturer

F.  

The monthly internet cost in a business that produces women’s apparel

Discussion 0
Questions 26

What are examples of fixed costs? (Choose TWO.)

Options:

A.  

Sales commissions

B.  

Cost of flour in bread production

C.  

A $1,000 state license fee to operate a shop

D.  

Monthly internet cost in a women’s apparel business

E.  

Cost of parts in computer manufacturing

Discussion 0
Questions 27

Which quantity is calculated using the formula variable costs (VC) + fixed costs (FC)?

Options:

A.  

Implicit cost (IC)

B.  

Explicit cost (EC)

C.  

Total cost (TC)

D.  

Average variable cost (AVC)

Discussion 0
Questions 28

Which quantity measures the market value of all final goods and services produced within a country in a given period of time?

Options:

A.  

Gross national income (GNI)

B.  

Net domestic product (NDP)

C.  

Gross domestic product (GDP)

D.  

National disposable income

Discussion 0
Questions 29

What are characteristics of monopolistic competition? (Choose THREE.)

Options:

A.  

Many sellers

B.  

Product differentiation

C.  

Free entry and exit

D.  

One seller

E.  

Homogeneous products

Discussion 0
Questions 30

When an import tariff is placed on footwear, which quantity increases?

Options:

A.  

The quantity of footwear imported

B.  

Producer surplus for footwear

C.  

Domestic demand for footwear

D.  

Consumer surplus for footwear

Discussion 0
Questions 31

What is one of the four strategic goals of firms looking for potential locations?

Options:

A.  

Scale-seeking

B.  

Profit-seeking

C.  

Competition-seeking

D.  

Market-seeking

Discussion 0
Questions 32

The formula “fixed costs (FC) + variable costs (VC)” represents which quantity?

Options:

A.  

Average cost

B.  

Marginal cost

C.  

Total cost

D.  

Implicit cost

Discussion 0
Questions 33

Which GDP component is affected when a parent pays for a child’s college education?

Options:

A.  

Government purchases

B.  

Investment

C.  

Consumption

D.  

Net exports

Discussion 0
Questions 34

Which phrase best describes property rights?

Options:

A.  

The exclusive legal rights of authors and publishers to publish and disseminate their works.

B.  

The legal rights awarded by government authorities to inventors of new products or processes.

C.  

The legal rights regarding the use of an economic resource and for deriving income and benefits from it.

D.  

The exclusive legal rights of firms to use specific names, brands, and designs to differentiate their products from others.

Discussion 0
Questions 35

What is one of the three primary strategies that nonfinancial companies use to cope with currency risks?

Options:

A.  

Using foreign dealers for their goods

B.  

Strategic hedging

C.  

Keeping low inventories

D.  

Reducing currency liabilities

Discussion 0
Questions 36

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

Options:

A.  

“If my fellow firms live up to the agreement, I am better off raising production.”

B.  

“If my fellow firms fail to live up to the agreement and raise production, I am better off raising production myself.”

C.  

“Regardless of what my fellow firms do, I am better off raising production beyond the agreed-to level.”

D.  

“I am better off reducing output below the agreed level.”

E.  

“I should always cooperate, regardless of outcomes.”

Discussion 0
Questions 37

What is a characteristic of a market economy?

Options:

A.  

It is in place in most of the world’s countries.

B.  

It gives the government the primary authoritative role in the economy.

C.  

It leaves the planning of supply, demand, and pricing to the government.

D.  

It emphasizes private ownership of all factors of production.

Discussion 0
Questions 38

Which methods does the Federal Reserve use to alter reserve quantities? Choose three answers.

Options:

A.  

Raising the discount rate

B.  

Buying bonds

C.  

Raising inflation

D.  

Selling stock shares

E.  

Selling bonds

F.  

Raising income tax rates

Discussion 0
Questions 39

What is the bandwagon effect?

Options:

A.  

Investors moving independently based on private information

B.  

The movement of investors in the same direction at the same time

C.  

The tendency of prices to return to equilibrium

D.  

Government intervention to stabilize markets

Discussion 0
Questions 40

What happens when the Federal Reserve increases the money supply?

Options:

A.  

The aggregate demand curve shifts to the left

B.  

The aggregate demand curve shifts to the right

C.  

The aggregate supply curve shifts to the right

D.  

The aggregate supply curve shifts to the left

Discussion 0