WGU Global Economics for Managers (C211, UZC2) : Global-Economics-for-Managers

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

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

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

A) Quantity decreases.
B) Price remains the same.
C) Price decreases.
D) Quantity increases.
E) Price increases.
F) Quantity remains the same.

2. What is a characteristic of a market economy?

A) Resources are allocated through quotas.
B) Prices are fixed by the government.
C) Central planning determines production decisions.
D) Factors of production are privately owned.

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

A) The producer surplus is $25.
B) The consumer surplus is $8.
C) The consumer surplus is $25.
D) The producer surplus is $17.

4. What is true about tariffs?

A) They eliminate deadweight loss
B) They increase consumer surplus
C) They allow the government to raise revenue
D) They lower domestic prices below world prices

5. What is the profit maximization condition for a monopoly?

A) When marginal cost is minimized
B) When marginal revenue equals marginal cost
C) When total revenue is maximized
D) When price equals marginal cost

Solutions: