WGU C211 - Global Economics for
Managers (Latest Update )
Questions with Correct Answers {Grade A}
100% Verified
Intellectual property right - correct answer Rights associated with the ownership. They
primarily include rights associated with patents, copyrights, and trademarks.
Market economy - correct answer One that is characterized by the "invisible hand" of
market forces-all factors of production should be privately owned.
Command economy - correct answer One that is defined by a government taking all
factors of production to be government-owned or state-owned, and all supply,
demand, and pricing are planned by the government.
Mixed economy - correct answer One has elements of both a market economy and a
command economy. It boils down to the relative distribution of market forces versus
command forces.
,Tariff. - correct answer Tax on goods produced abroad and sold domestically(tax on
imported goods). A method used to restrict international trade.
Dead weight loss. - correct answer The fall in total surplus that results from a market
distortion, such as a tax (new equilibrium price that is settled for the transaction will
be higher and therefore some burden of this will be passed on to the consumer)
How are tariff's and dead weight loss related? Explain. - correct answer A tariff causes
a deadweight loss because a tariff is a type of tax. Like most taxes, it distorts
incentives and pushes the allocation of scarce resources away from the optimum.
(Oversupply and under demand)
Two primary categories of trade barriers - correct answer Tariffs and Non-Tariff
If an import tariff is imposed on coconuts that are imported into the U.S., how will this
impact the price of coconuts for U.S. consumers? - correct answer Increase the price.
, Why might a government be interested in imposing an import tariff on a good? What
benefit would the government derive primarily? - correct answer The tariff will reduce
the amount of important, increase the amount of exports. The primary benefit is that it
raises revenue for the government.
How would imposing an import tariff on cigars impact the domestic production of
cigars? - correct answer Quantity increases for exporting at world price.
If an import tariff on coconuts was removed in the U.S., how would this impact the
demand for coconuts by U.S. consumers? - correct answer The demand would
increase.
What would happen to the overall domestic demand for a good if an import tariff were
imposed on that good? - correct answer It would increase.
How does a tariff generally impact the following entities: consumers, producers,
government? Compare the effects between the entities - correct answer Domestic
Managers (Latest Update )
Questions with Correct Answers {Grade A}
100% Verified
Intellectual property right - correct answer Rights associated with the ownership. They
primarily include rights associated with patents, copyrights, and trademarks.
Market economy - correct answer One that is characterized by the "invisible hand" of
market forces-all factors of production should be privately owned.
Command economy - correct answer One that is defined by a government taking all
factors of production to be government-owned or state-owned, and all supply,
demand, and pricing are planned by the government.
Mixed economy - correct answer One has elements of both a market economy and a
command economy. It boils down to the relative distribution of market forces versus
command forces.
,Tariff. - correct answer Tax on goods produced abroad and sold domestically(tax on
imported goods). A method used to restrict international trade.
Dead weight loss. - correct answer The fall in total surplus that results from a market
distortion, such as a tax (new equilibrium price that is settled for the transaction will
be higher and therefore some burden of this will be passed on to the consumer)
How are tariff's and dead weight loss related? Explain. - correct answer A tariff causes
a deadweight loss because a tariff is a type of tax. Like most taxes, it distorts
incentives and pushes the allocation of scarce resources away from the optimum.
(Oversupply and under demand)
Two primary categories of trade barriers - correct answer Tariffs and Non-Tariff
If an import tariff is imposed on coconuts that are imported into the U.S., how will this
impact the price of coconuts for U.S. consumers? - correct answer Increase the price.
, Why might a government be interested in imposing an import tariff on a good? What
benefit would the government derive primarily? - correct answer The tariff will reduce
the amount of important, increase the amount of exports. The primary benefit is that it
raises revenue for the government.
How would imposing an import tariff on cigars impact the domestic production of
cigars? - correct answer Quantity increases for exporting at world price.
If an import tariff on coconuts was removed in the U.S., how would this impact the
demand for coconuts by U.S. consumers? - correct answer The demand would
increase.
What would happen to the overall domestic demand for a good if an import tariff were
imposed on that good? - correct answer It would increase.
How does a tariff generally impact the following entities: consumers, producers,
government? Compare the effects between the entities - correct answer Domestic
