WGU C211 GLOBAL ECONOMICS WITH ALL ANSWERS

WGU C211 GLOBAL ECONOMICS WITH ALL ANSWERS




SupposecthatcthecUnitedcStatescimposesca
tariffconcavocadoscimportedcfromcMexico.
Whatcimpactcwillcthischaveconcthecpricecpaid
forcavocadoscbycUnitedcStatesccitizens?c-ccorrectcanswer-Thecpricecwillcincrease.

Whichcofcthecfollowingciscacconsequencecofca
countrycimposingcactariffconcimportedcgoods?c-ccorrectcanswer-
Thecdemandcforcforeigncproducedcgoods
decreases.

SupposecthatcthecUnitedcStatescimposesca
tariffconcsalt.cWhatcimpactcmightcthisctariff
haveconcthecpricecforcdomesticcconsumers?c-ccorrectcanswer-
Consumerscwillcpaycachighercprice.

Applyingcactariffctoccoconutscwillchavecthe
followingceffect:c-ccorrectcanswer-Increasecthecdomesticcpricecof
coconuts.

WhichcofcthecfollowingciscNOTcacrestrictioncto
trade?c-ccorrectcanswer-Freectradecareas.

Whatciscthecsignificantcdifferencecbetweencan
importcquotacandcactariff?c-ccorrectcanswer-Actariffcraisescrevenuecforcthe
governmentcandcancimportcquotaccreatescsurpluscfor
thosecwhocobtainclicensesctocimport.

Supposecthatcthecpricecofcacgoodcincreasesc(all
elsecheldcconstant).cWhichcofcthecfollowing
wouldchappencalongcwithcthecchangecincprice?c-ccorrectcanswer-
Consumercsurpluscwouldcdecrease.

SupposecthatcBobcgoesctocthecmarketcandcis

,willingctocpayc$500cforcacnewcchainsaw.cBobcis
ablectocfindcthecchainsawcforconlyc$400.cWhich
ofcthecfollowingcfollowscfromcBob's
circumstance?c-ccorrectcanswer-Hiscconsumercsurpluscisc$100.

Whichcstatementcisctruecofcconsumercsurplus?c-ccorrectcanswer-
Consumercsurpluscrepresentscvaluecto
buyerscincexcesscofcthecpricecpaidcforcthecproduct.

Whichcstatementcisctrue?c-ccorrectcanswer-
Totalcsurplusciscthecsumcofcconsumercand
producercsurpluscandciscgraphicallycrepresentedcascthe
areacbetweencthecsupplycandcdemandccurvescupctocthe
equilibriumcquantity.

SupposecthatcBobclivescincthecUnitedcStates,
butchascbeencworkingcincMexicocforctheclastc5cyears.cWhereciscthecvaluecofcBob'scpr
oduction
countedcduringctheclastc5cyears?c-ccorrectcanswer-U.S.cGNPcandcMexico'scGDP.

Whichcofcthecfollowingcstatementscdescribes
grosscdomesticcproductc(GDP)?c-ccorrectcanswer-
GDPciscthecmostcusedcmeasurecofca
country'sceconomiccwellbeing.

Whichcofcthecfollowingciscancinvestment
includedcincthecgrosscdomesticcproductc(GDP)
measure?c-ccorrectcanswer-Spendingconcnewcresidential
construction.

GrosscDomesticcProductc(GDP)cmeasures
whichcofcthecfollowing?c-ccorrectcanswer-Marketcvaluecofcfinalcgoodscandcservices
producedcwithincaccountrycincacgivencperiodcofctime.

WhichcitemciscNOTcpartcofcGDP?c-ccorrectcanswer-Purchasingcacusedchairdryer.

Whatcisctheckeycdistinctioncbetweencrealcand
nominalcGDP?c-ccorrectcanswer-RealcGDPcmeasurescproductioncnot
affectedcbycchangescincpricescwhilecnominalcGDP
measurescproductioncmeasuredcatccurrentcprices.

Whatciscthecchangecinctotalccostcequalctocincthe
marginalccostcequation?c-ccorrectcanswer-Marginalccostcmultipliedcbycchangecin
quantity.

Fixedccostscequal:c-ccorrectcanswer-Totalccostscminuscvariableccosts

Economiccprofitciscdistinctcfromcaccounting
profitcbecause:c-ccorrectcanswer-Economiccprofitcincorporatescbothcexplicit
andcimplicitccosts.

, Totalccostscinclude:c-ccorrectcanswer-Variableccostscpluscfixedccosts.

Marginalccostscconsider:c-ccorrectcanswer-Thecincreasecinctotalccostcarisingcfromcan
extracunitcofcproduction.

Whatcresponsecbestcdescribescthecrelationship
betweencmarginalccostscandctotalccosts?c-ccorrectcanswer-
Whenevercmarginalccostcisclesscthan
averagectotalccost,caveragectotalccostciscfalling.

Whichcstatementcisctruecaboutcproductivity?c-ccorrectcanswer-
Thecvaluecofcmarginalcproductcofclabor
equalscwagecincaccompetitivecfirm.

Acproductioncfunctioncexpressescthe
relationshipcbetween:c-ccorrectcanswer-Quantitycofcresourcecinputscand
product/servicecoutputs.

Opportunityccostscinclude:c-ccorrectcanswer-
Thecincomecthecentrepreneurccouldchave
earnedcworkingcforcancemployer.

Economistscandcdecisioncmakerscstudycand
thencmakecdecisionscorcjudgmentscbasedcon
(selectcbestcanswer):c-ccorrectcanswer-Marginalcanalysis.

Thecprimarycreasoncthatcthecmarginalccost
curvecdeclinescandcthencincreasescis:c-ccorrectcanswer-
Firmscexperiencecincreasingcmarginal
product,cthencdiminishingcmarginalcproduct.

Whichcofcthecfollowingcstatementscis
accurate?c-ccorrectcanswer-Marginalccostsceventuallycrisecwithcthe
quantitycofcoutput.

Considercthecfollowingcexample:cAcperfectly
competitivecfirmcfindscthatcatccurrent
productionclevelscmarginalccostciscgreater
thancmarginalcrevenue.cWhatcactioncshould
thiscfirmctakecincorderctocpursuecthe
maximizationcofcprofit?c-ccorrectcanswer-Decreasecthectargetcoutput.

Accompetitivecfirmcisccharacterizedcby:c-ccorrectcanswer-
Tradingcofcidenticalcproducts.

Competitivecfirmscexperiencecmarginal
revenuecthatcis:c-ccorrectcanswer-Equalctocprice.

Incthecshort-run,caccompetitivecfirmcwould