WGU C211 Global Economics
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Test
Suppose that the United States imposes a
tariff on avocados imported from Mexico.
What impact will this have on the price paid
for avocados by United States citizens? - 🧠ANSWER ✔✔The price will
increase.
Which of the following is a consequence of a
country imposing a tariff on imported goods? - 🧠ANSWER ✔✔The demand
for foreign produced goods
,decreases.
Suppose that the United States imposes a
tariff on salt. What impact might this tariff
have on the price for domestic consumers? - 🧠ANSWER ✔✔Consumers
will pay a higher price.
Applying a tariff to coconuts will have the
following effect: - 🧠ANSWER ✔✔Increase the domestic price of
coconuts.
Which of the following is NOT a restriction to
trade? - 🧠ANSWER ✔✔Free trade areas.
What is the significant difference between an
import quota and a tariff? - 🧠ANSWER ✔✔A tariff raises revenue for the
government and an import quota creates surplus for
those who obtain licenses to import.
Suppose that the price of a good increases (all
else held constant). Which of the following
,would happen along with the change in price? - 🧠ANSWER ✔✔Consumer
surplus would decrease.
Suppose that Bob goes to the market and is
willing to pay $500 for a new chainsaw. Bob is
able to find the chainsaw for only $400. Which
of the following follows from Bob's
circumstance? - 🧠ANSWER ✔✔His consumer surplus is $100.
Which statement is true of consumer surplus? - 🧠ANSWER ✔✔Consumer
surplus represents value to
buyers in excess of the price paid for the product.
Which statement is true? - 🧠ANSWER ✔✔Total surplus is the sum of
consumer and
producer surplus and is graphically represented as the
area between the supply and demand curves up to the
equilibrium quantity.
Suppose that Bob lives in the United States,
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
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STATEMENT. ALL RIGHTS RESERVED
, but has been working in Mexico for the last 5 years. Where is the value of
Bob's production
counted during the last 5 years? - 🧠ANSWER ✔✔U.S. GNP and Mexico's
GDP.
Which of the following statements describes
gross domestic product (GDP)? - 🧠ANSWER ✔✔GDP is the most used
measure of a
country's economic wellbeing.
Which of the following is an investment
included in the gross domestic product (GDP)
measure? - 🧠ANSWER ✔✔Spending on new residential
construction.
Gross Domestic Product (GDP) measures
which of the following? - 🧠ANSWER ✔✔Market value of final goods and
services
produced within a country in a given period of time.
2026 Expert Verified | Ace the
Test
Suppose that the United States imposes a
tariff on avocados imported from Mexico.
What impact will this have on the price paid
for avocados by United States citizens? - 🧠ANSWER ✔✔The price will
increase.
Which of the following is a consequence of a
country imposing a tariff on imported goods? - 🧠ANSWER ✔✔The demand
for foreign produced goods
,decreases.
Suppose that the United States imposes a
tariff on salt. What impact might this tariff
have on the price for domestic consumers? - 🧠ANSWER ✔✔Consumers
will pay a higher price.
Applying a tariff to coconuts will have the
following effect: - 🧠ANSWER ✔✔Increase the domestic price of
coconuts.
Which of the following is NOT a restriction to
trade? - 🧠ANSWER ✔✔Free trade areas.
What is the significant difference between an
import quota and a tariff? - 🧠ANSWER ✔✔A tariff raises revenue for the
government and an import quota creates surplus for
those who obtain licenses to import.
Suppose that the price of a good increases (all
else held constant). Which of the following
,would happen along with the change in price? - 🧠ANSWER ✔✔Consumer
surplus would decrease.
Suppose that Bob goes to the market and is
willing to pay $500 for a new chainsaw. Bob is
able to find the chainsaw for only $400. Which
of the following follows from Bob's
circumstance? - 🧠ANSWER ✔✔His consumer surplus is $100.
Which statement is true of consumer surplus? - 🧠ANSWER ✔✔Consumer
surplus represents value to
buyers in excess of the price paid for the product.
Which statement is true? - 🧠ANSWER ✔✔Total surplus is the sum of
consumer and
producer surplus and is graphically represented as the
area between the supply and demand curves up to the
equilibrium quantity.
Suppose that Bob lives in the United States,
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
3
STATEMENT. ALL RIGHTS RESERVED
, but has been working in Mexico for the last 5 years. Where is the value of
Bob's production
counted during the last 5 years? - 🧠ANSWER ✔✔U.S. GNP and Mexico's
GDP.
Which of the following statements describes
gross domestic product (GDP)? - 🧠ANSWER ✔✔GDP is the most used
measure of a
country's economic wellbeing.
Which of the following is an investment
included in the gross domestic product (GDP)
measure? - 🧠ANSWER ✔✔Spending on new residential
construction.
Gross Domestic Product (GDP) measures
which of the following? - 🧠ANSWER ✔✔Market value of final goods and
services
produced within a country in a given period of time.
