WGU C211 Global Economics for Managers
Question and Answer | 100% Pass Guarantee |
2026 Review Bundle
• Which of the following is a consequence of a
country imposing a tariff on imported goods? -✓✓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? -✓✓Consumers will pay a higher price.
• Applying a tariff to coconuts will have the
following effect: -✓✓Increase the domestic price of
coconuts.
• Which of the following is NOT a restriction to
trade? -✓✓Free trade areas.
• What is the significant difference between an
import quota and a tariff? -✓✓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? -✓✓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? -✓✓His consumer surplus is $100.
• Which statement is true of consumer surplus? -✓✓Consumer surplus represents
value to
,buyers in excess of the price paid for the product.
• Which statement is true? -✓✓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,
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? -✓✓U.S. GNP and Mexico's GDP.
• Which of the following statements describes
gross domestic product (GDP)? -✓✓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? -✓✓Spending on new residential
construction.
• Gross Domestic Product (GDP) measures
which of the following? -✓✓Market value of final goods and services
produced within a country in a given period of time.
• Which item is NOT part of GDP? -✓✓Purchasing a used hairdryer.
• What is the key distinction between real and
nominal GDP? -✓✓Real GDP measures production not
affected by changes in prices while nominal GDP
measures production measured at current prices.
• What is the change in total cost equal to in the
marginal cost equation? -✓✓Marginal cost multiplied by change in
quantity.
• Fixed costs equal: -✓✓Total costs minus variable costs
, • Economic profit is distinct from accounting
profit because: -✓✓Economic profit incorporates both explicit
and implicit costs.
• Total costs include: -✓✓Variable costs plus fixed costs.
• Marginal costs consider: -✓✓The increase in total cost arising from an
extra unit of production.
• What response best describes the relationship
between marginal costs and total costs? -✓✓Whenever marginal cost is less than
average total cost, average total cost is falling.
• Which statement is true about productivity? -✓✓The value of marginal product
of labor
equals wage in a competitive firm.
• A production function expresses the
relationship between: -✓✓Quantity of resource inputs and
product/service outputs.
• Opportunity costs include: -✓✓The income the entrepreneur could have
earned working for an employer.
• Economists and decision makers study and
then make decisions or judgments based on
(select best answer): -✓✓Marginal analysis.
• The primary reason that the marginal cost
curve declines and then increases is: -✓✓Firms experience increasing marginal
product, then diminishing marginal product.
• Which of the following statements is
accurate? -✓✓Marginal costs eventually rise with the
quantity of output.
• Consider the following example: A perfectly
competitive firm finds that at current
Question and Answer | 100% Pass Guarantee |
2026 Review Bundle
• Which of the following is a consequence of a
country imposing a tariff on imported goods? -✓✓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? -✓✓Consumers will pay a higher price.
• Applying a tariff to coconuts will have the
following effect: -✓✓Increase the domestic price of
coconuts.
• Which of the following is NOT a restriction to
trade? -✓✓Free trade areas.
• What is the significant difference between an
import quota and a tariff? -✓✓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? -✓✓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? -✓✓His consumer surplus is $100.
• Which statement is true of consumer surplus? -✓✓Consumer surplus represents
value to
,buyers in excess of the price paid for the product.
• Which statement is true? -✓✓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,
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? -✓✓U.S. GNP and Mexico's GDP.
• Which of the following statements describes
gross domestic product (GDP)? -✓✓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? -✓✓Spending on new residential
construction.
• Gross Domestic Product (GDP) measures
which of the following? -✓✓Market value of final goods and services
produced within a country in a given period of time.
• Which item is NOT part of GDP? -✓✓Purchasing a used hairdryer.
• What is the key distinction between real and
nominal GDP? -✓✓Real GDP measures production not
affected by changes in prices while nominal GDP
measures production measured at current prices.
• What is the change in total cost equal to in the
marginal cost equation? -✓✓Marginal cost multiplied by change in
quantity.
• Fixed costs equal: -✓✓Total costs minus variable costs
, • Economic profit is distinct from accounting
profit because: -✓✓Economic profit incorporates both explicit
and implicit costs.
• Total costs include: -✓✓Variable costs plus fixed costs.
• Marginal costs consider: -✓✓The increase in total cost arising from an
extra unit of production.
• What response best describes the relationship
between marginal costs and total costs? -✓✓Whenever marginal cost is less than
average total cost, average total cost is falling.
• Which statement is true about productivity? -✓✓The value of marginal product
of labor
equals wage in a competitive firm.
• A production function expresses the
relationship between: -✓✓Quantity of resource inputs and
product/service outputs.
• Opportunity costs include: -✓✓The income the entrepreneur could have
earned working for an employer.
• Economists and decision makers study and
then make decisions or judgments based on
(select best answer): -✓✓Marginal analysis.
• The primary reason that the marginal cost
curve declines and then increases is: -✓✓Firms experience increasing marginal
product, then diminishing marginal product.
• Which of the following statements is
accurate? -✓✓Marginal costs eventually rise with the
quantity of output.
• Consider the following example: A perfectly
competitive firm finds that at current
