WGU C211 PA Global Economics for
Managers (Latest Update )
Questions with Correct Answers {Grade A}
100% Verified
What is a likely outcome of the standard prisoner's dilemma game? - correct answer
Both prisoners confess.
How does the prisoner's dilemma help in understanding company behavior in an
oligopoly? - correct answer Company strategies must consider actions by rival firms.
What do economists use to represent a consumer's preferences? - correct answer
Indifference curves
What can be assumed that the consumer will buy if it is observed that the consumer's
budget constraint has shifted inward? - correct answer Fewer normal goods and more
inferior goods
, What will happen to the market price and quantity in the short run if there is an
increase in market demand in a perfectly competitive market? - correct answer The
equilibrium price will increase, and the equilibrium quantity will increase.
What will happen to equilibrium quantity and price if both demand and supply
decrease? - correct answer Quantity will decrease but price can either increase or
decrease.
What happens to demand quantity for normal goods as percentage change in income
increases? - correct answer Demand quantity increases.
What do the positive or negative numbers of cross-price elasticity of demand
represent? - correct answer Substitutes or complements
What is one way the Federal Reserve influences the reserve ratio? - correct answer
By altering reserve requirements
Managers (Latest Update )
Questions with Correct Answers {Grade A}
100% Verified
What is a likely outcome of the standard prisoner's dilemma game? - correct answer
Both prisoners confess.
How does the prisoner's dilemma help in understanding company behavior in an
oligopoly? - correct answer Company strategies must consider actions by rival firms.
What do economists use to represent a consumer's preferences? - correct answer
Indifference curves
What can be assumed that the consumer will buy if it is observed that the consumer's
budget constraint has shifted inward? - correct answer Fewer normal goods and more
inferior goods
, What will happen to the market price and quantity in the short run if there is an
increase in market demand in a perfectly competitive market? - correct answer The
equilibrium price will increase, and the equilibrium quantity will increase.
What will happen to equilibrium quantity and price if both demand and supply
decrease? - correct answer Quantity will decrease but price can either increase or
decrease.
What happens to demand quantity for normal goods as percentage change in income
increases? - correct answer Demand quantity increases.
What do the positive or negative numbers of cross-price elasticity of demand
represent? - correct answer Substitutes or complements
What is one way the Federal Reserve influences the reserve ratio? - correct answer
By altering reserve requirements
