WGU C211 OA exam | C211 OA Test | Global
Business Exam | WGU Business exam |
Updated Version | Verified Answers
The legal right to use an economic resource and to derive income and benefits
from it ---------CORRECT ANSWER-----------------property right
Legal rights awarded by government authorities to investors of new products or
processes who are given monopoly rights to derive income from inventions --------
-CORRECT ANSWER-----------------patent
Exclusive legal rights of authors and publishers to publish and disseminate their
work ---------CORRECT ANSWER-----------------copyright
Exclusive legal rights of firms to use specific names, brands and designs to
differentiate their products ---------CORRECT ANSWER-----------------trademark
Characterized by the invisible hand of market forces where the government takes
a hands off approach ---------CORRECT ANSWER-----------------market
,Factors of production should be government owned or state owned and all
supply, demand and pricing are planned by the government ---------CORRECT
ANSWER-----------------command
The economic system of most countries ---------CORRECT ANSWER-----------------
mixed economy
A curve that represents a consumers preferences ---------CORRECT ANSWER---------
--------indifference curve
________ indifference curves are preferred to ______ ones ---------CORRECT
ANSWER-----------------higher, lower
Indifference curves are bowed ______ ---------CORRECT ANSWER-----------------
inward
The rate at which a consumer is willing to substitute one good for another ---------
CORRECT ANSWER-----------------marginal rate of substitution
The limit on consumption bundles that a consumer can afford ---------CORRECT
ANSWER-----------------budget constraint
, A piece of analysis that shows the combination of goods the consumer can afford
given their income and price of goods ---------CORRECT ANSWER-----------------
budget constraint
An increase in income will shift the budget constraint ________ ---------CORRECT
ANSWER-----------------outward
The slope of the indifference curve equals the slope of the ---------CORRECT
ANSWER-----------------budget constraint
The consumer chooses consumption of the two goods so that the marginal rate of
substitution equals the ---------CORRECT ANSWER-----------------relative price
The increase in total cost that results from adding an additional unit of production
---------CORRECT ANSWER-----------------marginal cost
Formula to calculate marginal cost ---------CORRECT ANSWER-----------------change
in total cost / change in quantity
Business Exam | WGU Business exam |
Updated Version | Verified Answers
The legal right to use an economic resource and to derive income and benefits
from it ---------CORRECT ANSWER-----------------property right
Legal rights awarded by government authorities to investors of new products or
processes who are given monopoly rights to derive income from inventions --------
-CORRECT ANSWER-----------------patent
Exclusive legal rights of authors and publishers to publish and disseminate their
work ---------CORRECT ANSWER-----------------copyright
Exclusive legal rights of firms to use specific names, brands and designs to
differentiate their products ---------CORRECT ANSWER-----------------trademark
Characterized by the invisible hand of market forces where the government takes
a hands off approach ---------CORRECT ANSWER-----------------market
,Factors of production should be government owned or state owned and all
supply, demand and pricing are planned by the government ---------CORRECT
ANSWER-----------------command
The economic system of most countries ---------CORRECT ANSWER-----------------
mixed economy
A curve that represents a consumers preferences ---------CORRECT ANSWER---------
--------indifference curve
________ indifference curves are preferred to ______ ones ---------CORRECT
ANSWER-----------------higher, lower
Indifference curves are bowed ______ ---------CORRECT ANSWER-----------------
inward
The rate at which a consumer is willing to substitute one good for another ---------
CORRECT ANSWER-----------------marginal rate of substitution
The limit on consumption bundles that a consumer can afford ---------CORRECT
ANSWER-----------------budget constraint
, A piece of analysis that shows the combination of goods the consumer can afford
given their income and price of goods ---------CORRECT ANSWER-----------------
budget constraint
An increase in income will shift the budget constraint ________ ---------CORRECT
ANSWER-----------------outward
The slope of the indifference curve equals the slope of the ---------CORRECT
ANSWER-----------------budget constraint
The consumer chooses consumption of the two goods so that the marginal rate of
substitution equals the ---------CORRECT ANSWER-----------------relative price
The increase in total cost that results from adding an additional unit of production
---------CORRECT ANSWER-----------------marginal cost
Formula to calculate marginal cost ---------CORRECT ANSWER-----------------change
in total cost / change in quantity
