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WGU C211 GLOBAL ECONOMICS EXAM LATEST
2024 WITH ACTUAL QUESTIONS AND CORRECT
VERIFIED ANSWERS/ALREADY GRADED A+
100% GUARANTEED TO PASS CONCEPTS(ALL
WHAT YOU NEED) LATEST EDITION 2024
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
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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.
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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,
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.
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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.
Which item is NOT part of GDP? - .....ANSWER ...✔✔
Purchasing a used hairdryer.
What is the key distinction between real and
WGU C211 GLOBAL ECONOMICS EXAM LATEST
2024 WITH ACTUAL QUESTIONS AND CORRECT
VERIFIED ANSWERS/ALREADY GRADED A+
100% GUARANTEED TO PASS CONCEPTS(ALL
WHAT YOU NEED) LATEST EDITION 2024
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
,2|Page
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.
,3|Page
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,
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.
, 4|Page
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.
Which item is NOT part of GDP? - .....ANSWER ...✔✔
Purchasing a used hairdryer.
What is the key distinction between real and
