WGU C211 Global Economics exam with
|\ |\ |\ |\ |\ |\
answers
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? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔The price will increase. |\ |\ |\ |\
Which of the following is a consequence of a
|\ |\ |\ |\ |\ |\ |\ |\
country imposing a tariff on imported goods? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔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? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Consumers will pay a higher price.
|\ |\ |\ |\ |\ |\
Applying a tariff to coconuts will have the
|\ |\ |\ |\ |\ |\ |\
following effect: - CORRECT ANSWERS ✔✔Increase the
|\ |\ |\ |\ |\ |\ |\
domestic price of |\ |\
,coconuts.
Which of the following is NOT a restriction to
|\ |\ |\ |\ |\ |\ |\ |\
trade? - CORRECT ANSWERS ✔✔Free trade areas.
|\ |\ |\ |\ |\ |\
What is the significant difference between an
|\ |\ |\ |\ |\ |\
import quota and a tariff? - CORRECT ANSWERS ✔✔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? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔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? - CORRECT ANSWERS ✔✔His consumer |\ |\ |\ |\ |\ |\
surplus is $100. |\ |\
,Which statement is true of consumer surplus? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Consumer surplus represents value to |\ |\ |\ |\ |\
buyers in excess of the price paid for the product.
|\ |\ |\ |\ |\ |\ |\ |\ |\
Which statement is true? - CORRECT ANSWERS ✔✔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? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔U.S. GNP and Mexico's GDP.|\ |\ |\ |\
Which of the following statements describes
|\ |\ |\ |\ |\
gross domestic product (GDP)? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\
✔✔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? - CORRECT ANSWERS ✔✔Spending on new
|\ |\ |\ |\ |\ |\ |\
residential
construction.
Gross Domestic Product (GDP) measures
|\ |\ |\ |\
which of the following? - CORRECT ANSWERS ✔✔Market
|\ |\ |\ |\ |\ |\ |\ |\
value of final goods and services
|\ |\ |\ |\ |\
produced within a country in a given period of time.
|\ |\ |\ |\ |\ |\ |\ |\ |\
Which item is NOT part of GDP? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Purchasing a used hairdryer. |\ |\ |\
What is the key distinction between real and
|\ |\ |\ |\ |\ |\ |\
nominal GDP? - CORRECT ANSWERS ✔✔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? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\
✔✔Marginal cost multiplied by change in |\ |\ |\ |\ |\
quantity.
|\ |\ |\ |\ |\ |\
answers
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? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔The price will increase. |\ |\ |\ |\
Which of the following is a consequence of a
|\ |\ |\ |\ |\ |\ |\ |\
country imposing a tariff on imported goods? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔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? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Consumers will pay a higher price.
|\ |\ |\ |\ |\ |\
Applying a tariff to coconuts will have the
|\ |\ |\ |\ |\ |\ |\
following effect: - CORRECT ANSWERS ✔✔Increase the
|\ |\ |\ |\ |\ |\ |\
domestic price of |\ |\
,coconuts.
Which of the following is NOT a restriction to
|\ |\ |\ |\ |\ |\ |\ |\
trade? - CORRECT ANSWERS ✔✔Free trade areas.
|\ |\ |\ |\ |\ |\
What is the significant difference between an
|\ |\ |\ |\ |\ |\
import quota and a tariff? - CORRECT ANSWERS ✔✔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? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔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? - CORRECT ANSWERS ✔✔His consumer |\ |\ |\ |\ |\ |\
surplus is $100. |\ |\
,Which statement is true of consumer surplus? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Consumer surplus represents value to |\ |\ |\ |\ |\
buyers in excess of the price paid for the product.
|\ |\ |\ |\ |\ |\ |\ |\ |\
Which statement is true? - CORRECT ANSWERS ✔✔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? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔U.S. GNP and Mexico's GDP.|\ |\ |\ |\
Which of the following statements describes
|\ |\ |\ |\ |\
gross domestic product (GDP)? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\
✔✔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? - CORRECT ANSWERS ✔✔Spending on new
|\ |\ |\ |\ |\ |\ |\
residential
construction.
Gross Domestic Product (GDP) measures
|\ |\ |\ |\
which of the following? - CORRECT ANSWERS ✔✔Market
|\ |\ |\ |\ |\ |\ |\ |\
value of final goods and services
|\ |\ |\ |\ |\
produced within a country in a given period of time.
|\ |\ |\ |\ |\ |\ |\ |\ |\
Which item is NOT part of GDP? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Purchasing a used hairdryer. |\ |\ |\
What is the key distinction between real and
|\ |\ |\ |\ |\ |\ |\
nominal GDP? - CORRECT ANSWERS ✔✔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? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\
✔✔Marginal cost multiplied by change in |\ |\ |\ |\ |\
quantity.
