WGU C211 Pre- Assessment Global Economics for Managers Exam | Real Questions and Verified Answers| 100% Correct (New 2023/ 2024 Update) Graded A
WGU C211 Pre- Assessment Global
Economics for Managers Exam | Real
Questions and Verified Answers| 100%
Correct (New 2023/ 2024 Update) Graded A
QUESTION
What is one way the Federal Reserve influences the reserve ratio?
Answer:
By altering reserve requirements
QUESTION
Which fiscal policy would be most effective at raising consumer spending and expanding
aggregate demand?
Answer:
Lowering target interest rates
QUESTION
What is the effect of an increase in the money supply in the short run?
Answer:
Interest rates decrease and aggregate demand for goods and services increase
QUESTION
How is consumer surplus represented on a graph?
Answer:
The area below the demand curve and above price
QUESTION
Which two statements define producer surplus?
Answer:
The area below the price and above the supply curve on a graph
QUESTION
A painter spends $200 on paint. He then bills the homeowner $1,000 to cover his time and his
expenses. What is the amount of these transactions that is added to gross domestic product
(GDP)?
Answer:
$1,000
QUESTION
A U.S. state purchases a fleet of new highway patrol vehicles manufactured in Japan. Which two
statements correctly describe how the components of U.S. gross domestic product (GDP) are
affected?
Answer:
Net exports decrease
Government expenditures increase
QUESTION
A nation ends a tariff on bananas, which is an imported product. What will be the effect on
banana prices within that nation?
Answer:
The price will match the global market price
QUESTION
What effect does implementing a new tariff have on the government that implements it?
Answer:
Tax revenue increases
QUESTION
In a monopoly, which statements are likely true? Choose two.
Answer:
One seller offers a unique good for which there are no close substitutes. / There are barriers to
entry into the market.
QUESTION
For a competitive firm, which statement is true about price (P), marginal cost (MC), and
marginal revenue (MR)?
Answer:
P=MR
QUESTION
What are characteristics of monopolistic competition? Choose two.
Answer:
Because of shifts in demand, firms eventually find themselves in the long-run equilibrium. / In
the long-run equilibrium, price equals average total cost, and each firm earns zero profit.
QUESTION
In an oligopoly with an initial agreement to maximize total profit, which statements might a firm
motivated by self-interest likely make? Choose three.
Answer:
“If my fellow firms live up to the agreement, I am better off raising production.” / “If my fellow
firms fail to live up to the agreement and raise production, I am better off raising production
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