{"id":129184,"date":"2023-12-01T12:58:25","date_gmt":"2023-12-01T12:58:25","guid":{"rendered":"https:\/\/learnexams.com\/blog\/?p=129184"},"modified":"2023-12-01T12:58:27","modified_gmt":"2023-12-01T12:58:27","slug":"wgu-c211-global-economics-for-managers-exam-questions-and-verified-answers-100-correct-new-2023-2024-update-grade-a","status":"publish","type":"post","link":"https:\/\/www.learnexams.com\/blog\/2023\/12\/01\/wgu-c211-global-economics-for-managers-exam-questions-and-verified-answers-100-correct-new-2023-2024-update-grade-a\/","title":{"rendered":"WGU C211 Global Economics for Managers Exam | Questions and Verified Answers| 100% Correct (New 2023\/ 2024 Update) Grade A"},"content":{"rendered":"\n<p>WGU C211 Global Economics for Managers Exam | Questions and Verified Answers| 100% Correct (New 2023\/ 2024 Update) Grade A<\/p>\n\n\n\n<p>WGU C211 Global Economics for Managers<br>Exam | Questions and Verified Answers|<br>100% Correct (New 2023\/ 2024 Update)<br>Grade A<br>QUESTION<br>What is a property right?<br>Answer:<br>The legal rights to use an economic property (resource) and to derive income and benefits from<br>it.<br>QUESTION<br>What is an intellectual property right?<br>Answer:<br>Rights associated with the ownership of intellectual property.<br>QUESTION<br>command economy<br>Answer:<br>An economy that is characterized by government ownership and control of factors of production.<br>QUESTION<br>mixed economy<br>Answer:<br>An economy that has elements of both a market economy and a command economy.<\/p>\n\n\n\n<p>QUESTION<br>What is an indifference curve?<br>Answer:<br>a curve that shows consumption bundles that give the consumer the same level of satisfaction<br>QUESTION<br>What are the four properties of an indifference curve?<br>Answer:<br>Downward sloping<br>Preferred to lower ones<br>It cannot intersect<br>the Convex is bowed inward<br>QUESTION<br>Explain marginal rate of substitution.<br>Answer:<br>the rate at which a consumer is willing to trade one good for another<br>QUESTION<br>What is a budget constraint?<br>Answer:<br>the limit on the consumption bundles that a consumer can afford<br>QUESTION<br>How might a budget constraint be impacted by an increase in income?<br>Answer:<\/p>\n\n\n\n<p>With higher income, a consumer can afford more of both goods. The increase in income shifts<br>the budget constraint OUTWARD.<br>QUESTION<br>What two graphical elements are needed in order to determine a consumer&#8217;s optimal point of<br>consumption?<br>Answer:<br>Budget Constraint- (The limit on the consumption bundles that a consumer can afford) &amp;<br>Indifference curve<br>QUESTION<br>How is a consumer&#8217;s optimal point of consumption determined precisely?<br>Answer:<br>Where the budget contraction touches the indifference curve<br>QUESTION<br>How is marginal cost derived?<br>Answer:<br>the increase in total cost that arises from an extra unit of production<br>QUESTION<br>How is marginal cost related to total cost?<br>Answer:<br>The portion of total cost resulting from an extra unit of production.<br>QUESTION<br>What is the specific formula to calculate marginal cost?<br>Powered by<a href=\" https:\/\/learnexams.com\/search\/study?query=\"> https:\/\/learnexams.com\/search\/study?query=<\/a><\/p>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/learnexams.com\/blog\/wp-content\/uploads\/2023\/12\/WGU-C211-GLOBAL-ECONOMICS-FOR-MANAGERS-EXAM-QUESTIONS-AND-VERIFIED-ANSWERS-100-CORRECT-NEW-2023-2024-UPDATE-GRADE-A.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of WGU-C211-GLOBAL-ECONOMICS-FOR-MANAGERS-EXAM-QUESTIONS-AND-VERIFIED-ANSWERS-100-CORRECT-NEW-2023-2024-UPDATE-GRADE-A.\"><\/object><a id=\"wp-block-file--media-cab71f6e-0deb-4e72-84a9-8fc06817e7d3\" href=\"https:\/\/learnexams.com\/blog\/wp-content\/uploads\/2023\/12\/WGU-C211-GLOBAL-ECONOMICS-FOR-MANAGERS-EXAM-QUESTIONS-AND-VERIFIED-ANSWERS-100-CORRECT-NEW-2023-2024-UPDATE-GRADE-A.pdf\" target=\"_blank\" rel=\"noopener\">WGU-C211-GLOBAL-ECONOMICS-FOR-MANAGERS-EXAM-QUESTIONS-AND-VERIFIED-ANSWERS-100-CORRECT-NEW-2023-2024-UPDATE-GRADE-A<\/a><a href=\"https:\/\/learnexams.com\/blog\/wp-content\/uploads\/2023\/12\/WGU-C211-GLOBAL-ECONOMICS-FOR-MANAGERS-EXAM-QUESTIONS-AND-VERIFIED-ANSWERS-100-CORRECT-NEW-2023-2024-UPDATE-GRADE-A.pdf\" class=\"wp-block-file__button wp-element-button\" aria-describedby=\"wp-block-file--media-cab71f6e-0deb-4e72-84a9-8fc06817e7d3\" download target=\"_blank\" rel=\"noopener\">Download<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>WGU C211 Global Economics for Managers Exam | Questions and Verified Answers| 100% Correct (New 2023\/ 2024 Update) Grade A WGU C211 Global Economics for ManagersExam | Questions and Verified Answers|100% Correct (New 2023\/ 2024 Update)Grade AQUESTIONWhat is a property right?Answer:The legal rights to use an economic property (resource) and to derive income and benefits [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-129184","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/129184","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=129184"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/129184\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=129184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=129184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=129184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}