WGU Global Economics for Managers Exam Dumps (V8.02) – The Latest Resource for Completing the Global Economics for Managers Course 2026

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1. Which scenario demonstrates a monopoly created by a resource?

A bridge is so infrequently used that it has a large fixed cost and negligible marginal cost.

A software company copyrights the code for new software.

An author copyrights a new book.

A new rare jewel is found, and only one mine in the world has it.

2. What is true about tariffs?

They increase the quantity of imports.

They increase the domestic quantity demanded.

They encourage consumers to reduce their consumption.

They lower the price of affected imported goods below the world price.

3. What are common types of barriers to entry that can cause a monopoly? (Choose TWO.)

Elastic demand curves

Economies of scale in the production process

Government regulations prohibiting foreign investment

Employee unions

Government regulations granting exclusive production rights

A firm purchasing competitors

4. What is one characteristic of a market shortage?

Price is greater than the equilibrium price.

Quantity demanded is less than equilibrium quantity.

There is downward pressure on price.

Quantity supplied is less than equilibrium quantity.

5. What are characteristics of a market economy? (Choose TWO.)

It is defined by a government taking the authoritative role in the economy.

It was first noted by Adam Smith in The Wealth of Nations in 1776.

Supply, demand, and pricing are planned by the government.

It found a near ideal in China and the former Soviet Union during communism.

It is characterized by the “invisible hand” of market forces.

Factors of production are government-owned or state-owned.

6. When there is an expectation of lower income in the future, what is the effect on the demand curve for a normal good?

The demand curve shifts left.

The demand curve shifts right.

The demand curve shifts up.

The demand curve shifts down.

7. Institutions exist to reduce uncertainty. An institutional framework is made up of two types of systems.

What are the systems? (Choose TWO.)

Cognitive

Informal

Firm

Normative

Formal

Personal

8. What is the profit maximization condition for a monopoly?

When price equals marginal cost

When marginal revenue equals marginal cost

When total revenue is maximized

When marginal cost is minimized

9. Which characteristic is attributed to totalitarianism?

It contains some political risk, but risk that is qualitatively lower than in other political systems.

It prizes an individual's right to freedom of expression and organization.

It gives citizens the right to elect representatives to govern on their behalf.

It delegates absolute political control over the population to one person or party.

10. What are costs to home countries of foreign direct investment (FDI)? (Choose TWO.)

Job loss

Reduced standard of living

Cultural disintegration

Capital outflow

Loss of sovereignty

Loss of intellectual property

11. Point A is on the same indifference curve as Point B.

What can be said about the points?

Point B represents a bundle that costs more than Point

The consumer’s preference for bundle A is the same as for bundle

The consumer prefers bundle A over bundle

Point A represents a bundle that costs more than Point

12. When supply increases and demand stays the same, what happens to the equilibrium point of price and quantity?

Quantity increases

Price increases

Price remains the same

Quantity decreases

13. What is one example of something a copyright is used to protect?

The content of a book

The name of a brand

The design of a logo

The shape of a new invention

14. What is deadweight cost?

A government payment to a domestic firm

A tariff levied on imports that are selling below cost in order to unfairly drive domestic firms out of business

The lost potential from pursuing one activity at the expense of another, given the alternatives

A net loss that occurs in an economy as a result of tariffs

15. When an import tariff is placed on footwear, which quantity increases?

The quantity of footwear imported

Producer surplus for footwear

Domestic demand for footwear

Consumer surplus for footwear

16. Which statements concerning property rights are true? (Choose TWO.)

Securing property rights results in industries that employ little fixed capital and avoid long-term investment.

Insecure property rights bode well in global competition where firms benefit from economies of scale and sustained R&

Protection of property rights is commonly recognized as a major factor in allowing developing countries to make gains toward economic progress.

Developing countries can achieve economic growth even without securing property rights.

The primary purpose of establishing property rights is to provide economic benefit to society as a whole.

Property rights are the legal rights regarding the use of an economic resource and for deriving income and benefits from it.

17. Which statement is a description of theocratic law?

It is a legal system based on religious teachings and dogma.

It is a legal system that is the oldest, most influential, and most widely distributed in the world.

It is a legal system that uses comprehensive statutes and codes as a primary means to form legal judgments.

It is a legal system that is shaped by precedents and traditions from previous judicial decisions.

18. Which statement about Federal Reserve lending to banks is true?

Fed lending to banks follows an overall uptrend.

The discount rate is changed annually.

Banks set consumer interest rates at the discount rate.

Banks pay the discount rate when borrowing funds from the Fed.

19. Which system has elements of a market economy and a command economy?

Fair economy

Market-command economy

Mixed economy

Compromise economy

20. What is one of the elements of the Porter Diamond in the theory of national competitive advantage of industries?

Firm opportunity costs

Foreign supply markets

Domestic demand conditions

Trade deficits

21. If the demand for a good is elastic, what is true?

The quantity demanded responds substantially to changes in the price.

Total revenue increases with a change in price in either direction.

Price and total revenue move in the same direction.

The quantity demanded responds only slightly to changes in the price.

22. What does producer surplus measure?

The benefit sellers receive from participating in a market

The difference between the number of available goods and desired goods

The economic well-being of a society

The benefit buyers receive from participating in a market

23. Which goods have a positive cross-price elasticity?

Complements

Normal goods

Substitutes

Shortage goods

24. The marginal revenue from producing a smartphone is $200, and the marginal cost is $150.

What is the best action for the firm?

Increase production

Decrease production

Exit the market altogether

Pause production

25. What does the term resource mobility describe?

The idea that market forces should determine how much to trade with little or no government intervention

The assumption that a resource removed from one industry can be moved to another

An economic condition in which a nation exports more than it imports

The idea that governments should actively defend domestic industries from imports and vigorously promote the export of resources

26. Which situation illustrates the proposition that when formal constraints are unclear or fail, informal constraints play a larger role in reducing uncertainty and providing constancy to firms?

Choosing a headquarters location based on cost of living, airports, and tax credits

Firms relocating overseas due to a new domestic tax policy

Firms entering gray markets due to high taxes

A firm follows strict environmental practices despite lax local laws

27. What are examples of regulatory pillars? (Choose TWO.)

Stealing office supplies because most colleagues are doing the same thing

Reporting a crime because it is against the law to withhold information

Investing in foreign currencies because others view it as safe

Paying parking tickets out of fear of a suspended driver’s license

Coasting through stop signs because it is common

Refusing military service because of pacifist beliefs

28. Which statement about the GDP deflator is true?

Its percentage change from one year to the next is the inflation rate.

It is a more reliable indicator of economic well-being than real GD

It includes fewer core economic measurements than GD

It follows a nearly strict decreasing pattern from a base year.

29. Which scenario most likely describes a late mover?

A company is able to erect significant barriers for other entrants.

A company gains advantage through proprietary technology.

A company makes preemptive investments.

A company faces fewer market uncertainties.

30. What are features shared by monopolies and perfect competition? (Choose TWO.)

In the long run, new firms can easily enter the market.

In the long run, it is nearly impossible for new firms to enter.

The structure does not produce the welfare-maximizing level of output.

Price is greater than marginal cost.

Maximum profit occurs when marginal revenue equals marginal cost.

Firms earn economic profits in the short run.

31. An institution-based view of global business focuses on the specific relationship between which two entities?

Customers and firms

Customers and institutions

Firms and governments

Firms and institutions

32. A shopper purchases a shirt for $17 but was willing to pay $25.

What does this indicate?

The consumer surplus is $8.

The producer surplus is $17.

The producer surplus is $25.

The consumer surplus is $25.

33. What is one of the three primary strategies that nonfinancial companies use to cope with currency risks?

Using foreign dealers for their goods

Strategic hedging

Keeping low inventories

Reducing currency liabilities

34. When producing a piece of luggage, the marginal cost is $92 and the marginal revenue is $81.

What is the best action for the firm?

Increase production

Restart production

Enter the market

Decrease production

35. What are key features of an oligopoly? (Choose THREE.)

The actions of any one seller can have a large impact on the profits of other sellers.

Firms in an oligopoly are interdependent in ways competitive firms are not.

There are a few sellers.

Firms are independent of one another, like competitive firms.

The actions of any one seller have little impact on others’ profits.

There is little motivation for cooperation between firms.

36. What is purchasing power parity (PPP)?

A theory suggesting that the price for identical products sold in different countries must be the same in the absence of trade barriers

The gain from taking advantage of inefficient exchange rates

The movement of investors in the same direction at the same time

The idea that a country's exchange rate is an indicator of socioeconomic well-being

37. What is an example of a company that is market-seeking?

A company searching for a location where a specific type of plastic is low-cost and readily available

A company searching for a location where rocks and minerals can be mined

A company searching for a location where there is a high interest in camping supplies

A company searching for a location where the cost of unskilled labor is low

38. What does the Federal Reserve do to expand aggregate demand? (Choose TWO.)

Increase the foreign exchange rate

Increase the money supply

Lower the interest rate

Decrease the money supply

Raise mortgage rates

Reduce the quantity of reserves

39. What is the definition of globalization?

The spread of regulatory influence to a greater pool of subjects

The development of custom products for each segment of a population

The close integration of countries and peoples of the world

The achievement of a one-world market for goods and services

40. When confronting MNEs, the extender strategy centers on what?

Leveraging homegrown competencies abroad

Cooperating through joint ventures (JVs) with MNEs and sell-offs to MNEs

Leveraging local assets in areas in which MNEs are weak

Engaging in rapid learning and then expanding overseas

41. What is one of the three primary types of foreign exchange transactions?

Hedges

Forward transactions

Balanced transactions

Straddles

42. What is one of the two major exchange rate policies?

Fiscal rate

Floating rate

Matched rate

Discount rate

43. In which situation is the contender strategy appropriate for responding to multinational enterprises (MNEs)?

There is high industry pressure to globalize, and competitive assets are transferable abroad.

There is high industry pressure to globalize, and competitive assets are customized to home markets.

There is low industry pressure to globalize, and competitive assets are transferable abroad.

There is low industry pressure to globalize, and competitive assets are customized to home markets.

44. Which effect does increased government spending have on aggregate demand if the multiplier effect is greater than the crowding-out effect?

Aggregate demand increases by more than the increase in government spending.

Aggregate demand decreases by more than the increase in government spending.

Aggregate demand increases by less than the increase in government spending.

Aggregate demand decreases by less than the increase in government spending.

45. What is true about gross domestic product (GDP)?

It is thought to be the single best measure of a society’s economic well-being.

Its year-to-year percentage change represents the inflation rate.

It places heavier weight on intangible services than tangible goods.

It includes the income of citizens working abroad.

46. What are examples of fixed costs? (Choose TWO.)

Sales commissions

Cost of flour in bread production

A $1,000 state license fee to operate a shop

Monthly internet cost in a women’s apparel business

Cost of parts in computer manufacturing

47. Which quantity is calculated using the formula variable costs (VC) + fixed costs (FC)?

Implicit cost (IC)

Explicit cost (EC)

Total cost (TC)

Average variable cost (AVC)

48. In which mode of entry do companies build new factories and offices from scratch?

Co-marketing operations

Direct exports

Joint ventures

Greenfield operations

49. Which term best describes a market structure of limited competition in which the market is shared by a small number of sellers?

Monopoly

Monopolistic competition

Oligopoly

Perfect competition

50. Which mode of entry is an equity-based entry mode?

Franchising

50/50 joint ventures

Licensing

Indirect exports

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