WGU C211 Global Economics for Managers Exam |
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Terms in this set (656)
Absolute Advantage The economic advantage one nation enjoys that is
absolutely superior to other nations.
Accounting Profit Total revenue minus total explicit cost
Acquisition a wholly owned subsidiary is created through
direct foreign investment.
Administrative Policy Bureaucratic rules that make it harder to import
foreign goods.
Agglomeration Clustering of economic activities in certain
locations. Beyond geographic advantages,
location-specific advantages also arise from the
clustering of economic activities in certain
locations.
Antidumping Duty Tariffs levied on imports that have been "dumped"
(selling below costs to "unfairly" drive domestic
firms out of business).
, Antidumping Law Law that makes it illegal for an exporter to sell
goods below cost abroad with the intent to raise
prices after eliminating local rivals.
Antitrust Law Law that outlaws cartels (trusts).
Antitrust Policy Government policy designed to combat
monopolies and cartels.
Attack An initial set of actions to gain competitive
advantage.
Automatic Stabilizers changes in fiscal policy that stimulate aggregate
demand when the economy goes into a recession
without policymakers having to take any deliberate
action
Average fixed cost Fixed cost divided by the quantity of output AFC =
FC/Q
Average Revenue total revenue divided by the quantity sold
Average total cost Total cost divided by the quantity of output
ATC = TC / Q
Average variable cost Variable cost divided by the quantity of output
AVC = VC/Q
Balance of payments a country's international transaction statement.
Balance of Trade The aggregation of importing and exporting that
leads to the country-level trade surplus or deficit.
Questions and Answers | Verified Solutions | 2026
Edition | Pass Guaranteed
Save
Terms in this set (656)
Absolute Advantage The economic advantage one nation enjoys that is
absolutely superior to other nations.
Accounting Profit Total revenue minus total explicit cost
Acquisition a wholly owned subsidiary is created through
direct foreign investment.
Administrative Policy Bureaucratic rules that make it harder to import
foreign goods.
Agglomeration Clustering of economic activities in certain
locations. Beyond geographic advantages,
location-specific advantages also arise from the
clustering of economic activities in certain
locations.
Antidumping Duty Tariffs levied on imports that have been "dumped"
(selling below costs to "unfairly" drive domestic
firms out of business).
, Antidumping Law Law that makes it illegal for an exporter to sell
goods below cost abroad with the intent to raise
prices after eliminating local rivals.
Antitrust Law Law that outlaws cartels (trusts).
Antitrust Policy Government policy designed to combat
monopolies and cartels.
Attack An initial set of actions to gain competitive
advantage.
Automatic Stabilizers changes in fiscal policy that stimulate aggregate
demand when the economy goes into a recession
without policymakers having to take any deliberate
action
Average fixed cost Fixed cost divided by the quantity of output AFC =
FC/Q
Average Revenue total revenue divided by the quantity sold
Average total cost Total cost divided by the quantity of output
ATC = TC / Q
Average variable cost Variable cost divided by the quantity of output
AVC = VC/Q
Balance of payments a country's international transaction statement.
Balance of Trade The aggregation of importing and exporting that
leads to the country-level trade surplus or deficit.
