Student
Examination paper
“Come all for this greatness”
...100% Correct Ans...
WGU C211 - Global Economics for Managers
"Evolutionary" view on globalization
answ>>A long-run historical evolution since the dawn of human history
"New" view on globalization
answ>>A force sweeping through the world in recent times.
"Pendulum" view on globalization
answ>>One that swings from one extreme to another from time to time
3 types of elasticity, their equations, purpose and outcomes
answ>>(1) Price elasticity of demand - % chg in Q D / % chg in P
(2) Income elasticity - % chg in Q D / % chg in income
(3) Cross-price elasticity - % chg in Q D Good 1/% chg in Good #2 P
Absolute advantage
answ>>The economic advantage one nation enjoys that is superior to other nations
Benefits to a country receiving FDI
answ>>Capital Inflow, Technology Spillover, Advanced Management Know-How, Job
creation
Budget constraint
, answ>>The consumption bundles that the consumer can afford.
Civil law
answ>>Law that uses comprehensive statutes and codes as a primary means to form legal
judgments.
Classical theories of international trade
answ>>Mercantilism, Absolute advantage, and Comparative advantage
Classical theory view
answ>>Static
Cognitive pillar
answ>>The internalized, taken-for-granted values and beliefs that guide behavior. (beliefs
between right/wrong)
Command economy
answ>>One that is defined by a government taking all factors of production to be
government-owned or state-owned, and all supply, demand, and pricing are planned by the
government.
Common law
answ>>Law shaped by precedents and traditions from previous judicial decisions.
Comparative advantage
answ>>The advantage one economic activity nation enjoys in comparison with other
nations (relative, not absolute)
Consumer surplus
answ>>The amount a buyer is willing to pay for a good minus the amount the buyer
actually pays for it
Costs to a country receiving FDI
answ>>Loss of Sovereignty, Adverse effects on competition,
Capital outflow.
Cross-price elasticity
Examination paper
“Come all for this greatness”
...100% Correct Ans...
WGU C211 - Global Economics for Managers
"Evolutionary" view on globalization
answ>>A long-run historical evolution since the dawn of human history
"New" view on globalization
answ>>A force sweeping through the world in recent times.
"Pendulum" view on globalization
answ>>One that swings from one extreme to another from time to time
3 types of elasticity, their equations, purpose and outcomes
answ>>(1) Price elasticity of demand - % chg in Q D / % chg in P
(2) Income elasticity - % chg in Q D / % chg in income
(3) Cross-price elasticity - % chg in Q D Good 1/% chg in Good #2 P
Absolute advantage
answ>>The economic advantage one nation enjoys that is superior to other nations
Benefits to a country receiving FDI
answ>>Capital Inflow, Technology Spillover, Advanced Management Know-How, Job
creation
Budget constraint
, answ>>The consumption bundles that the consumer can afford.
Civil law
answ>>Law that uses comprehensive statutes and codes as a primary means to form legal
judgments.
Classical theories of international trade
answ>>Mercantilism, Absolute advantage, and Comparative advantage
Classical theory view
answ>>Static
Cognitive pillar
answ>>The internalized, taken-for-granted values and beliefs that guide behavior. (beliefs
between right/wrong)
Command economy
answ>>One that is defined by a government taking all factors of production to be
government-owned or state-owned, and all supply, demand, and pricing are planned by the
government.
Common law
answ>>Law shaped by precedents and traditions from previous judicial decisions.
Comparative advantage
answ>>The advantage one economic activity nation enjoys in comparison with other
nations (relative, not absolute)
Consumer surplus
answ>>The amount a buyer is willing to pay for a good minus the amount the buyer
actually pays for it
Costs to a country receiving FDI
answ>>Loss of Sovereignty, Adverse effects on competition,
Capital outflow.
Cross-price elasticity
