WGU C211 GLOBAL ECONOMICS EXAM ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS

WGU C211 GLOBAL ECONOMICS EXAM ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS Suppose that the United States imposes a tariff on avocados imported from Mexico. What impact will this have on the price paid for avocados by United States citizens? - Answer -The price will increase. Which of the following is a consequence of a country imposing a tariff on imported goods? - Answer -The demand for foreign produced goods decreases. Suppose that the United States imposes a tariff on salt. What impact might this tariff have on the price for domestic consumers? - Answer -Consumers will pay a higher price. Applying a tariff to coconuts will have thefollowing effect: - Answer -Increase the domestic price of coconuts. Which of the following is NOT a restriction to trade? - Answer -Free trade areas. What is the significant difference between an import quota and a tariff? - Answer -A tariff raises revenue for the government and an import quota creates surplus for those who obtain licenses to import. Suppose that the price of a good increases (all else held constant). Which of the following would happen along with the change in price? - Answer -Consumer surplus would decrease. Suppose that Bob goes to the market and is willing to pay $500 for a new chainsaw. Bob is able to find the chainsaw for only $400. Which of the following follows from Bob's circumstance? - Answer -His consumer surplus is $100. Which statement is true of consumer surplus? - Answer -Consumer surplus represents value to buyers in excess of the price paid for the product.Which statement is true? - Answer -Total surplus is the sum of consumer and producer surplus and is graphically represented as the area between the supply and demand curves up to the equilibrium quantity. Suppose that Bob lives in the United States, but has been working in Mexico for the last 5 years. Where is the value of Bob's production counted during the last 5 years? - Answer -U.S. GNP and Mexico's GDP. Which of the following statements describes gross domestic product (GDP)? - Answer -GDP is the most used measure of a country's economic wellbeing. Which of the following is an investment included in the gross domestic product (GDP) measure? - Answer -Spending on new residential construction. Gross Domestic Product (GDP) measures which of the following? - Answer -Market value of final goods and services produced within a country in a given period of time.