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WGU C211 OA GLOBAL ECONOMICS EXAM// C 211
GLOBAL ECONOMICS FOR MANAGERS (WGU PRE
ASSESSMENT AND RETAKE SECTIONS IF YOU FAILED THE
OA) WITH CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS LATEST ALREADY
GRADED A+
If a consumer places a value of $15 on a particular good and if the price
of the good is $17, then the
a. price of the good will fall due to market forces.
b. market is not a competitive market.
c. consumer has consumer surplus of $2 if he or she buys the good.
d. consumer does not purchase the good. ......ANSWER......consumer
does not purchase the good.
Henry is willing to pay 45 cents, and Janine is willing to pay 55 cents, for
1 pound of bananas. When the price of bananas falls from 50 cents a
pound to 40 cents a pound,
a. Janine experiences an increase in consumer surplus, but Henry does
not.
b. Henry experiences an increase in consumer surplus, but Janine does
not.
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c. neither Janine nor Henry experiences an increase in consumer
surplus.
d. both Janine and Henry experience an increase in consumer surplus.
......ANSWER......both Janine and Henry experience an increase in
consumer surplus.
Import quotas and tariffs produce some common results. Which of the
following is not one of those common results?
a. Producer surplus in the domestic country always increases.
b. The domestic country always experiences a deadweight loss.
c. Equal revenue is always raised for the domestic government.
d. Total surplus in the domestic country always falls.
......ANSWER......Equal revenue is always raised for the domestic
government.
If the United States threatens to impose a tariff on Colombian coffee if
Colombia does not remove agricultural subsidies, the United States will
be
a. better off regardless of how Colombia responds.
b. better off if Colombia removes the subsidies, and will be no worse off
if it doesn't.
c. worse off regardless of how Colombia responds.
d. worse off if Colombia doesn't remove the subsidies in response to
the threat. ......ANSWER......worse off if Colombia doesn't remove the
subsidies in response to the threat.
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What is the fundamental basis for trade among nations?
a. Shortages or surpluses in nations that do not trade
b. Absolute advantage
c. Comparative advantage
d. Misguided economic policies ......ANSWER......Comparative advantage
A tax on an imported good is called a
a. tariff.
b. quota.
c. supply tax.
d. trade tax. ......ANSWER......tariff.
In a simple circular-flow diagram, total income and total expenditure
are
a. never equal because total income always exceeds total expenditure.
b. equal only when the government purchases no goods or services.
c. always equal because every transaction has a buyer and a seller.
d. seldom equal because of the ongoing changes in an economy's
unemployment rate. ......ANSWER......always equal because every
transaction has a buyer and a seller.
GDP is defined as the
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a. value of all final goods and services produced within a country in a
given period of time.
b. value of all final goods and services produced by the citizens of a
country, regardless of where they are living, in a given period of time.
c. value of all goods and services produced by the citizens of a country,
regardless of where they are living, in a given period of time.
d. value of all goods and services produced within a country in a given
period of time. ......ANSWER......value of all final goods and services
produced within a country in a given period of time.
Which of the following is included in GDP?
a. Neither the market value of owner-occupied housing services nor the
market value of rental housing services
b. The market value of rental housing services, but not the market value
of owner-occupied housing services
c. Both the market value of rental housing services and the market
value of owner-occupied housing services
d. The market value of owner-occupied housing services, but not the
market value of rental housing services ......ANSWER......Both the
market value of rental housing services and the market value of owner-
occupied housing services
A farmer produces oranges and sells them to Fresh Juice, which makes
orange juice. The oranges produced by the farmer are called
a. final goods.
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WGU C211 OA GLOBAL ECONOMICS EXAM// C 211
GLOBAL ECONOMICS FOR MANAGERS (WGU PRE
ASSESSMENT AND RETAKE SECTIONS IF YOU FAILED THE
OA) WITH CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS LATEST ALREADY
GRADED A+
If a consumer places a value of $15 on a particular good and if the price
of the good is $17, then the
a. price of the good will fall due to market forces.
b. market is not a competitive market.
c. consumer has consumer surplus of $2 if he or she buys the good.
d. consumer does not purchase the good. ......ANSWER......consumer
does not purchase the good.
Henry is willing to pay 45 cents, and Janine is willing to pay 55 cents, for
1 pound of bananas. When the price of bananas falls from 50 cents a
pound to 40 cents a pound,
a. Janine experiences an increase in consumer surplus, but Henry does
not.
b. Henry experiences an increase in consumer surplus, but Janine does
not.
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c. neither Janine nor Henry experiences an increase in consumer
surplus.
d. both Janine and Henry experience an increase in consumer surplus.
......ANSWER......both Janine and Henry experience an increase in
consumer surplus.
Import quotas and tariffs produce some common results. Which of the
following is not one of those common results?
a. Producer surplus in the domestic country always increases.
b. The domestic country always experiences a deadweight loss.
c. Equal revenue is always raised for the domestic government.
d. Total surplus in the domestic country always falls.
......ANSWER......Equal revenue is always raised for the domestic
government.
If the United States threatens to impose a tariff on Colombian coffee if
Colombia does not remove agricultural subsidies, the United States will
be
a. better off regardless of how Colombia responds.
b. better off if Colombia removes the subsidies, and will be no worse off
if it doesn't.
c. worse off regardless of how Colombia responds.
d. worse off if Colombia doesn't remove the subsidies in response to
the threat. ......ANSWER......worse off if Colombia doesn't remove the
subsidies in response to the threat.
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What is the fundamental basis for trade among nations?
a. Shortages or surpluses in nations that do not trade
b. Absolute advantage
c. Comparative advantage
d. Misguided economic policies ......ANSWER......Comparative advantage
A tax on an imported good is called a
a. tariff.
b. quota.
c. supply tax.
d. trade tax. ......ANSWER......tariff.
In a simple circular-flow diagram, total income and total expenditure
are
a. never equal because total income always exceeds total expenditure.
b. equal only when the government purchases no goods or services.
c. always equal because every transaction has a buyer and a seller.
d. seldom equal because of the ongoing changes in an economy's
unemployment rate. ......ANSWER......always equal because every
transaction has a buyer and a seller.
GDP is defined as the
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a. value of all final goods and services produced within a country in a
given period of time.
b. value of all final goods and services produced by the citizens of a
country, regardless of where they are living, in a given period of time.
c. value of all goods and services produced by the citizens of a country,
regardless of where they are living, in a given period of time.
d. value of all goods and services produced within a country in a given
period of time. ......ANSWER......value of all final goods and services
produced within a country in a given period of time.
Which of the following is included in GDP?
a. Neither the market value of owner-occupied housing services nor the
market value of rental housing services
b. The market value of rental housing services, but not the market value
of owner-occupied housing services
c. Both the market value of rental housing services and the market
value of owner-occupied housing services
d. The market value of owner-occupied housing services, but not the
market value of rental housing services ......ANSWER......Both the
market value of rental housing services and the market value of owner-
occupied housing services
A farmer produces oranges and sells them to Fresh Juice, which makes
orange juice. The oranges produced by the farmer are called
a. final goods.
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