Study guides, Class notes & Summaries

WGU C211 Practice Review Exams Questions with Accurate Solutions 2023/2024 Strategic goal = Natural resource—seeking - correct answers location specific advantage = Possession of natural resources and related transport and communication infrastructure Strategic goal = Market-seeking - correct answers location specific advantage = Abundance of strong market demand and customers willing to pay Strategic goal = Efficiency-seeking - correct answers Location specific advantage = Economies of...

WGU C211 Test Guide Exams Questions with Approved and passed Solutions 2023/2024 Four properties of an indifference curve - correct answers (1) Higher indifference curves are preferred to lower ones. People usually prefer to consume more goods rather than less. (2) Indifference curves are downward sloping. The slope of an indifference curve reflects the rate at which the consumer is willing to substitute one good for the other. (3) Indifference curves do not cross. (4) Indifference curves a...

WGU C211 Cost and Monopoly Questions with verified solutions 2023/2024 What is the change in total cost equal to in the marginal cost equation? - correct answers Marginal cost multiplied by change in quantity. Fixed costs equal: - correct answers Total costs minus variable costs Economic profit is distinct from accounting profit because: - correct answers Economic profit incorporates both explicit and implicit costs. Total costs include: - correct answers Variable costs plus fixed co...

WGU C211 International Trade Exams Questions with complete answers 2023/2024 A trade _____ is an economic condition in which a nation imports more than it exports. - correct answers deficit The _____ theory viewed international trade as a zero-sum game. - correct answers mercantilism Which of the following is a classical theory of international trade? - correct answers Comparative advantage theory The _____ theory is based on the assumption that the wealth of the world is fixed. - corr...

WGU C211 Common International Economy Terms Question with complete solution 2023/2024 Foreign Direct Investment (FDI) - correct answer Investment in, controlling, and managing value-added activities in other countries. Mercantilism/Theory of Mercantilism - correct answer A theory that suggests that the wealth of the world is fixed and that a nation that exports more and imports less will be richer. Strategic Trade Policy - correct answer Government policy that provides companies a s...

WGU C211 Goods and Services Price Movement Questions And verified Answers 2023/2024 Suppose televisions are a normal good and buyers of televisions experience a decrease in income. As a result, consumer surplus in the television market -correct answers may increase, decrease, or remain unchanged. Which of the following is true when the price of a good or service rises? -correct answers Some buyers exit the market Cost is a measure of the -correct answers seller's willingness to sell. ...

WGU C211 Import and Exports Questions with 100% correct Answers 2023/2024 Which view claims that the phenomenon of globalization was initially driven by the desire of Western economies to exploit their power through multinational enterprise? - correct answers The new-force view Economic gains come from international trade because one country's exported goods, services, or other items are unique, valuable, and difficult to duplicate to the importing countries. Which view does this statement ...

WGU C211 Total and Marginal cost Questions with 100% Guaranteed Solutions 2023/2024 What is the change in total cost equal to in the marginal cost equation? - correct answers Marginal cost multiplied by change in quantity. Fixed costs equal: - correct answers Total costs minus variable costs Economic profit is distinct from accounting profit because - correct answers Economic profit incorporates both explicit and implicit costs. Total costs include: - correct answers Variable costs plu...

WGU C211 Foreign Direct Investment Questions with Complete Solutions 2023/2024 View that claims globalization is a long-run historical evolution since the dawn of humanity. Says it is nothing new and that it will always exist - correct answers evolutionary View that claims globalization is swinging from one extreme to another from time to time - correct answers pendulum Investment in, controlling, and managing value-added activities in other countries - correct answers foreign direct inve...

WGU C211 Macroeconomics Questions with Critical answers 2023/2024 Tariff. - correct answers Tax on goods produced abroad and sold domestically (tax on imported goods). A method used to restrict international trade. Dead weight loss. - correct answers The fall in total surplus that results from a market distortion, such as a tax (new equilibrium price that is settled for the transaction will be higher and therefore some burden of this will be passed on to the consumer) How are tariff's an...