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WGU C211 - Global Economics for Managers Exam Latest (2024 / 2025) (Verified Answers)
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WGU C211 - Global Economics for Managers Exam Latest (2024 / 2025) (Verified Answers)
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WGUC211
-
Global
Economics
for
Managers
Exam
Latest
(2024
/
2025)
(Verified
Answers)
What
different
political
views
exist
on
Foreign
Direct
Investment
FDI?
-
answerRadical
View,
Free
Market
View,
Pragmatic
Nationalism
**answer
includes
radicalism**
What
is
resource
similarity
and
how
does
this
impact
competitive
dynamics?
-
answerExtent
to
which
a
given
competitor
possesses
strategic
endowment
comparable,
in
terms
of
both
type
&
amount
to
those
of
the
focal
firm.
*Firms
with
a
high
degree
are
likely
to
have
similar
competitive
actions.
(Starbuck's
instant
coffee
&
McDonald's
iced
coffee)
What
are
the
critical
features
of
the
product
life
cycle?
-
answer1.
New
stage:
prod.
of
a
new
product
(ex.
TV)
that
commands
a
price
premium
will
concentrate
in
the
USA,
which
exports
to
other
developed
nations.
2.
Maturing
stage:
demand
&
ability
to
prod.;
grow
in
other
dev.
nations
(ex.
Australia
&
Italy),
it
is
now
worthwhile
to
produce
there.
3.
Standardized
stage:
the
prev.
new
prod.
is
standardized
(or
commoditized).
Prod.
will
now
move
to
low-cost
dev.
nations,
which
export
to
dev.
nations.
In
other
words,
comparative
advantage
may
change
over
time.
How
are
supply
and
demand
related
to
the
exchange
rate
of
a
country?
-
answerThe
price
of
a
commodity,
a
country's
currency,
is
fundamentally
determined
by
this.
Strong
demand
leads
to
price
hikes;
oversupply
results
in
price
drops.
What
advantages
exist
with
first
mover?
-
answer1.
Proprietary,
technological
leadership
2.
Pre-emption
of
scarce
resources
3.
Establishment
of
entry
barriers
for
late
entrants
4.
Avoidance
of
clash
with
dominant
firms
at
home
5.
Relationships
with
key
stakeholders
such
as
governments
Discuss
and
compare
the
three
pillars
(regulatory,
normative,
and
cognitive)
-
answer**Answer
contains:
laws,
regulations,
rules** regulatory
-
The
coercive
power
of
governments
normative
-
Values,
beliefs,
and
actions
of
other
relevant
players
(norms,
cultures,
ethics)
cognitive
-
The
internalized,
taken-for-granted
values
&
beliefs
that
guide
behavior.
(between
right/wrong)
How
is
global
business
affected
by
democracy?
-
answerAn
individual's
right
to
freedom
of
expression
&
organization.
Ex.
starting
up
a
firm
is
an
act
of
economic
expression
How
is
global
business
affected
by
totalitarianism?
-
answerThese
countries
often
experience
wars,
riots,
protests,
chaos,
&
breakdowns,
resulting
in
higher
political
risk.
What
are
the
differences
between
democracy
and
totalitarianism?
-
answerdemocracy
-
Citizens
elect
representatives
to
govern
the
country
on
their
behalf.
totalitarianism
-
One
person
or
party
exercises
absolute
political
control
over
the
population.
What
is
a
property
right?
In
what
way
are
property
rights
essential?
-
answerThe
legal
rights
to
use
an
economic
resource
and
to
derive
income
and
benefits
from
it.
*Can
be
used
as
collateral
for
starting
a
firm;
not
as
common
in
developing
countries,
therefore
hindering
economic
growth.
What
is
an
intellectual
property
right?
-
answerRights
associated
with
the
ownership.
They
primarily
include
rights
associated
with
patents,
copyrights,
&
trademarks.
Contrast
the
market,
command,
and
mixed
economy
types.
-
answermarket
-
characterized
by
the
"invisible
hand"
of
market
forces-all
factors
of
prod.
should
be
privately
owned.
command
-
defined
by
a
gvrnmnt
taking
all
factors
of
prod.
to
be
gvrnmnt-owned
or
state-owned,
&
all
supply,
demand,
&
pricing
are
planned
by
the
gvrnmnt.
mixed
economy
-
elements
of
both
a
mrkt
economy
&
a
command
economy.
It
boils
down
to
the
relative
distribution
of
market
forces
versus
command
forces.
What
is
an
indifference
curve?
-
answerA
curve
that
shows
consumption
bundles
that
give
the
consumer
the
same
level
of
satisfaction
(ex.
combo
of
pizza
&
Pepsi
with
which
the
consumer
is
equally
satisfied.)
How
is
the
demand
curve
for
a
perfectly
competitive
firm
distinct
from
the
demand
curve
for
a
monopolistic
market?
-
answercompetitive
demand
curve
-
Horizontal
line
monopolist
demand
curve
-
downward
sloping
demand
curve
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