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C211 (Global Economics for Managers) PRACTICE EXAM QUESTIONS AND ANSWERS WESTERN GOVERNORS UNIVERSITY
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C211 (Global Economics for Managers) PRACTICE EXAM QUESTIONS AND ANSWERS WESTERN GOVERNORS UNIVERSITY
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C211 (Global Economics for Managers)PRACTICE EXAM QUESTIONS AND ANSWERS.
What is one type of economy that uses the market system?
Correct Answer -Mixed economy
What is a non
Correct Answer -equity mode involving some type of contractual
agreement? - Licensing
What will a competitive firm do in the short run if its average variable cost
exceeds price?
Correct Answer -It will shut down
What concept measures how many quantities supplied responds to change
in price?
Correct Answer -Price elasticity of supply
What is a characteristic of a monopoly's demand curve?
Correct Answer -It is the same as the market demand curve
What does the value of the marginal product of labor for a perfectly
competitive, profit
Correct Answer -maximizing firm equal? - Wage
, What does an indifference curve illustrate?
Correct Answer -The preferences of a consumer
What happens to an individual's budget constraint if the budget decreases
and prices remain the same?
Correct Answer -The budget constraints line shifts parallel inward
What is the interest rate on a loan borrowed by banks from the Federal
Reserves?
Correct Answer -Discount rate
What will happen to the equilibrium in the market for a good if demand and
supply increase simultaneously?
Correct Answer -Equilibrium quantity will always increase
What happens when the price of a good increases holding everything else
constant?
Correct Answer -Consumer surplus decreases
What concept measures how much the quantity supplied responds to
change in price?
Correct Answer -Price elasticity of supply
What advantages do corporations receive when operating in favorable areas
within a given country?
Correct Answer -Location-specific
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