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WGU C211 OA Global Economics Exam 2 Questions And Correct Answers Verified Latest Guaranteed Pass Grade A + UPDATED!!
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WGU C211 OA Global Economics Exam 2 Questions And Correct Answers Verified Latest Guaranteed Pass Grade A + UPDATED!!

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  • November 13, 2024
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  • 2024/2025
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WGU C211 OA Global Economics Exam 2 Questions
And Correct Answers Verified Latest 2024-2025
Guaranteed Pass Grade A + UPDATED!!

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? --CORRECT ANSWER --
>The price will increase.

Which of the following is a consequence of a
country imposing a tariff on imported goods? --CORRECT
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? --CORRECT
ANSWER -->Consumers will pay a higher price.

Applying a tariff to coconuts will have the
following effect: --CORRECT ANSWER -->Increase the domestic
price of
coconuts.

Which of the following is NOT a restriction to
trade? --CORRECT ANSWER -->Free trade areas.
1
Page

, What is the significant difference between an
import quota and a tariff? --CORRECT 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? --CORRECT
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? --CORRECT ANSWER -->His consumer surplus is
$100.

Which statement is true of consumer surplus? --CORRECT
ANSWER -->Consumer surplus represents value to
buyers in excess of the price paid for the product.

Which statement is true? --CORRECT 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.
2
Page

, 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? --CORRECT ANSWER -->U.S.
GNP and Mexico's GDP.

Which of the following statements describes
gross domestic product (GDP)? --CORRECT 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? --CORRECT ANSWER -->Spending on new residential
construction.

Gross Domestic Product (GDP) measures
which of the following? --CORRECT ANSWER -->Market value of
final goods and services
produced within a country in a given period of time.

Which item is NOT part of GDP? --CORRECT ANSWER --
>Purchasing a used hairdryer.

What is the key distinction between real and
nominal GDP? --CORRECT ANSWER -->Real GDP measures
production not
affected by changes in prices while nominal GDP
3




measures production measured at current prices.
Page

, What is the change in total cost equal to in the
marginal cost equation? --CORRECT ANSWER -->Marginal cost
multiplied by change in
quantity.

Fixed costs equal: --CORRECT ANSWER -->Total costs minus
variable costs

Economic profit is distinct from accounting
profit because: --CORRECT ANSWER -->Economic profit
incorporates both explicit
and implicit costs.

Total costs include: --CORRECT ANSWER -->Variable costs plus
fixed costs.

Marginal costs consider: --CORRECT ANSWER -->The increase in
total cost arising from an
extra unit of production.

What response best describes the relationship
between marginal costs and total costs? --CORRECT ANSWER --
>Whenever marginal cost is less than
average total cost, average total cost is falling.

Which statement is true about productivity? --CORRECT
ANSWER -->The value of marginal product of labor
4




equals wage in a competitive firm.
Page

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