WGU C211 Global Economics for Managers Complete Terms| Questions and Verified Answers| 100% Correct (New 2023/ 2024 Update)

WGU C211 Global Economics for Managers Complete Terms| Questions and Verified Answers| 100% Correct (New 2023/ 2024 Update) QUESTION What is Scenario Planning Answer: A technique to prepare and plan for multiple scenarios (either high or low risk). QUESTION What is Semi-globalization Answer: A perspective that suggests that barriers to market integration at borders are high, but not high enough to insulate countries from each other completely. QUESTION What is Triad Answer: North America, Western Europe, and Japan. QUESTION What is Absolute Advantage Answer: The economic advantage one nation enjoys that is absolutely superior to other nations. QUESTION What is Administrative Policy Answer: Bureaucratic rules that make it harder to import foreign goods. QUESTION What is Antidumping Duty Answer: Tariffs levied on imports that have been "dumped" (selling below costs to "unfairly" drive domestic firms out of business). QUESTION What is Balance of Trade Answer: The aggregation of importing and exporting that leads to the country-level trade surplus or deficit. QUESTION What is Classical Trade Theories Answer: The major theories of international trade that were advanced before the 20th century, which consist of (1) mercantilism, (2) absolute advantage, and (3) comparative advantage. QUESTION What is Comparative Advantage Answer: Relative (not absolute) advantage in one economic activity that one nation enjoys in comparison with other nations. QUESTION What is Dead Wight Cost (also called Dead Weight Loss) Answer: Net losses that occur in an economy as a result of tariffs. QUESTION What is Export (X) Answer: Selling abroad. QUESTION What is Factor Endowment Answer: The extent to which different countries possess various factors of production such as labor, land,