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

WGU C211 Global Economics for Managers Exam | Questions and Verified Answers| 100% Correct (New 2023/ 2024 Update) Grade A QUESTION What is a property right? Answer: The legal rights to use an economic property (resource) and to derive income and benefits from it. QUESTION What is an intellectual property right? Answer: Rights associated with the ownership of intellectual property. QUESTION command economy Answer: An economy that is characterized by government ownership and control of factors of production. QUESTION mixed economy Answer: An economy that has elements of both a market economy and a command economy. QUESTION What is an indifference curve? Answer: a curve that shows consumption bundles that give the consumer the same level of satisfaction QUESTION What are the four properties of an indifference curve? Answer: Downward sloping Preferred to lower ones It cannot intersect the Convex is bowed inward QUESTION Explain marginal rate of substitution. Answer: the rate at which a consumer is willing to trade one good for another QUESTION What is a budget constraint? Answer: the limit on the consumption bundles that a consumer can afford QUESTION How might a budget constraint be impacted by an increase in income? Answer: With higher income, a consumer can afford more of both goods. The increase in income shifts the budget constraint OUTWARD. QUESTION What two graphical elements are needed in order to determine a consumer's optimal point of consumption? Answer: Budget Constraint- (The limit on the consumption bundles that a consumer can afford) & Indifference curve QUESTION How is a consumer's optimal point of consumption determined precisely? Answer: Where the budget contraction touches the indifference curve