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WGU Global Economics for Managers (C211, UZC2) Sample Questions:

1. What is a tariff levied on imports that are selling below cost in order to unfairly drive domestic firms out of business?

A) Antidumping duty
B) Factor endowment
C) Deadweight cost
D) Opportunity cost


2. What does producer surplus measure?

A) The difference between the number of available goods and desired goods
B) The economic well-being of a society
C) The benefit sellers receive from participating in a market
D) The benefit buyers receive from participating in a market


3. What are characteristics of monopolistic competition? (Choose THREE.)

A) Free entry and exit
B) One seller
C) Homogeneous products
D) Product differentiation
E) Many sellers


4. Who are the primary and largest participants in the foreign exchange market?

A) Central banks
B) Multinational manufacturing firms
C) Individual currency traders
D) Large international banks


5. When producing a piece of luggage, the marginal cost is $92 and the marginal revenue is $81. What is the best action for the firm?

A) Restart production
B) Increase production
C) Enter the market
D) Decrease production


Solutions:

Question # 1
Answer: A
Question # 2
Answer: C
Question # 3
Answer: A,D,E
Question # 4
Answer: D
Question # 5
Answer: D

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