PDF Version DemoWGU Global Economics for Managers (C211, UZC2) Sample Questions:
1. What measures how the quantity demanded of one good responds to a change in the price of another good?
A) Equilibrium elasticity of demand
B) Quantity elasticity of demand
C) Price elasticity of demand
D) Cross-price elasticity of demand
2. Which goods have a positive cross-price elasticity?
A) Normal goods
B) Substitutes
C) Complements
D) Shortage goods
3. What is a characteristic of a market economy?
A) It emphasizes private ownership of all factors of production.
B) It gives the government the primary authoritative role in the economy.
C) It leaves the planning of supply, demand, and pricing to the government.
D) It is in place in most of the world's countries.
4. What is one benefit of small-scale entries into foreign markets?
A) They demonstrate a strategic commitment to certain markets.
B) They present easy opportunities to build market share.
C) They focus on learning by doing while limiting the downside risk.
D) They give complete equity and operational control.
5. What is a characteristic of a market economy?
A) The government takes a hands-off approach known as laissez-faire.
B) It is defined by a government taking the authoritative role in the economy.
C) Factors of production are government-owned or state-owned.
D) It found a near ideal in China and the former Soviet Union during the heydays of communism.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: B | Question # 3 Answer: A | Question # 4 Answer: C | Question # 5 Answer: A |
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