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WGU C211 Global Economics Final Exam Questions and Answers 100% Correct
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WGU C211 Global Economics Final Exam Questions and Answers 100% Correct
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WGU C211 Global Economics Final Exam Questions and Answers 100% Correct ability -to-pay principle ✔✔the idea that taxes should be levied on a person according to how well that person can shoulder the burden absolute advantage ✔✔The economic advantage one nation enjoys that is absolutely superior to other nations. absorptive capacity ✔✔The ability to recognize the value of new information, assimilate it, and apply it. accommodative strategy ✔✔A strategy characterized by some support from top managers, who may increasingly view CSR as a worthwhile endeavor. accounting profit ✔✔total revenue minus total explicit cost acquisition ✔✔A transfer of the control of operations and management from one firm (target) to another (acquirer), the former becoming a unit of the latter. acquisition premium ✔✔The difference between the acquisition price and the market value of target firms. adaptability ✔✔The ability to change supply chain configurations in response to longer -term changes in the environment and technology . Administrative policies ✔✔Bureaucratic rules that make it harder to import foreign goods. Adverse selection ✔✔the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party agency costs ✔✔The costs associated with principal -agent relationships. agency relationship ✔✔The relationship between principals (such as shareholders) and agents (such as professional managers). Agency theory ✔✔A theory that focuses on principal -agent relationships (or in short, agency relationships). Agent ✔✔A person (such as manager) to whom authority is delegated. agglomeration ✔✔Clustering of economic activities in certain locations. aggregate -supply curve ✔✔a curve that shows the quantity of goods and services that firms choose to produce and sell at each price level Agility ✔✔The ability to react quickly to unexpected shifts in supply and demand. Alignment ✔✔Alignment of interests of various players. Andean Community ✔✔A customs union in South America that was launched in 1969. antidumping duties ✔✔Tariffs levied on imports that have been "dumped" (selling below costs to "unfairly" drive domestic firms out of business). Antidumping law ✔✔Law that makes it illegal for an exporter to sell goods below cost abroad with the intent to raise prices after eliminating local rivals . antitrust law ✔✔Law that outlaws cartels (trusts). antitrust policy ✔✔Government policy designed to combat monopolies and cartels. APEC ✔✔The official title for regional economic integration involving 21 member economies around the Pacific. appreciation ✔✔an increase in the value of a currency as measured by the amount of foreign currency it can buy Arrow's impossibility theorem ✔✔a mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferences Asia-Pacific Economic Cooperation (APEC) ✔✔The official title for regional economic integration involving 21 member economies around the Pacific . Association of Southeast Asian Nations (ASEAN) ✔✔The organization underpinning regional economic integration in Southeast Asia. attack ✔✔An initial set of actions to gain competitive advantage. Australia -New Zealand Closer Economic Relations Trade Agreement (ANZCERTA/CER) ✔✔A free trade agreement between Australia and New Zealand that was launched in 1983. Automatic stabilizers ✔✔changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate action Average fixed cost ✔✔fixed cost divided by the quantity of output average revenue ✔✔total revenue divided by the quantity sold average tax rate ✔✔total taxes paid divided by total income average total cost ✔✔total cost divided by the quantity of output average variable cost ✔✔variable cost divided by the quantity of output balance of payments ✔✔A country's international transaction statement, which includes merchandise trade, service trade, and capital movement. balance of trade ✔✔The aggregation of importing and exporting that leads to the country -level trade surplus or deficit. balance sheet approach ✔✔A compensation approach that balances the cost of living differences relative to parent country levels and adds a financial inducement to make the package attractive. balanced trade ✔✔a situation in which exports equal imports bandwagon effect ✔✔The effect of investors moving in the same direction at the same time, like a herd. bank capital ✔✔the resources a bank's owners have put into the institutionThe benefits of buying summaries with Stuvia:
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