{solved 2023/2024} WGU C211 Global Economics Final Exam Questions and Answers 100% Correct
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WGU C211 – Global Economics for Managers
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WGU C211 – Global Economics For Managers
{solved 2023/2024} 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 ...
{solved 2023/2024} 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 institution
bargaining power
Ability to extract favorable outcome from negotiations due to one party's strengths.
base of the pyramid (BOP)
Economies where people make less than $2,000 per capita per year.
behavioral economics
the subfield of economics that integrates the insights of psychology
Beijing Consensus
A view that questions Washington Consensus' belief in the superiority of private ownership over state
ownership in economic policy making, which is often associated with the position held by the Chinese
government.
Benchmarking
Examining whether a firm has resources and capabilities to perform a particular activity in a manner
superior to competitors.
benefits principle
the idea that people should pay taxes based on the benefits they receive from government services
bid rate
The price to buy a currency.
blue ocean strategy
Strategy that focuses on developing new markets ("blue ocean") and avoids attacking core markets
defended by rivals, which is likely to result in a bloody price war or a "red ocean."
Bond
Loan issued by the firm and held by creditors.
Bondholders
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