Economics > Exam > WGU- C211 Exam CH 7, 9, 10, 11, 21, 23 with Complete Solutions (All)

WGU- C211 Exam CH 7, 9, 10, 11, 21, 23 with Complete Solutions

Document Content and Description Below

The opportunity cost of one good relative to another reflects: - ANSWER The slope of the budget constraint. Assume that an individual's budget decreases and that prices remain constant. What would ... happen to his/her budget constraint? The budget constraint line would - ANSWER Shift inward in a parallel manner Observing an individual's indifference curve demonstrates his/her - ANSWER Preferences Assume that Bob's income increases following a promotion at work, but prices do not change. What will happen to Bob's budget constraint? - ANSWER It will shift outward, parallel to its initial position. How will an increase in income affect the budget constraint, assuming that prices remain the same? - ANSWER Shift outward. What is a good called that consumers buy less of when their income increases? - ANSWER Inferior good. What is true of indifference curves? - ANSWER The consumer's preferences are represented with indifference curves. Suppose that the United States imposes a tariff on avocados imported from Mexico. What impact will this have on the price paid for avocados by United States citizens? - ANSWER The price will increase. Which of the following is a consequence of a country imposing a tariff on imported goods? - ANSWER The demand for foreign produced goods decreases. Suppose that the United States imposes a tariff on salt. What impact might this tariff have on the price for domestic consumers? - ANSWER Consumers will pay a higher price. Applying a tariff to coconuts will have the following effect: - ANSWER Increase the domestic price of coconuts. Which of the following is NOT a restriction to trade? - ANSWER Free trade areas. What is the significant difference between an import quota and a tariff? - ANSWER A tariff raises revenue for the government and an import quota creates surplus for those who obtain licenses to import. Suppose that the price of a good increases (all else held constant). Which of the following would happen along with the change in price? - ANSWER Consumer surplus would decrease. Suppose that Bob goes to the market and is willing to pay $500 for a new chainsaw. Bob is able to find the chainsaw for only $400. Which of the following follows from Bob's circumstance? - ANSWER His consumer surplus is $100 Which statement is true of consumer surplus? - ANSWER Consumer surplus represents value to buyers in excess of the price paid for the product. Which statement is true of producer surplus? - ANSWER Low cost suppliers garner the most producer surplus. Which statement is true? - ANSWER Total surplus is the sum of consumer and producer surplus and is graphically represented as the area between the supply and demand curves up to the equilibrium quantity. Suppose that Bob lives in the United States, but has been working in Mexico for the last 5 years. Where is the value of Bob's production counted during the last 5 years? - ANSWER U.S. GNP and Mexico's GDP. Which of the following statements describes gross domestic product (GDP)? - ANSWER GDP is the most used measure of a country's economic wellbeing. Which of the following is an investment included in the gross domestic product (GDP) measure? - ANSWER Spending on new residential construction. Gross Domestic Product (GDP) measures which of the following? - ANSWER Market value of final goods and services produced within a country in a given period of time. Which item is NOT part of GDP? - ANSWER Purchasing a used hairdryer. What is the key distinction between real and nominal GDP? - ANSWER Real GDP measures production not affected by changes in prices while nominal GDP measures production measured at current prices. Beyond the enforcement of antitrust laws, collusion often fails because: - ANSWER it has incentive problems associated with the "prisoners' dilemma." Which of the following are example(s) of explicit collusion? - ANSWER Creating a cartel and directly negotiating an agreement to fix prices. Price setting by a monopolist at a level higher than the competitive price level is: - ANSWER collusive price setting. Facing strong competition from MNE cosmetics firms, an Israeli firm focused on products with unique components extracted from the Dead Sea that couldn't be found in other parts of the world. This is an example of: - ANSWER defender strategy. Which of the following industry characteristic makes collusion difficult? - ANSWER Low entry barriers Which of the following statement(s) about dumping are correct? - ANSWER Exporter sells below cost abroad and exporter plans to raises prices after eliminating local competitors. Which of the following situation represents the LOWEST intensity of rivalry between two companies? - ANSWER Low resource similarity and high market commonality Local firms, in emerging economies, use a dodger strategy to respond to MNEs entry when: - ANSWER industry pressures to globalize are high and assets are customized to home markets. If Google and Microsoft were to propose a joint venture to develop a new internet search engine, the US government would block them based on: - ANSWER Antitrust law. When firms indirectly coordinate actions by signaling their intentions, often in an attempt to reduce output and maintain pricing above competitive levels, they are engaging in: - ANSWER tacit collusion. Which of the following is NOT one of the factors that make an industry particularly conducive to collusion? - ANSWER Many firms in the industry Firms in a multimarket competitive situation might want to avoid engaging in cross-market retaliation because: - ANSWER a price war may be too costly for all involved. If a country's competition and antitrust policies are pro-incumbent and pro-producer, which of the following is a likely outcome? - ANSWER Domestic consumers will most likely pay high prices. Imagine that an electronics manufacturer introduces a new smart phone in its home market at an extremely low cost. Its intention is to eliminate its domestic rivals, after which it plans to significantly raise its prices. The firm is engaging in: - ANSWER predatory pricing. [Show More]

Last updated: 3 months ago

Preview 1 out of 6 pages

Add to cart

Instant download

OR

Reviews( 0 )

Recommended For You

 Economics> Exam > Bloomberg market concepts test, solved 100%; distinction solution guide. Graded A+ (All)

preview
Bloomberg market concepts test, solved 100%; distinction solution guide. Graded A+

Bloomberg market concepts test, solved 100%; distinction solution guide. Graded A+ Which driver weakened the Swiss franc? (C) - Ans-a) A surprise change in net export expectations b)A surprise chan...

By Professor Lynne , Uploaded: Jun 24, 2022

Exam

$10

4  

 Economics> Exam > ECO 501 Final Quiz 2020 – Texas A&M University | ECO501 Final Quiz 2020 (All)

preview
ECO 501 Final Quiz 2020 – Texas A&M University | ECO501 Final Quiz 2020

ECO 501 Final Quiz 2020 – Texas A&M University Chapter 2 Question 1: What do economists mean by scarcity? a. Economists mean that unlimited wants exceed limited resources. b. Economists mea...

By Martin Freeman , Uploaded: Oct 14, 2020

Exam

$15

0  

 Economics> Exam > Sophia Microeconomics Unit 1 Milestone 1. Complete With Answers. (All)

preview
Sophia Microeconomics Unit 1 Milestone 1. Complete With Answers.

Sophia Microeconomics Unit 1 Milestone 1. Complete With Answers.Brent decides to purchase ground beef to make tacos rather than pricier steak because his weekly budget restricts his expenditure on fo...

By Quality Suppliers , Uploaded: Aug 31, 2021

Exam

$15

1  

 Economics> Exam > Questions and Answers > ECN MANAGERIAL MAIN 1 OF 3 Assessment Review - Corporate Finance Institute FMVA Practice Exam (All)

preview
Questions and Answers > ECN MANAGERIAL MAIN 1 OF 3 Assessment Review - Corporate Finance Institute FMVA Practice Exam

ECN MANAGERIAL MAIN 1 OF 3 Assessment Review - Corporate Finance Institute FMVA Practice Exam Assessment Review - Corporate Finance Institute Below is a scored review of your assessment. All ques...

By Kirsch , Uploaded: Aug 08, 2022

Exam

$7

0  

 Economics> Exam > University of the People: POLS 1503 Final Exam Preparation. Complete 95 Pages. (All)

preview
University of the People: POLS 1503 Final Exam Preparation. Complete 95 Pages.

POLS1503 A lot of analysts strongly believe that international investment cannot bring us to a closer, more economically integrated society. Select one: True False What Internet-based communicat...

By NursingGuidesandNotes , Uploaded: Dec 08, 2021

Exam

$16

0  

 Economics> Exam > ECO 2301 Microeconomics Final Exam Review – Texas Tech University | ECO2301 Microeconomics Final Exam Review (All)

preview
ECO 2301 Microeconomics Final Exam Review – Texas Tech University | ECO2301 Microeconomics Final Exam Review

ECO 2301 Microeconomics Final Exam Review – Texas Tech University Microeconomics Final Exam Review Chapter 1: Economics: Foundations and Models Definitions • Scarcity – The situation i...

By Martin Freeman , Uploaded: Oct 14, 2020

Exam

$14.5

0  

 Economics> Exam > University of the People POLS 1503 Graded Quiz Unit 3. Grade 90.00 out of 100.00. (All)

preview
University of the People POLS 1503 Graded Quiz Unit 3. Grade 90.00 out of 100.00.

POLS 1503 - AY2019-T3 Graded Quiz Unit 3 There are three central activities for the IMF and they include: Select one: a. surveillance, ြnancial assistance, and technical assistance. b. politic...

By NursingGuidesandNotes , Uploaded: Dec 08, 2021

Exam

$13

0  

 Economics> Exam > ECON 101-CHAPTER-9-14 (All)

preview
ECON 101-CHAPTER-9-14

ECON-101-CHAPTER-9-14 CHAPTER 9 2. Which of the following markets are closest to perfectly competitive a. The market for smart phones b. The market for generic pharmaceutic...

By christinmentor , Uploaded: Aug 02, 2021

Exam

$15

2  

 Economics> Exam > ECS 2602 ONLINE MULTIPLE CHOICE QUESTIONS AND ANSWERS UNIVERSITY OF SOUTH AFRICA (All)

preview
ECS 2602 ONLINE MULTIPLE CHOICE QUESTIONS AND ANSWERS UNIVERSITY OF SOUTH AFRICA

ECS 2602 ONLINE MULTIPLE CHOICE QUESTIONS AND ANSWERS (Macroeconomics ) WITH FOCUSED INFORMATION YOU NEED TO PASS YOUR EXAMS UNIVERSITY OF SOUTH AFRICA ECS 2602 ONLINE MULTIPLE CHOICE QUESTIONS AND...

By Quizmaster001 , Uploaded: Dec 01, 2021

Exam

$14

0  

 Economics> Exam > GENTECH 3EE3 Quiz Chapter 1 – McMaster University | Chapter 1 Engineering Decision Making (All)

preview
GENTECH 3EE3 Quiz Chapter 1 – McMaster University | Chapter 1 Engineering Decision Making

GENTECH 3EE3 Quiz Chapter 1 – McMaster University Engineering Economics, 5e (Fraser) Chapter 1 Engineering Decision Making 1.1 Multiple Choice Questions 1) Evaluation of an engineering...

By Martin Freeman , Uploaded: Nov 08, 2020

Exam

$12.5

0  

Exam

$7.00

Add to cart

Instant download

OR

Can't Find what you want?

PLACE CUSTOM WRITING ORDER
20
0

Document information


Connected school, study & course



About the document


Uploaded On

Nov 29, 2022

Number of pages

6

Written in

All

Type

Exam

Seller


seller-icon
MARKALLAN

Member since 10 months

47 Documents Sold


Additional information

This document has been written for:

Course

Economics

Paper Category

Exam

Uploaded

3 months ago

Downloads

 0

Views

 20

THE BEST STUDY GUIDES

Avoid resits and achieve higher grades with the best study guides, textbook notes, and class notes written by your fellow students

custom preview

Avoid examination resits

Your fellow students know the appropriate material to use to deliver high quality content. With this great service and assistance from fellow students, you can become well prepared and avoid having to resits exams.

custom preview

Get the best grades

Your fellow student knows the best materials to research on and use. This guarantee you the best grades in your examination. Your fellow students use high quality materials, textbooks and notes to ensure high quality

custom preview

Earn from your notes

Get paid by selling your notes and study materials to other students. Earn alot of cash and help other students in study by providing them with appropriate and high quality study materials.

WHAT STUDENTS SAY ABOUT US


What is Browsegrades

In Browsegrades, a student can earn by offering help to other student. Students can help other students with materials by upploading their notes and earn money.

We are here to help

We're available through e-mail, Twitter, Facebook, and live chat.
 FAQ
 Questions? Leave a message!

Follow us on
 Twitter

Copyright © Browsegrades · High quality services·