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

1. Which changes increase demand? (Choose TWO.)

A) An increase in the price of a substitute
B) An increase in the price of the good itself
C) A decrease in consumer income for a normal good
D) A decrease in the price of a complement

2. Which phrase best describes property rights?

A) The exclusive legal rights of firms to use specific names, brands, and designs to differentiate their products from others.
B) The legal rights awarded by government authorities to inventors of new products or processes.
C) The legal rights regarding the use of an economic resource and for deriving income and benefits from it.
D) The exclusive legal rights of authors and publishers to publish and disseminate their works.

3. What is a key feature of an oligopoly?

A) Firms are price takers.
B) The market represents a prisoner's dilemma.
C) Products are always homogeneous.
D) Entry is free in the long run.

4. What is true about gross domestic product (GDP)?

A) It includes the income of citizens working abroad.
B) It places heavier weight on intangible services than tangible goods.
C) It is thought to be the single best measure of a society's economic well-being.
D) Its year-to-year percentage change represents the inflation rate.

5. What are key features of an oligopoly? (Choose THREE.)

A) Firms are independent of one another, like competitive firms.
B) There are a few sellers.
C) The actions of any one seller can have a large impact on the profits of other sellers.
D) The actions of any one seller have little impact on others' profits.
E) Firms in an oligopoly are interdependent in ways competitive firms are not.
F) There is little motivation for cooperation between firms.

Solutions: