Wgu C211 - Global Economics For Managers |136 Questions| With Correct Answers.

Mercantilism {Ans: A theory that suggests that the wealth of the world is fixed and that a nation that exports more and imports less will be richer.}Graphical elements needed to determine a consumer's optimal point of consumption {Ans: Indifference curve and budget constraint.}Foreign market entries types {Ans: Non-equity and equity}Real GDP {Ans: The production of goods and services valued at constant prices, ie. $1}Late mover advantages {Ans: Opportunity to free ride on first-mover investments, Resolution of technological and market uncertainty, First mover's difficulty to adapt to market changes.)}How is global business affected by democracy? {Ans: An individual's right to freedom of expression and organization. For example, starting up a firm is an act of economic expression}Classical theory view {Ans: Static}Intellectual property right {Ans: Rights associated with the ownership. They primarily include rights associated with patents, copyrights, and trademarks.}Results from income elasticity {Ans: (1) Necessities, such as food and clothing, tend to have small income elasticities. (2) Luxuries, such as caviar and diamonds, tend to have large income elasticities.}Mixed economy {Ans: One has elements of both a market economy and a command economy. It boils down to the relative distribution of