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WGU Global-Economics-for-Managers Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Competency 1: International Trade and Currency Exchange | - Introduction to International Trade Theories - Impact of Interest Rates on Financial Flows and Exchange Rates - Currency Exchange Rate Determination |
| Key Topics Across All Competencies | - Elastic vs. Inelastic Goods - Foreign Direct Investment (FDI) Impacts - Global Business Strategies and Porter's Framework - Currency Appreciation and Depreciation - International Trade Policies (Tariffs, Quotas) - Supply and Demand Shifts |
| Competency 3: Economic Decision-Making by Firms and Customers | - Consumer Behavior (Budget Constraint, Indifference Curves) - Firm Behavior Under Different Market Structures (Perfect Competition, Monopoly, Oligopoly) |
| Competency 2: Political and Economic Forces | - Property Rights and the Rule of Law - Market Economy vs. Command Economy |
WGU Global Economics for Managers (C211, UZC2) Sample Questions:
Institutions exist to reduce uncertainty. An institutional framework is made up of two types of systems.
What are the systems? (Choose TWO.)
- A. Cognitive
- B. Normative
- C. Informal
- D. Formal
- E. Personal
- F. Firm
Correct Answer: C,D 🗳️
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What is opportunity cost?
- A. The marginal benefit of an additional unit
- B. The explicit monetary cost of an activity
- C. The lost potential from pursuing one activity at the expense of another, given the alternatives
- D. The total cost of all inputs used in production
Correct Answer: C 🗳️
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What are key features of an oligopoly? (Choose THREE.)
- A. The actions of any one seller can have a large impact on the profits of other sellers.
- B. Firms are independent of one another, like competitive firms.
- C. There are a few sellers.
- D. Firms in an oligopoly are interdependent in ways competitive firms are not.
- E. The actions of any one seller have little impact on others' profits.
- F. There is little motivation for cooperation between firms.
Correct Answer: A,C,D 🗳️
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Who are the primary and largest participants in the foreign exchange market?
- A. Central banks
- B. Multinational manufacturing firms
- C. Large international banks
- D. Individual currency traders
Correct Answer: C 🗳️
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What are characteristics of a market economy? (Choose TWO.)
- A. It is characterized by the "invisible hand" of market forces.
- B. It was first noted by Adam Smith in The Wealth of Nations in 1776.
- C. Supply, demand, and pricing are planned by the government.
- D. It is defined by a government taking the authoritative role in the economy.
- E. It found a near ideal in China and the former Soviet Union during communism.
- F. Factors of production are government-owned or state-owned.
Correct Answer: A,B 🗳️
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