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WGU Global Economics for Managers (C211, UZC2) Sample Questions:
1. Which statement is true for a monopoly firm, but not for a competitive firm?
A) The firm is a price taker.
B) The marginal revenue is less than its price.
C) Economic profit is zero in the long run.
D) The marginal revenue equals the price.
2. What is true about producer surplus?
A) It measures social welfare
B) It equals total revenue
C) It is used to measure the well-being of sellers
D) It measures the well-being of consumers
3. Which entrant is able to erect significant barriers for other entrants?
A) Dodger
B) First mover
C) Contender
D) Late mover
4. What is a characteristic of a market economy?
A) Factors of production are privately owned.
B) Central planning determines production decisions.
C) Prices are fixed by the government.
D) Resources are allocated through quotas.
5. The formula "fixed costs (FC) + variable costs (VC)" represents which quantity?
A) Marginal cost
B) Implicit cost
C) Average cost
D) Total cost
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: C | Question # 3 Answer: B | Question # 4 Answer: A | Question # 5 Answer: D |
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