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

1. What is a characteristic of a market economy?

A) Central planning determines production decisions.
B) Resources are allocated through quotas.
C) Factors of production are privately owned.
D) Prices are fixed by the government.

2. What is one of the three primary types of foreign exchange transactions?

A) Balanced transactions
B) Forward transactions
C) Hedges
D) Straddles

3. What are examples of variable costs? Choose two answers.

A) A $1,000 license fee charged by the state government to operate a shop
B) The cost of the parts used in individual devices made by a computer manufacturer
C) The rent paid by a magazine publisher for its creative team
D) The monthly internet cost in a business that produces women's apparel
E) The CEO's salary for a major manufacturing firm
F) A 5% tax charged by the government on variable inputs

4. Institutions exist to reduce uncertainty. An institutional framework is made up of two types of systems.
What are the systems? (Choose TWO.)

A) Personal
B) Cognitive
C) Informal
D) Firm
E) Normative
F) Formal

5. Which goods have a positive cross-price elasticity?

A) Shortage goods
B) Normal goods
C) Complements
D) Substitutes

Solutions: