Pass your actual test at first attempt with WGU Global-Economics-for-Managers training material
Last Updated: Sep 28, 2026
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| Section | Objectives |
|---|---|
| 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) |
| Key Topics Across All Competencies | - International Trade Policies (Tariffs, Quotas) - Supply and Demand Shifts - Elastic vs. Inelastic Goods - Foreign Direct Investment (FDI) Impacts - Currency Appreciation and Depreciation - Global Business Strategies and Porter's Framework |
| Competency 2: Political and Economic Forces | - Property Rights and the Rule of Law - Market Economy vs. Command Economy |
| Competency 1: International Trade and Currency Exchange | - Impact of Interest Rates on Financial Flows and Exchange Rates - Introduction to International Trade Theories - Currency Exchange Rate Determination |
Barriers to entry in a market are the main cause of monopolies. Which statement is accurate when the barrier to entry has its source in government regulation?
Correct Answer: B 🗳️
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If the demand for a good is inelastic, what is true?
Correct Answer: C 🗳️
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The marginal cost of producing a computer is $600, but the marginal revenue is $1,000. What is the best action for the respective firm?
Correct Answer: A 🗳️
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In a monopoly, which statements are likely true? (Choose TWO.)
Correct Answer: A,C 🗳️
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What happens when the Federal Reserve increases the money supply?
Correct Answer: C 🗳️
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