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

1. Which statement is a description of theocratic law?

A) It is a legal system that is the oldest, most influential, and most widely distributed in the world.
B) It is a legal system based on religious teachings and dogma.
C) It is a legal system that uses comprehensive statutes and codes as a primary means to form legal judgments.
D) It is a legal system that is shaped by precedents and traditions from previous judicial decisions.

2. When demand decreases and supply stays the same, what happens to the equilibrium point of price and quantity? (Choose TWO.)

A) Quantity increases
B) Price increases
C) Quantity decreases
D) Price decreases

3. What is true about tariffs?

A) They lower domestic prices below world prices
B) They allow the government to raise revenue
C) They increase consumer surplus
D) They eliminate deadweight loss

4. Which phrase best describes property rights?

A) The legal rights regarding the use of an economic resource and for deriving income and benefits from it.
B) The exclusive legal rights of firms to use specific names, brands, and designs to differentiate their products from others.
C) The legal rights awarded by government authorities to inventors of new products or processes.
D) The exclusive legal rights of authors and publishers to publish and disseminate their works.

5. What are characteristics of monopolistic competition? (Choose THREE.)

A) Many sellers
B) Homogeneous products
C) Product differentiation
D) One seller
E) Free entry and exit

Solutions: