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WGU Global Economics for Managers (C211, UZC2) Sample Questions:
1. A shopper purchases a shirt for $17 but was willing to pay $25. What does this indicate?
A) The producer surplus is $25.
B) The producer surplus is $17.
C) The consumer surplus is $8.
D) The consumer surplus is $25.
2. What is a key feature of an oligopoly?
A) Products are always homogeneous.
B) Firms are price takers.
C) Entry is free in the long run.
D) The market represents a prisoner's dilemma.
3. When is it best for a firm to increase production?
A) When average cost is minimized
B) When total revenue is maximized
C) When marginal cost exceeds marginal revenue
D) When marginal revenue is greater than marginal cost
4. What is an example of a transaction accounted for in the net exports component of GDP?
A) A member of Congress is paid a salary.
B) A couple buys a new house.
C) A person buys a car from a different country.
D) A person buys food.
5. Which term best describes a market structure of limited competition in which the market is shared by a small number of sellers?
A) Perfect competition
B) Monopolistic competition
C) Oligopoly
D) Monopoly
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: D | Question # 3 Answer: D | Question # 4 Answer: C | Question # 5 Answer: C |



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