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

1. What is a characteristic of common law as compared to civil law?

A) Common law minimizes the role of judges.
B) Common law relies primarily on comprehensive statutes and codes.
C) Common law is more reliant on precedents from previous judicial decisions.
D) Common law is based on religious teachings.

2. Which statement about consumer surplus is true?

A) It measures the well-being of sellers
B) It represents government revenue
C) It is a good measure of economic well-being if policymakers want to satisfy buyers' preferences
D) It measures total production efficiency

3. Which GDP component is affected when a parent pays for a child's college education?

A) Net exports
B) Government purchases
C) Consumption
D) Investment

4. When is it best for a firm to increase production?

A) When marginal revenue is greater than marginal cost
B) When total revenue is maximized
C) When average cost is minimized
D) When marginal cost exceeds marginal revenue

5. What is true about gross domestic product (GDP)?

A) It places heavier weight on intangible services than tangible goods.
B) It is thought to be the single best measure of a society's economic well-being.
C) Its year-to-year percentage change represents the inflation rate.
D) It includes the income of citizens working abroad.

Solutions: