WGU C211 Global Economics for Managers
Complete Terms| Questions and Verified
Answers| 100% Correct (New 2023/ 2024 Update)
What is Scenario
... [Show More] Planning
Answer:
A technique to prepare and plan for multiple scenarios (either high or low risk).
QUESTION
What is Semi-globalization
Answer:
A perspective that suggests that barriers to market integration at borders are high, but not high
enough to insulate countries from each other completely.
QUESTION
What is Triad
Answer:
North America, Western Europe, and Japan.
QUESTION
What is Absolute Advantage
Answer:
The economic advantage one nation enjoys that is absolutely superior to other nations.
QUESTION
What is Administrative Policy
Answer:
Bureaucratic rules that make it harder to import foreign goods.
QUESTION
What is Antidumping Duty
Answer:
Tariffs levied on imports that have been "dumped" (selling below costs to "unfairly" drive
domestic firms out of business).
QUESTION
What is Balance of Trade
Answer:
The aggregation of importing and exporting that leads to the country-level trade surplus or
deficit.
QUESTION
What is Classical Trade Theories
Answer:
The major theories of international trade that were advanced before the 20th century, which
consist of (1) mercantilism, (2) absolute advantage, and (3) comparative advantage.
QUESTION
What is Comparative Advantage
Answer:
Relative (not absolute) advantage in one economic activity that one nation enjoys in comparison
with other nations.
QUESTION
What is Dead Wight Cost (also called Dead Weight Loss)
Answer:
Net losses that occur in an economy as a result of tariffs.
QUESTION
What is Export (X)
Answer:
Selling abroad.
QUESTION
What is Factor Endowment
Answer:
The extent to which different countries possess various factors of production such as labor, land,
and technology.
QUESTION
What is Factor Endowment Theory (or Herchscher-Ohlin theory)
Answer:
A theory that suggests that nations will develop comparative advantages based on their locally
abundant factors.
QUESTION
What is First-mover advantage
Answer:
Advantage that first movers enjoy and do not share with late entrants.
QUESTION
What is Free Trade
Answer:
The idea that free market forces should determine how much to trade with little or no [Show Less]