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

2. Which characteristic is attributed to totalitarianism?

A) It delegates absolute political control over the population to one person or party.
B) It gives citizens the right to elect representatives to govern on their behalf.
C) It contains some political risk, but risk that is qualitatively lower than in other political systems.
D) It prizes an individual ' s right to freedom of expression and organization.

3. If the demand for a good is inelastic, what is true?

A) Consumers are highly sensitive to price changes
B) Quantity demanded responds only slightly to price changes
C) Quantity demanded responds substantially to price changes
D) Price and total revenue move in opposite directions

4. What happens when the Federal Reserve increases the money supply?

A) The aggregate supply curve shifts to the right
B) The aggregate supply curve shifts to the left
C) The aggregate demand curve shifts to the right
D) The aggregate demand curve shifts to the left

5. An institution-based view of global business focuses on the specific relationship between which two entities?

A) Customers and institutions
B) Firms and governments
C) Customers and firms
D) Firms and institutions

Solutions: