WGU D771 Quantitative Literacy Objective Assessment

1. What is the definition of globalization?

A. The close integration of countries and peoples of the world

B. The achievement of a one-world market for goods and services

C. The spread of regulatory influence to a greater pool of subjects

D. The development of custom products for each segment of a population

2. What is deadweight cost?

A. A tariff levied on imports that are selling below costs in order to unfairly drive domestic firms out of business

B. The lost potential from pursuing one activity at the expense of another activity, given the alternatives

C. A net loss that occurs in an economy as a result of tariffs

D. A government payment to a domestic firm

3. What does the term resource mobility describe?

A. The assumption that a resource removed from one industry can be moved to another

B. The idea that market forces should determine how much to trade with little or no government intervention

C. The idea that governments should actively defend domestic industries from imports

D. An economic condition in which a nation exports more than it imports

4. Which mode of entry is an equity mode?

A. Indirect exports

B. Licensing

C. 50/50 joint ventures

D. Franchising

5. Which type of economic system has elements of both a market economy and a command economy?

A. Mixed economy

B. Compromise economy

C. Market-command economy

D. Fair economy

6. The marginal revenue to produce a smartphone is $200, but the marginal cost is $150. What is the best action?

A. Decrease production

B. Increase production

C. Pause production

D. Exit the market

7. When producing a piece of luggage, MC is $92 and MR is $81. What is the best action?

A. Decrease production

B. Increase production

C. Enter the market

D. Restart production

8. Which term best describes a market structure with few sellers?

A. Oligopoly

B. Monopolistic competition

C. Monopoly

D. Perfect competition

9. When there is an expectation of lower income in the future, what happens?

A. Demand shifts up

B. Demand shifts down

C. Demand shifts right

D. Demand shifts left

10. If demand is elastic, what is true?

A. Quantity responds slightly

B. Price and total revenue move same direction

C. Total revenue always increases

D. Quantity responds substantially

11. Which goods have positive cross-price elasticity?

A. Normal goods

B. Shortage goods

C. Substitutes

D. Complements

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