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| Section | Objectives |
|---|---|
| Key Topics Across All Competencies | - Global Business Strategies and Porter's Framework - International Trade Policies (Tariffs, Quotas) - Foreign Direct Investment (FDI) Impacts - Elastic vs. Inelastic Goods - Supply and Demand Shifts - Currency Appreciation and Depreciation |
| Competency 3: Economic Decision-Making by Firms and Customers | - Firm Behavior Under Different Market Structures (Perfect Competition, Monopoly, Oligopoly) - Consumer Behavior (Budget Constraint, Indifference Curves) |
| Competency 2: Political and Economic Forces | - Market Economy vs. Command Economy - Property Rights and the Rule of Law |
| Competency 1: International Trade and Currency Exchange | - Introduction to International Trade Theories - Currency Exchange Rate Determination - Impact of Interest Rates on Financial Flows and Exchange Rates |
What is one characteristic of a market surplus?
Correct Answer: D 🗳️
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What is the bandwagon effect?
Correct Answer: C 🗳️
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When supply decreases and demand stays the same, what happens to the equilibrium point of price and quantity? Choose two answers.
Correct Answer: D,E 🗳️
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Which entrant is able to erect significant barriers for other entrants?
Correct Answer: A 🗳️
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Barriers to entry in a market are the main cause of monopolies. Which statement is accurate when the barrier to entry has its source in government regulation?
Correct Answer: A 🗳️
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