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Last Updated: Sep 27, 2026
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| Section | Objectives |
|---|---|
| Key Topics Across All Competencies | - International Trade Policies (Tariffs, Quotas) - Global Business Strategies and Porter's Framework - Currency Appreciation and Depreciation - Foreign Direct Investment (FDI) Impacts - Supply and Demand Shifts - Elastic vs. Inelastic Goods |
| Competency 1: International Trade and Currency Exchange | - Currency Exchange Rate Determination - Impact of Interest Rates on Financial Flows and Exchange Rates - Introduction to International Trade Theories |
| Competency 3: Economic Decision-Making by Firms and Customers | - Consumer Behavior (Budget Constraint, Indifference Curves) - Firm Behavior Under Different Market Structures (Perfect Competition, Monopoly, Oligopoly) |
| Competency 2: Political and Economic Forces | - Market Economy vs. Command Economy - Property Rights and the Rule of Law |
What are common types of barriers to entry that can cause a monopoly? (Choose TWO.)
Correct Answer: B,D 🗳️
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When an import tariff is placed on footwear, which quantity increases?
Correct Answer: A 🗳️
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Which system has elements of a market economy and a command economy?
Correct Answer: D 🗳️
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In a monopoly, which statements are likely true? (Choose TWO.)
Correct Answer: A,C 🗳️
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When is it best for a firm to restart production?
Correct Answer: B 🗳️
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