管理經(jīng)濟(jì)學(xué)第七版英文教輔 chapter 1

ManagerialEconomics^7e(Keat)Chapter1IntroductionMultiple-ChoiceQuestionsThebestdefinitionofeconomicsishowchoicesaremadeunderconditionsofscarcity.howmoneyisused.howgoodsandservicesareproduced.howbusinessesmaximizeprofits.Answer:ADiff:1Managerialeconomicsisbestdefinedastheeconomicstudyofhowbusinessescanmakethemostprofits.howbusinessescandecideonthebestuseofscarceresources.howbusinessescanoperateatthelowestcosts.howbusinessescansellthemostproducts.Answer:BDiff:1Managerialeconomicsisbestdefinedasthestudyofeconomicsbymanagers.thestudyoftheaggregateeconomicactivity.thestudyofhowmanagersmakedecisionsabouttheuseofscarceresources.Alloftheabovearegooddefinitions.Answer:CDiff:1Scarcityisaconditionthatexistswhenthereisafixedsupplyofresourcesrelativetothedemandfortheproduct.thereisalargedemandforaproduct.resourcesarenotabletomeettheentiredemandforaproduct.AlloftheaboveAnswer:CDiff:1Whichofthestatementsbelowbestillustratestheuseofthemarketprocessindeterminingtheallocationofscarceresources?"Let'smakethisproductbecausethisiswhatweknowhowtodobest.”nWeshouldconsidershiftingtoproductswherewecanearnevenmoremoney.nC)"Everyoneisopeningvideostores,whydon'twe?”D)"Wecan'tstopmakingthisproduct.Thisproductgaveourcompanyitsstart.nAnswer:BDiff:2Whichofthefollowingisnotconsideredasafactorofproduction?A)moneyB)machineryandequipmentC)landD)unskilledlaborAnswer:ADiff:1Selectthegroupthatbestrepresentsthebasicfactorsofproduction.A)land,labor,capital,entrepreneurshipland,labor,money,managementskillsland,naturalresources,labor,capitalD)land,labor,capital,technologyAnswer:ADiff:1Whichofthefollowingisthebestexampleofhowthequestionofnwhatgoodsandservicestoproduce?"isansweredbythecommandprocess?governmentsubsidiesforwindmillenergyproductionlawsregardingequalopportunityinemploymentgovernmentallowanceforthedeductionofinterestpaymentsonprivatemortgagesgovernmentregulationsconcerningthedumpingofhazardouswasteAnswer:ADiff:2Whichofthefollowingisthebestexampleofnwhatgoodsandservicesshouldbeproduced?nA)theuseofacapitalintensiveversusalaborintensiveprocessofmanufacturingtextilestheproductionofSUVsversustheproductionofsub-compactcarsthemanufacturingofcomputerworkstationsinChinaorinIndiatheleasingversusthepurchasingofnewcapitalequipmentAnswer:BDiff:2Whichofthefollowingisthebestexampleofnhowgoodsandservicesshouldbeproduced?'*complyingwiththetechnicalspecificationsintheproductionofanaircrafttheproductionofjetaircraftfortheairforceorforacommercialairlinetheuseofadditionalworkersversustheuseofmachinesintheproductionofgoodstheproductionofanewmanufacturingfacilityAnswer:CDiff:2FromthestandpointofasoftdrinkcompanythequestionofnWhatgoodsandservicesshouldbeproduced?nisbestrepresentedbywhichofthefollowingdecisions?whetherornottohireadditionalworkerswhetherornottoincreaseitsadvertisingwhetherornottoshutdownselectedmanufacturingfacilitiesNoneoftheaboveareexamples.Answer:DDiff:2Whichofthefollowingisthebestexampleofthe"command"process?UnitedAirlinesbuysNorthwestAirlines.StrikingautoworkersforceGeneralMotorstoshutdownitsfactories.Banksraisetheirfeesonlatepaymentsbycreditcardholders.TheFCCrequireslocaltelephonecompaniestoprovideaccesstotheirlocalnetworksbeforebeingabletoofferlongdistanceservice.Answer:DDiff:2Acriticalelementofentrepreneurship(asopposedtomanagerialskills)isleadershipskills.risktaking.C)technology.D)politicalskills.Answer:BDiff:1Inthetext,thekeyquestionintheneconomicsofabusiness1'iswhethertheneedtogrowrevenuesisbeingmet.shouldthefirmbeinthebusinessinwhichitisoperating.whetherthefirmfacesrisinglaborcosts.canthefirmaffectitsmarketshare.Answer:BDiff:1Opportunitycostisbestdefinedastheamountgivenupwhenchoosingoneactivityoverallotheralternatives.theamountgivenupwhenchoosingoneactivityoverthenextbestalternative.theopportunitytoearnaprofitthatisgreaterthantheonecurrentlybeingmade.theamountthatisgivenupwhenchoosinganactivitythatisnotasgoodasthenextbestalternative.Answer:BDiff:2Theeconomicconceptof"opportunitycost*'ismostcloselyassociatedwithwhichofthefollowingmanagementconsiderations?A)marketstructureresourcescarcityproductdemandD)technologyAnswer:BDiff:1Whichofthefollowingisthebestexampleofopportunitycost?acompany'sexpendituresonatrainingprogramforitsemployeestherateofreturnonacompany'sinvestmenttheamountofmoneythatacompanycanearnbydepositingexcessfundsinamoneymarketfundtheprofitthatacompanyforgoeswhenitdecidestodroponeproductlineinfavorofanotheroneAnswer:DDiff:2Whichofthefollowingisthebestexampleofthentraditionalprocess**?A)commercialbankmergersminimumagelimitsforthepurchaseofalcoholicbeveragesauctioningU.S.TreasurybillscollegesanduniversitiesgiveadmissionspreferencestochildrenofalumniAnswer:DDiff:2AnalyticalQuestionsWhateconomicconditionsarerelevantinmanagerialdecisionmaking?Answer:Suchfactorsasmarketstructure,supplyanddemandconditions,technology,governmentregulations,internationalfactors,expectationsaboutthefuture,andthemacroeconomyareeconomicfactorsthatplayaroleinmanagerialdecisionmaking.Whatfactorsleadtocompetitiveadvantageforafirm?Answer:Costleadership(lowercoststhancompetingfirms),productdifferentiation,selectionandfocusonamarketniche,outsourcingandmergerstrategies,andinternationalfocusorexpansionarefactorsinthecompetitiveadvantageofthefirm.Whatarethetypicaltypesofriskfacedbyafirm?A