管理經(jīng)濟學(xué)第七版英文教輔 chapter 2

ManagerialEconomics^7e(Keat)Chapter2TheFirmandItsGoalsMultiple-ChoiceQuestionsTransactioncostsincludecostsofnegotiatingcontractswithotherfirms.costofenforcingcontracts.theexistenceofasset-specificity.AlloftheaboveAnswer:DDiff:1Acompanywillstrivetominimizetransactioncosts.costsofinternaloperations.totalcostsoftransactionsandinternaloperationscombined.variablecosts.Answer:CDiff:1Thebestexampleofaneconomicgoalofafirmisprovidinggoodproducts/servicestoitscustomers.improvingitspublicimage.increasingemployeemorale.increasingshareholderwealth.Answer:DDiff:1Alargecorporation'sprofitobjectivemaynotbeprofitorwealthmaximization,becausestockholdershavelittlepowerincorporatedecisionmaking.managementismoreinterestedinmaximizingitsownincome.managersareoverlyconcernedwiththeirownsurvivalandmaynottakeallprudentrisks.AlloftheaboveAnswer:DDiff:2Oneoftheweaknessesinpursuingtheobjectiveofprofitmaximizationisthatitignoresthetimingofcashflows.thetime-valueofmoneyconcept.theriskinessofcashflows.AlloftheaboveAnswer:DDiff:1Goalswhichareconcernedwithcreatingandmaintainingemployeeandcustomersatisfactionandsocialresponsibilityarereferredtoasobjectives.socialnoneconomicwelfarepublicrelationsAnswer:BDiff:1Financialriskoccursduetovariationsinreturnswhichisinducedbyleverage.isduetotheupsanddownsoftheeconomy.isduetochangesingovernmentregulations.isaresultofchangesinexchangerates.Answer:ADiff:2Financialriskisassociatedwithchangesinthedemandforafirm'sproducts.afirm'sdebt.aErm'ernmentregulationsofafirm'sactivities.Answer:BDiff:29)riskinvolvesvariationinreturnsduetotheupsanddownsoftheeconomy,theindustryandthefirm.StructuralFluctuationalBusinessFinancialAnswer:CDiff:110)Unlikeanaccountant,aneconomistmeasurescostsona(n)basis.explicitreplacementhistoricalconservativeAnswer:BDiff:111)maximizationisachievedwhenacompanymanagesitsbusinessinsuchawaythatitscashflowsovertime,discountedattheappropriatediscountrate,willcausethevalueofthecompany'scommonstocktobeatamaximum.ProfitStockholderwealthAssetNoneoftheaboveAnswer:BDiff:1Thecalculationofstockholderwealthinvolvesthetime-valueofmoneyconcept.thecashflowstream.businessandfinancialrisk.AlloftheaboveAnswer:DDiff:1Anothernameforstockholderwealthmaximizationisprofitmaximization.maximizationofearningspershare.maximizationofthevalueofthecommonstock.maximizationofcashflows.Answer:CDiff:1Accountingcostsarehistoricalcosts.arereplacementscosts.usuallyincludeimplicitcosts.usuallyincludenormalprofits.Answer:ADiff:1Afirmearnsanormalprofitwhenitstotalrevenuesjustoffsetboththecostand cost.accounting;opportunityaccounting;replacementhistorical;replacementexplicit;accountingAnswer:ADiff:2Afirm's"normalprofitnisbestcharacterizedbytheaverageofafirm*sprofitsoverthepastfiveyears.amountofprofitnecessarytokeepthepriceofafirm'sstockfromchanging.amountofprofitafirmcouldearninitsnextbestalternativeactivity.theaverageamountofprofitearnedinthefirm'sindustry.Answer:CDiff:3MVA(MarketValueAdded)willalwaysbeapositivenumber.maybeanegativenumber.measuresthemarketvalueofthefirm.NoneoftheaboveAnswer:BDiff:2Opportunisticbehaviorisbestdescribedasafirmgatheringasmuchinformationaspossiblebeforedealingwithanotherentity.attemptingtomakeaprofitfromitsdealingswithanotherentity.firmtryingtotakeadvantageofanotherentityinitsdealingswithit.selectinganotherentitytodealwith.Answer:CDiff:2Firmsareorganizedtokeeptheircostsaslowaspossiblebycomparingexternaltransactionscostswithinternaloperatingcost.analyzingsupplyanddemandconditions.minimizingtheiruseofborrowedfunds.utilizingthelatesttechnology.Answer:ADiff:2AnalyticalQuestions1)a.Ifastockisexpectedtopayanannualdividendof$20forever,whatistheapproximatepresentvalueofthestock,giventhatthediscountrateis5%?Ifastockisexpectedtopayanannualdividendof$20forever,whatistheapproximatepresentvalueofthestock,giventhatthediscountrateis8%?Ifastockisexpectedtopayanannualdividendof$20thisyear,whatistheapproximatepresentvalueofthestock,giventhatthediscountrateis8%anddividendsareexpectedtogrowatarateof2%peryear?Answer:P=D/k=20/.05二$400P=20/.08=$250P=Dl/(k-g)=2O/(.O8-.02)=$333,33Ifastockisexpectedtopayadividendof$40forthecurrentyear,whatistheapproximatepresentvalueofthisstock,givenatdiscountrateof5%andadividendgrowthrateof3%?Answer:P=$40/(0.05-0.03)=$40/0.02二$2,000DescribethedifferencebetweentheEconomicValueAdded(EVA)andtheMarketValueAdded(MVA)approachtodetermi