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1、1 Managerial Economics,7e(Keat)Chapter 1 Introduction Multiple-Choice Questions 1)The best definition of economics is A)how choices are made under conditions of scarcity.B)how money is used.C)how goods and services are produced.D)how businesses maximize profits.Answer:A Diff:1 2)Managerial economics
2、 is best defined as the economic study of A)how businesses can make the most profits.B)how businesses can decide on the best use of scarce resources.C)how businesses can operate at the lowest costs.D)how businesses can sell the most products.Answer:B Diff:1 3)Managerial economics is best defined as
3、A)the study of economics by managers.B)the study of the aggregate economic activity.C)the study of how managers make decisions about the use of scarce resources.D)All of the above are good definitions.Answer:C Diff:1 4)Scarcity is a condition that exists when A)there is a fixed supply of resources r
4、elative to the demand for the product.B)there is a large demand for a product.C)resources are not able to meet the entire demand for a product.D)All of the above Answer:C Diff:1 5)Which of the statements below best illustrates the use of the market process in determining the allocation of scarce res
5、ources?A)Lets make this product because this is what we know how to do best.B)We should consider shifting to products where we can earn even more money.C)Everyone is opening video stores,why dont we?D)We cant stop making this product.This product gave our company its start.Answer:B Diff:2 2 6)Which
6、of the following is not considered as a factor of production?A)money B)machinery and equipment C)land D)unskilled labor Answer:A Diff:1 7)Select the group that best represents the basic factors of production.A)land,labor,capital,entrepreneurship B)land,labor,money,management skills C)land,natural re
7、sources,labor,capital D)land,labor,capital,technology Answer:A Diff:1 8)Which of the following is the best example of how the question of what goods and services to produce?is answered by the command process?A)government subsidies for windmill energy production B)laws regarding equal opportunity in
8、employment C)government allowance for the deduction of interest payments on private mortgages D)government regulations concerning the dumping of hazardous waste Answer:A Diff:2 9)Which of the following is the best example of what goods and services should be produced?A)the use of a capital intensive
9、 versus a labor intensive process of manufacturing textiles B)the production of SUVs versus the production of sub-compact cars C)the manufacturing of computer workstations in China or in India D)the leasing versus the purchasing of new capital equipment Answer:B Diff:2 10)Which of the following is t
10、he best example of how goods and services should be produced?A)complying with the technical specifications in the production of an aircraft B)the production of jet aircraft for the air force or for a commercial airline C)the use of additional workers versus the use of machines in the production of g
11、oods D)the production of a new manufacturing facility Answer:C Diff:2 3 11)From the standpoint of a soft drink company the question of What goods and services should be produced?is best represented by which of the following decisions?A)whether or not to hire additional workers B)whether or not to in
12、crease its advertising C)whether or not to shut down selected manufacturing facilities D)None of the above are examples.Answer:D Diff:2 12)Which of the following is the best example of the command process?A)United Airlines buys Northwest Airlines.B)Striking auto workers force General Motors to shut
13、down its factories.C)Banks raise their fees on late payments by credit card holders.D)The FCC requires local telephone companies to provide access to their local networks before being able to offer long distance service.Answer:D Diff:2 13)A critical element of entrepreneurship(as opposed to manageri
14、al skills)is A)leadership skills.B)risk taking.C)technology.D)political skills.Answer:B Diff:1 14)In the text,the key question in the economics of a business is A)whether the need to grow revenues is being met.B)should the firm be in the business in which it is operating.C)whether the firm faces ris
15、ing labor costs.D)can the firm affect its market share.Answer:B Diff:1 15)Opportunity cost is best defined as A)the amount given up when choosing one activity over all other alternatives.B)the amount given up when choosing one activity over the next best alternative.C)the opportunity to earn a profi
16、t that is greater than the one currently being made.D)the amount that is given up when choosing an activity that is not as good as the next best alternative.Answer:B Diff:2 4 16)The economic concept of opportunity cost is most closely associated with which of the following management considerations?
17、A)market structure B)resource scarcity C)product demand D)technology Answer:B Diff:1 17)Which of the following is the best example of opportunity cost?A)a companys expenditures on a training program for its employees B)the rate of return on a companys investment C)the amount of money that a company
18、can earn by depositing excess funds in a money market fund D)the profit that a company forgoes when it decides to drop one product line in favor of another one Answer:D Diff:2 18)Which of the following is the best example of the traditional process?A)commercial bank mergers B)minimum age limits for
19、the purchase of alcoholic beverages C)auctioning U.S.Treasury bills D)colleges and universities give admissions preferences to children of alumni Answer:D Diff:2 Analytical Questions 1)What economic conditions are relevant in managerial decision making?Answer:Such factors as market structure,supply
20、and demand conditions,technology,government regulations,international factors,expectations about the future,and the macroeconomy are economic factors that play a role in managerial decision making.2)What factors lead to competitive advantage for a firm?Answer:Cost leadership(lower costs than competi
21、ng firms),product differentiation,selection and focus on a market niche,outsourcing and merger strategies,and international focus or expansion are factors in the competitive advantage of the firm.3)What are the typical types of risk faced by a firm?Answer:Changes in supply and demand conditions,chan
22、ges in technology,increased competition,changes in interest rates and inflation rates,exchange rate changes,and political risk are typical types of risk faced by firms.5 4)How do the three basic economic questions relate to the firm?Answer:Firms must choose WHAT goods and services to produce,HOW to
23、produce them(through appropriate choice of resources and technology),and FOR WHOM they will be provided(what segment of the market on which to focus).5)What other business disciplines are related to Managerial Economics?Answer:Accounting,Finance,Management Science(Quantitative Methods),Management Strategies,Marketing