According to Maslow’s Hierarchy of Needs, physiological is the most basic. What is the need that comes next? a. Esteem b. Self-Actualization c. Belongingness and Love d. Safety ANSWER D
Date: September 9th, 2020
Aggregate concentration can be interesting political effects more than for economic effects. Indicate whether the statement is true or false ANSWER T Aggregate concentration deals with economy wide economic power, which can be important politically.
Date: September 9th, 2020
A manufacturer that is trying to avoid the “double marginalization problem” can do so by encouraging competition rather than protecting retailers through exclusive territories, and controlling final product price through resale price maintenance contracts. Indicate whether the statement is true or false ANSWER T In principle, this is true, because if discounting can be […]
Date: September 9th, 2020
In answer to the question, “Who manages?” the answer is: a. Everyone does b. Some people do sometimes c. Some individuals rarely manage anything d. It depends, some people manage, others don’t ANSWER A
Date: September 9th, 2020
A basic principle in management is that where there is risk, there is ________. a. Opportunity b. Reliability c. Decision making d. Extenuating circumstances ANSWER A
Date: September 9th, 2020
Following their profit maximizing motivation, firms will differentiate their products in a way that maximizes welfare. Indicate whether the statement is true or false ANSWER F Firms will focus on differentiation that favors them relative to competitors, perhaps to take business from a competitor, for example, that adds little or no consumer surplus.
Date: September 9th, 2020
Augustin Cournot showed (in 1838) that each of a small number of quantity-setting firms in a homogeneous-product market will sense the influence of the individual firm’s own output on market price, and will offer less than the competitive quantity as a result. Indicate whether the statement is true or false ANSWER T When there […]
Date: September 9th, 2020
According to the book, individuals and families have unique management styles or characteristic ways of making decisions and acting, which of the following is not one of the main factors influencing management styles: a. History b. Biology c. Culture d. Politics ANSWER D, pages 15
Date: September 9th, 2020
When people in the United States answer government surveys about how they feel about things, most report they are: a. Very happy b. Pretty happy c. Not too happy d. Miserable ANSWER B
Date: September 9th, 2020
The rate of new entry into an industry is independent of the industry’s concentration. Indicate whether the statement is true or false ANSWER F A high rate of entry brings new small firms into an industry regularly and contributes to a low level of concentration; a low rate of entry allows successful firms to […]
Date: September 9th, 2020
