100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
ECON 528 Mid-term || QUESTIONS AND ANSWERS 100% SOLVED!! CA$18.11   Add to cart
Quickly navigate to
Preview
  2.  
  3. Econ 528
  4.  
  5. Econ 528

Exam (elaborations)

ECON 528 Mid-term || QUESTIONS AND ANSWERS 100% SOLVED!!
 7 views  0 purchase
  • Course
  • Econ 528
  • Institution
  • Econ 528

Microeconomics studies the allocation of A) decision makers. B) scarce resources. C) models. D) unlimited resources. correct answers b Managerial economics A) describes how pay for managers is set. B) ensures managers always make good decisions. C) helps managers make decisions in the fac...

[Show more]

Preview 2 out of 13  pages

Document information

  • August 18, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • microeconomics studies the allocation of a decisi

Written for

  • Econ 528
  • Econ 528

Seller

avatar-seller
ProPerfomer

Reviews received

Content preview

ECON 528 Mid-term || QUESTIONS AND ANSWERS
100% SOLVED!!
Microeconomics studies the allocation of
A) decision makers.
B) scarce resources.
C) models.
D) unlimited resources. correct answers b

Managerial economics
A) describes how pay for managers is set.
B) ensures managers always make good decisions.
C) helps managers make decisions in the face of scarcity.
D) explains which products consumers will buy. correct answers c

Microeconomic models are used to
A) make predictions.
B) explain real-life phenomena.
C) evaluate production alternatives.
D) All of the above. correct answers d

Managerial Economics as a specialized branch of Economics
a. Provide ready-made solutions to business problems
b. Provide logic and methodology to find solutions to business problems
c. provide alternative answers to specific business problems.
d. Provide theoretical background to analyze business problem correct answers b

Managerial economics is best defined as the economic study of:
Select one:
a. how businesses can decide on the best use of scarce resources.
b. how businesses can operate at the lowest costs.
c. how businesses can sell the most products.
d. how businesses can make the most profits. correct answers a

Managerial economics:
Select one:
a. ensures managers always make good decisions.
b. helps managers make decisions in the face of scarcity.
c. explains which products consumers will buy.
d. describes how pay for managers is set. correct answers b

Microeconomics includes the study of the;
Select one:
a. choices made by individuals and businesses.
b. aggregate effects on the national economy.
c. recessions and inflation in the global economy.
d. nationwide unemployment rate.
e. reasons why the government changes interest rates. correct answers a

, The form of economics most relevant to managerial decision-making within the firm is:
Select one:
a. macroeconomics
b. free-enterprise economics
c. microeconomics
d. welfare economics correct answers c

CEOs should focus on
Select one:
a. minimizing costs.
b. getting the best pay package for the senior management team.
c. maximizing firm profits.
d. beating their competitors. correct answers c

Managerial economics generally refers to the integration of economic theory with business
Select one:
a. Management
b. Practice
c. Ethics
d. All of the above correct answers b

A managerial decision is not profitable if

Select one:
a. it increases costs more than revenue
b. it increases revenue more than costs.
c. it decreases some cost more than it increases others.
d. it increases some revenues more than it decreases others. correct answers a

According to the profit-maximization goal, the firm should attempt to maximize short-run
profits since there is too much uncertainty associated with long-run profits.
Select one:
a. True
b. False correct answers b

True or False: Economic costs include implicit costs but not explicit costs. correct answers
false

Which of the following is a factor of production that generally is fixed in the short run?
A) raw materials
B) labor
C) a factory building
D) water correct answers c

Which of the following is an example of a long run adjustment?
A) Your university offers Saturday morning classes next fall.
B) Ford Motor Company lays off 2,000 assembly line workers.
C) A soybean farmer turns on the irrigation system after a month long dry spell.
D) Wal-Mart builds another Supercenter. correct answers d

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ProPerfomer. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$18.11. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

78252 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$18.11
  • (0)
  Add to cart