Exam Memorandum Questions with 100% Correct Answers Guaranteed 100% Pass
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Course
International Economics
Institution
International Economics
________ economies exist when the government controls what goods and services will be
produced and how the economy will grow, while ________ economies exist when the market
largely determines what goods and services get produced and how the economy grows. -
CORRECT ANSWER -Command; free-marke...
TLI4801 Exam Memorandum Questions with 100%
Correct Answers Guaranteed 100% Pass
________ economies exist when the government controls what goods and services will be
produced and how the economy will grow, while ________ economies exist when the market
largely determines what goods and services get produced and how the economy grows. -
CORRECT ANSWER ✔✔ -Command; free-market
________ is a cost-effective way that many companies outsource the production of goods, such
as smartphones and footwear. The domestic firm contracts with a foreign company to produce
and private-label the goods because the price is much cheaper than the domestic firm could
produce in its home market. - CORRECT ANSWER ✔✔ -Contract manufacturing
_________ is about converting resources into goods and services. It includes inventory
management, quality control, production scheduling, follow-up services, and more - CORRECT
ANSWER ✔✔ -Operations management
__________ uses communications technology and other means to link organizations and allows
them to work together on common objectives. - CORRECT ANSWER ✔✔ -Networking
___________ is the process managers use to continually monitor all phases of the production
process to ensure that quality is being built into the product from the beginning. - CORRECT
ANSWER ✔✔ -Statistical quality control (SQC)
"We believe in creating loyal customers by providing a superior experience at a great value. We
are committed to direct relationships, providing the best products and services based on
standards-based technology, and outperforming the competition with value and a superior
,customer experience." This statement reflects this firm's - CORRECT ANSWER ✔✔ -mission
statement
A car company makes four models—a hybrid sport utility, a sports car, a four-door sedan, and a
compact car. Employees at the company work on only one type of vehicle, and separate
marketing and product development processes are designed for each type of vehicle to better
serve customers for each type of vehicle. This company is departmentalized by - CORRECT
ANSWER ✔✔ -product
A detailed written statement that describes the nature of the business, the target market, the
advantages the business will have over the competition, and the resources and qualifications of
the owner(s) is called a - CORRECT ANSWER ✔✔ -business plan
A firm's management purchases all the issued and outstanding stock of the firm and takes the
company off the stock market. The management of this company has engaged in - CORRECT
ANSWER ✔✔ -taking the firm private
A group of field engineers perform installation and repair on large pieces of equipment that are
used in the process of making gasoline at petrochemical plants. Each day, the on-site engineer
reviews the __________ to determine which parts of the project are in progress and which have
been completed. This bar graph also shows the engineer which equipment must be installed
before other parts are started. - CORRECT ANSWER ✔✔ -Gantt chart
A large commercial farm provides jobs for over 100 employees. The operation consists of
traditional functional units, which include management, marketing, and finance, and 20
veterinarians who specialize in the bison, cattle, and ostriches owned by the company. Although
, the firm operates with a CEO, CFO, and a director of marketing, it relies on the veterinarians to
make decisions on the animals' care. Sometimes the veterinary decisions override marketing and
financial concerns even though the veterinarians operate at a lower level in the organization
structure. The commercial farm operates as a(n) __________ organization. - CORRECT
ANSWER ✔✔ -inverted
A manager's need to exert tight controls on subordinates (span of control) is most accurately
captured by which statement? - CORRECT ANSWER ✔✔ -Control will decrease as the
manager gets to higher levels in the organization and work becomes less standardized
A metal fabricator is looking for a site on which to build a new production facility. Major
considerations for the company include adjacent rail access for shipping and the availability of
labor. This firm is in the process of - CORRECT ANSWER ✔✔ -facility location
A mobile veterinary business created a mission statement long before it opened its doors for
business. The mission statement for Happy Pets referred to the unique characteristic of the
business: a traveling pet unit whose veterinarians went to the home of the pet owner, rather than
the pet owner bringing the pet to the clinic. What other criteria should be considered for the
mission statement? - CORRECT ANSWER ✔✔ -a description of the customers it serves and a
statement about its social responsibility to the area whre it operates
Accountants at Gold Standard Financial work with state-of-the-art systems that create financial
statements every day, but the interpretation and analysis of those statements can take several
hours. The accounting department consists of financial, managerial, and tax accountants. One
advantage of departmentalizing the accountants is - CORRECT ANSWER ✔✔ -for efficiency,
the employees can coordinate work within the function
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