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1. Business success is largely dependent onbeing a first mover.quality products.dynamic management.a global focus.many different things.2 points Question 21. A Basic principle of economics is:knowing your customer means understanding their income.there are costs involved in any action or decision.demand equals supply.equilibrium is beneficial.size and market share are important goals for a business.2 points Question 31. According to the text, economic decision making refers to:comparing costs and benefits.rejecting wish-driven strategies.ensuring that wants and needs are matched.analyzing demand and supply.forecasting.2 points Question 41. According to the text, tradeoffslie at the heart of the executive’s job.are unethical.involve giving up something in order to get more of it later.lie at the heart of costs and benefits.have nothing to do with successful management.2 points Question 51. According to the text, “economics tempers the enthusiasm of a manager to focus on the customer” becausecustomers hardly know what they want.focusing solely on the customer may ignore other important elements of business success.it shows the manager that the greatest benefit to the firm is to sell more.it enables the manager to see that any kind of customer focus is not worth the costs.it ensures that managers will find equilibrium.2 points Question 61. To an economist, the word ‘marginal’ means:total.average.next or additional.sunk.none of these choices.2 points Question 71. According to the text, economics offers the business persona substitute for the accounting department.a substitute for the marketing department.a way to forecast demand.an approach to thinking.a replacement for the personnel department.2 points Question 81. According to the text, many firms who adopt TQM find thatthe firm increases sales and profits.quality is costly.quality is free.quality increases market share.customers do not care about quality.2 points Question 91. “Knowing your customer” means:knowing what factors affect customer choices.knowing the names of customers.knowing whether something is a fad or a fashion.knowing that people do not believe advertising.having an understanding of why price goes up or down.2 points Question 101. If large, dominant firms tend to be more successful and last longer than small, non-dominant firms, it would be because:the large firm can dictate what it wants to consumers and to its suppliers.the large, dominant firm is able to offer more products at lower prices.the large, dominant firm has an advantage in its costs or in being able to meet customer wants.the small firm is a risk-taker and typically is not around for long.the small firm can never compete with the large firm.2 points Question 111. Mergers and acquisitionsare usually associated with business success.are usually successful as management styles usually blend easily.are illegal if the firms were competitors.can sometimes lead to the loss of a core competency.can be successful if they add to the value chain.2 points Question 121. First moversare usually firms with large market share.are the first to bring out a new product.usually copy successful products.are mainly found in the computer industry.have memorable trade names.2 points Question 131. A focus on quality means:A firm does nothing but produce the highest quality product.An inability to actually produce anything.A firm must decide whether an additional focus on quality is worth the cost.The firm will definitely be successful.Consumers will not be willing to purchase the product.2 points Question 141. Firms will merge or one firm will acquire another for all but which of the following reasons:one large firm has a cost advantage over two smaller firms.synergies involved between the two firms.to enter a new market.to diversify risk.one large firm can sell more than two smaller firms.2 points Question 151. Economic decision making recognizes thatall choices have benefits and costs.benefits are largely free while costs are not.costs are controllable but benefits are not measurable.prices do not reflect all information known to managers.resources and wants are limited.2 points Question 161. Popular management jargon includesbenchmarking.empowerment.lean manufacturing.total quality management.all of these choices.2 points Question 171. Being a first mover means:Being the first firm to offer a product in a particular market.Being successful.Asking for failure.Nothing unless the firm continues to be the first mover.That there is never a benefit to not being the first mover.2 points Question 181. If firms focus on qualitysales always go up.market share grows.they realize that it is not free.they are developing a common core competency.competitors follow suit making it less profitable.2 points Question 191. According to the text, success requires:there is no secret formula that guarantees success.a visionary leader.a focus on quality.a customer-orientation.an emphasis on efficiency.2 points Question 201. Generally, marginal costs ____ as quantity increases?rise.fall.remain constant.equal marginal benefits.equal total costs.2 points Question 211. The essence of good management is to determine whether a new practice addsrevenue.market share.customer satisfaction.value.costs.2 points Question 221. Globalization does not mean:the homogenizing of markets.when one product or one brand is sold in many different international markets.the increase in trade among nations.the establishment of manufacturing plants in more than one nation.the purchase of supplies from foreign firms.2 points Question 231. Core competency implies:a firm produces one single product.a firm hires only one type of employee.a firm focuses on only one type of customer.a firm does one thing better than it does other things.a firm must be competent at its core – its executive level.2 points Question 241. According to the text, the essence of good management is:to determine when a free lunch is actually free.to be sure there are not “too many chefs stirring the broth.”to ensure that the reputation of the firm remains high.to ensure that the stock price remains high.to determine whether the implementation of a practice increases the value that a firm adds.2 points Question 251. Net social benefits are maximized when:marginal benefits equal marginal costs.marginal benefits are greater than marginal costs.marginal benefits are less than marginal costs.total benefits are equal to total costs.average benefits are marginal benefits are equal.

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