Davenport ECON625 midterm exam

Jun 25th, 2016
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Question Question 1 The economic concept of "opportunity cost" is most closely associated with which of the following management considerations? market structure resource scarcity product demand technology 2 points Save Answer Question 2 Scarcity is a condition that exists when there is a fixed supply of resources relative to the demand for the product. there is a large demand for a product. resources are not able to meet the entire demand for a product. All of these 2 points Save Answer Question 3 A critical element of entrepreneurship (as opposed to managerial skills) is leadership skills. risk taking. technology. political skills. 2 points Save Answer Question 4 A large corporation's profit objective may not be profit or wealth maximization, because stockholders have little power in corporate decision making. management is more interested in maximizing its own income. managers are overly concerned with their own survival and may not take all prudent risks.

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Davenport ECON625 midterm examQuestionQuestion 1The economic concept of "opportunity cost" is most closely associated with which of thefollowing management considerations?market structureresource scarcityproduct demandtechnology2 points Save AnswerQuestion 2Scarcity is a condition that exists whenthere is a fixed supply of resources relative to the demand for the product.there is a large demand for a product.resources are not able to meet the entire demand for a product.All of these2 points Save AnswerQuestion 3A critical element of entrepreneurship (as opposed to managerial skills) isleadership skills.risk taking.technology.political skills.2 points Save AnswerQuestion 4A large corporation's profit objective may not be profit or wealth maximization, becausestockholders have little power in corporate decision making.management is more interested in maximizing its own income.managers are overly concerned with their own survival and may not take all prudent risks.All of these2 points Save AnswerQuestion 5Unlike an accountant, an economist measures costs on a(n) ________ basis.explicitreplacementhistoricalconservative2 points Save AnswerQuestion 6A firm's "normal profit" is best characterized by theaverage of a firm's profits over the past five years.amount of profit necessary to keep the price of a firm's stock from changing.amount of profit a firm could earn in its next best alternative activity.the average amount of profit earned i

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