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1.

Question :
The example of Enron shows that:
Student Answer:

selection of people is the key to organizational success or


failure.
large incentives are the keys to getting people moving in a
corporation.
business success is possible in a regulatory environment.
organizational structure is extremely important in business
success.

Points Received:

1 of 1

Comments:
-727118671

MultipleChoice

True

-727118671

MultipleChoice

Question 2 Question :
.

Student Answer:

If the technology, the nature of competition, or the regulatory


environment changes in an industry, then:
the appropriate organizational architecture will change too.
a good organizational architecture is always able to cope with
changes.
organizational architecture is able to restore the former
market environment.
organizations are created by random events, just like markets.

Points Received:

1 of 1

Comments:
-727118670

MultipleChoice

True

-727118670

MultipleChoice

Question 3 Question :
.

Economics provides a theory to explain:

Student Answer:

how a successful business can be started.


how managers can cheat and get away with it.
how people make choices.
how to compete in the market.

Points Received:

1 of 1

Comments:
-727118669

MultipleChoice

True

-727118669

MultipleChoice

Question 4 Question :
.

Benchmarking means:

Student Answer:

blind copying.
copying from the best so as to become better.
looking at yourself and telling others what to do.
looking at yourself and telling yourself you are the greatest.

Points Received:

1 of 1

Comments:
-727118668

MultipleChoice

True

-727118668

MultipleChoice

Question 5 Question :
.

A risk-averse agent:

Student Answer:

only cares about expected payoff.


always prefers a certain payoff to a risky one.
only cares about the variability of a payoff.
cares about expected payoff, as well as the variability of a
payoff.

Points Received:

1 of 1

Comments:
-727118667

MultipleChoice

True

-727118667

MultipleChoice

Question 6 Question :
.

Student Answer:

If employees conform to the economist's view of behavior,


managers will be most effective if they can:
influence the costs and benefits of employee actions.
improve employee satisfaction with the job.
communicate goals and objectives effectively to their
employees.
fire bad employees.

Points Received:

1 of 1

Comments:
-727118666

MultipleChoice

True

-727118666

MultipleChoice

Question 7 Question :
.

Marginal utility is the:

Student Answer:

total happiness obtained from a consumption bundle.


additional utility obtained by lowering the price of a good.
additional utility obtained by consuming one additional unit.
total amount spent to purchase one additional unit.

Points Received:

0 of 1

Comments:
-727118665

MultipleChoice

False

-727118665

MultipleChoice

Question 8 Question :
.

Student Answer:

Assume the market for ceiling fans is perfectly competitive and


currently in equilibrium. If the demand increases while the supply
decreases, then:
we can be certain the equilibrium price will increase.
we can be certain the equilibrium quantity will increase.
both price and quantity will increase.
both price and quantity will decrease.

Points Received:

1 of 1

Comments:
-727118664

MultipleChoice

True

-727118664

MultipleChoice

Question 9 Question :
.

Assume the government introduces a $0.50 per gallon tax on


gasoline. Which of the following is true?

Student Answer:

The quantity of subway and bus tickets sold is likely to


increase.
The quantity of cars sold is likely to increase.
The quantity of gasoline sold is likely to increase.
The quantity supplied by producers will decrease.

Points Received:

1 of 1

Comments:
-727118663

MultipleChoice

True

-727118663

MultipleChoice

Question 10 Question :
.

Student Answer:

According to Ronald Coase, for a free-market economy to work


efficiently, there needs to be:
a well-developed tax code.
an allocation of private property rights with high transactions
costs.
an allocation of private property rights with low transactions

costs.
a low cost of malpractice insurance.

Points Received:

1 of 1

Comments:
-727118662

MultipleChoice

10

True

-727118662

MultipleChoice

10

Question 11 Question :
.

Student Answer:

Based on the following diagram if there was a $3.00 price floor:

the quantity demanded would be 65.


the quantity demanded would be 30.
there would be a shortage of 30.
there would be a surplus of 30. (At a price floor of $3.00, the
quantity supplied is 65 and the quantity demanded is only 35 so
there is a surplus of 30.)

Points Received:

0 of 1

Comments:
-727118661

MultipleChoice

11

False

-727118661

MultipleChoice

11

Question 12 Question :
.

Assume D1 represents the current demand curve for skis. Which


of the following would be likely to cause D1 to shift to D2?

Student Answer:

An increase in the price of snowboards.


An increase in the price of ski boots and clothing.
A decrease in the price of skis.
An increase in the price of skis.

Points Received:

0 of 1