Quantitative
The weighted average of possible returns with the weights being the probabilities of occurrence is referred to as: ______________
Expected return
Output
What is said to occur when the government takes ownership of a business from the private sector?
Nationalization
When attempting to implement a growth strategy through product development one of the options a company might pursue is:
innovation
increased usage
winning competitors raising barriers
innovation
What is a payment to a licensor based on the number or value of licensed items sold called?
Royalty
If a store raises its price by 20% and its total revenue decreases by 10%, the demand it faces in this price range much be:
inelastic
Demand for a factor of production is a _________ demand.
Derived
The theory of "Second-best" suggests that in the absence of perfect competition, a privatized industry should charge a price of:
P=Z
P=MC
p=MC+z
P=MC-Z
p=MC+z
What stage of the product life cycle is advertising and promotion aimed at retaining existing customers and persuading customers to switch from competitor products?
What is a workplace called where employees are free to join the union and to pay or not to pay union dues?
Open Shop
What term is used in research to denote the selection of a sub-set of the total population?
Sampling
If coconuts and pinapples are substitutes and the price of pinapples increase, how would this price change effect the market for coconuts?
Demand would shift outward.
Zero economic profits
Allocative Efficiency
production to the point where AC curve crosses demand
both a and C
both B and C
both a and C
In the Boston Consulting Group Matrix, unsuccessful products move around the matrix in which order?
Question Mark to Dog
Question Mark to Star
Dog to Question Mark
Question Mark to Dog
Empowerment is related to which function of management?
Directing
Trend Projection
What is a frim experiencing if its long-run average total cost increases as output increases?
Diseconomies of Scale
Which term best describes the situation when costs are higher than they could be due to a lack of competitive pressure?
Negative externality
X-inefficiency
Deadweight loss
X-inefficiency
People in any age group have arthritis. The primary segmentation variable used by a drug designed to relieve arthritic symptoms would be?
Demographic
Geodemographic
Psychographic
Benefit
Benefit
Which of the following is not one of Michael Porter's basic competitive position strategies?
a.) overall cost leadership
b.) differentiation
c.) focus
d.) operational excellence
Operational excellence
A company uses 200 workers and 50 units of capital to produce 1,000 units of output. What is its average labor productivity?
5
What does the isoquant shape look like for two perfect complements?
L-Shaped
What do economists call any attempt to capture a consumer or producer surplus or an economic profit?
rent seeking
In the diffusion of innovation process, what is the second group of new product adopters called, representing 13.5% of the total market?
early adopters
What effect refers to the tendency for people to behave differently when they are being studied?
A. Maslow
B. Herzberg
C. Hawthorne
Hawthorne