TEST BANK
Managerial Economics and Strategy
Jeffrey M. Perloff and James A. Brander
──────────────────────────────────────────────────
3rd Edition
M
ED
GE
EK
_S
TU
VI
A?
?
, TABLE OF CONTENTS
R
Managerial Economics and Strategy (3rd Edition) - Test Bank
U
Jeffrey Perloff and James Brander
SE
M
Chapter 1 Introduction
Chapter 2 Supply and Demand
IS
ED
Chapter 3 Empirical Methods for Demand Analysis
O
Chapter 4 Consumer Choice
Chapter 5 Production
N
GE
Chapter 6 Costs
N
Chapter 7 Firm Organization and Market Structure
O
Chapter 8 Competitive Firms and Markets
C EK
Chapter 9 Monopoly
ED
Chapter 10 Pricing with Market Power
_S
Chapter 11 Oligopoly and Monopolistic Competition
M
Chapter 12 Game Theory and Business Strategy
TU
Chapter 13 Strategies over Time
Chapter 14 Managerial Decision Making Under Uncertainty
Chapter 15 Asymmetric Information
VI
Chapter 16 Government and Business
Chapter 17 Global Business
A?
?
,Managerial Economics and Strategy, 3e (Perloff/Brander)
Chapter 1 Introduction
1.1 Managerial Decision Making
1) Microeconomics studies the allocation of
M
A) decision makers.
B) scarce resources.
C) models.
D) unlimited resources.
ED
Answer: B
Skill: Definition
AACSB: Analytical Thinking
Status: Old
GE
2) Society faces trade-offs because of
A) government regulations.
B) the profit motive.
C) price setting by firms.
EK
D) scarcity.
Answer: D
Skill: Conceptual
AACSB: Analytical Thinking
_S
Status: New
3) Managerial economics
A) describes how pay for managers is set.
TU
B) ensures managers always make good decisions.
C) helps managers make decisions in the face of scarcity.
D) explains which products consumers will buy.
Answer: C
Skill: Conceptual
VI
AACSB: Analytical Thinking
Status: Old
A?
4) CEOs should focus on
A) beating their competitors.
B) maximizing firm profits.
C) getting the best pay package for the senior management team.
D) minimizing costs.
?
Answer: B
Skill: Conceptual
AACSB: Analytical Thinking
Status: Old
1
, 5) Profit is
A) maximized when the marketing department coordinates with the production department.
B) maximized when revenue is maximized.
C) used to beat a company's rivals.
D) the difference between a firm's revenues and its costs.
Answer: D
M
Skill: Definition
AACSB: Analytical Thinking
Status: Old
ED
6) Firms face trade-offs because
A) managers don't know which inputs to use.
B) inputs are scarce.
C) markets set prices of goods they sell.
GE
D) marginal reasoning leads to uncertainty.
Answer: B
Skill: Conceptual
AACSB: Analytical Thinking
Status: Old
EK
7) A firm's managers are constrained by
A) consumers.
B) workers.
_S
C) government.
D) All of the above.
Answer: D
Skill: Conceptual
TU
AACSB: Analytical Thinking
Status: Old
8) A market
A) always involves the personal exchange of goods for money.
VI
B) allows interactions between consumers and firms.
C) always takes place at a physical location.
D) has no influence on prices.
A?
Answer: B
Skill: Conceptual
AACSB: Analytical Thinking
Status: Old
?
2
Managerial Economics and Strategy
Jeffrey M. Perloff and James A. Brander
──────────────────────────────────────────────────
3rd Edition
M
ED
GE
EK
_S
TU
VI
A?
?
, TABLE OF CONTENTS
R
Managerial Economics and Strategy (3rd Edition) - Test Bank
U
Jeffrey Perloff and James Brander
SE
M
Chapter 1 Introduction
Chapter 2 Supply and Demand
IS
ED
Chapter 3 Empirical Methods for Demand Analysis
O
Chapter 4 Consumer Choice
Chapter 5 Production
N
GE
Chapter 6 Costs
N
Chapter 7 Firm Organization and Market Structure
O
Chapter 8 Competitive Firms and Markets
C EK
Chapter 9 Monopoly
ED
Chapter 10 Pricing with Market Power
_S
Chapter 11 Oligopoly and Monopolistic Competition
M
Chapter 12 Game Theory and Business Strategy
TU
Chapter 13 Strategies over Time
Chapter 14 Managerial Decision Making Under Uncertainty
Chapter 15 Asymmetric Information
VI
Chapter 16 Government and Business
Chapter 17 Global Business
A?
?
,Managerial Economics and Strategy, 3e (Perloff/Brander)
Chapter 1 Introduction
1.1 Managerial Decision Making
1) Microeconomics studies the allocation of
M
A) decision makers.
B) scarce resources.
C) models.
D) unlimited resources.
ED
Answer: B
Skill: Definition
AACSB: Analytical Thinking
Status: Old
GE
2) Society faces trade-offs because of
A) government regulations.
B) the profit motive.
C) price setting by firms.
EK
D) scarcity.
Answer: D
Skill: Conceptual
AACSB: Analytical Thinking
_S
Status: New
3) Managerial economics
A) describes how pay for managers is set.
TU
B) ensures managers always make good decisions.
C) helps managers make decisions in the face of scarcity.
D) explains which products consumers will buy.
Answer: C
Skill: Conceptual
VI
AACSB: Analytical Thinking
Status: Old
A?
4) CEOs should focus on
A) beating their competitors.
B) maximizing firm profits.
C) getting the best pay package for the senior management team.
D) minimizing costs.
?
Answer: B
Skill: Conceptual
AACSB: Analytical Thinking
Status: Old
1
, 5) Profit is
A) maximized when the marketing department coordinates with the production department.
B) maximized when revenue is maximized.
C) used to beat a company's rivals.
D) the difference between a firm's revenues and its costs.
Answer: D
M
Skill: Definition
AACSB: Analytical Thinking
Status: Old
ED
6) Firms face trade-offs because
A) managers don't know which inputs to use.
B) inputs are scarce.
C) markets set prices of goods they sell.
GE
D) marginal reasoning leads to uncertainty.
Answer: B
Skill: Conceptual
AACSB: Analytical Thinking
Status: Old
EK
7) A firm's managers are constrained by
A) consumers.
B) workers.
_S
C) government.
D) All of the above.
Answer: D
Skill: Conceptual
TU
AACSB: Analytical Thinking
Status: Old
8) A market
A) always involves the personal exchange of goods for money.
VI
B) allows interactions between consumers and firms.
C) always takes place at a physical location.
D) has no influence on prices.
A?
Answer: B
Skill: Conceptual
AACSB: Analytical Thinking
Status: Old
?
2
