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Question 1
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4 out of 4 points
The moral hazard in team production arises from
Selected Answer:
a conflict between tactically best interest and one’s duty
Correct Answer:
a conflict between tactically best interest and one’s duty
· Question 2
4 out of 4 points
Economic profit is defined as the difference between revenue and __.
Selected Answer:
total economic cost
Correct Answer:
total economic cost
· Question 3
4 out of 4 points
To reduce Agency Problems, executive compensation should be designed to:
Selected Answer:
create incentives so that managers act like owners of the firm.
Correct Answer:
create incentives so that managers act like owners of the firm.
· Question 4
4 out of 4 points
Shirking of one’s duties is often encountered in team production settings because
· Question 5
4 out of 4 points
The form of economics most relevant to managerial decision-making within the firm is:
· Question 6
4 out of 4 points
The Saturn Corporation (once a division of GM) was permanently closed in 2009. What went wrong with Saturn?
· Question 7
4 out of 4 points
The _ is the ratio of to the ___.
· Question 8
4 out of 4 points
The primary difference(s) between the standard deviation and the coefficient of variation as measures of risk are:
Selected Answer:
the coefficient of variation is a measure of relative risk whereas the standard deviation is a measure of absolute risk
Correct Answer:
the coefficient of variation is a measure of relative risk whereas the standard deviation is a measure of absolute risk
· Question 9
4 out of 4 points
Generally, investors expect that projects with high expected net present values also will be projects with
· Question 10
4 out of 4 points
The level of an economic activity should be increased to the point where the __ is zero.
Selected Answer:
net marginal benefit
Correct Answer:
net marginal benefit
· Question 11
4 out of 4 points
The approximate probability of a value occurring that is greater than one standard deviation from the mean is approximately (assuming a normal distribution)
· Question 12
4 out of 4 points
An closest example of a risk-free security is
· Question 13
4 out of 4 points
Those goods having a calculated income elasticity that is negative are called:
· Question 14
4 out of 4 points
When demand elasticity is _ in absolute value (or ), an increase in price will result in a(n) ___ in total revenues.
· Question 15
4 out of 4 points
Which of the following would tend to make demand INELASTIC?
· Question 16
4 out of 4 points
An increase in each of the following factors would normally provide a subsequent increase in quantity demanded, except:
· Question 17
4 out of 4 points
Marginal revenue (MR) is __ when total revenue is maximized.
· Question 18
4 out of 4 points
An income elasticity (Ey) of 2.0 indicates that for a _ increase in income, will increase by ___.
· Question 19
4 out of 4 points
Songwriters and composers press music companies to lower the price for music downloads because
· Question 20
4 out of 4 points
The estimated slope coefficient (b) of the regression equation (Ln Y = a + b Ln X) measures the _ change in Y for a one _ change in X.
· Question 21
4 out of 4 points
The method which can give some information in estimating demand of a product that hasn’t yet come to market is:
· Question 22
4 out of 4 points
All of the following are reasons why an association relationship may not imply a causal relationship except:
· Question 23
4 out of 4 points
In regression analysis, the existence of a significant pattern in successive values of the error term constitutes:
· Question 24
4 out of 4 points
When two or more “independent” variables are highly correlated, then we have:
· Question 25
4 out of 4 points
In regression analysis, the existence of a high degree of intercorrelation among some or all of the explanatory variables in the regression equation constitutes:
