MGMT 2500 TEST 1 QUESTIONS AND
ANSWERS (GRADED A+)
The average family prior to 1500 lived on how much money? - ANSWER-$300 -
Started economic history
What did the Netherlands introduce? - ANSWER-International trade, the stock
market, and insurance
Joseph Schumpeter - ANSWER--The Central figure of economic history
-The entrepreneur and creative destruction
David L. Birch's Pea gravel analogy - ANSWER-Dynamic small businesses
Asymmetric vs symmetric competition - ANSWER-In symmetric competition
resources are divided equally between the competitors, while in asymmetric
competition the individual with the smallest foraging area gains all the resources.
Management is a process of.. - ANSWER-Planning, Organizing, Directing,
Controlling, and Staffing
What to managers manage? - ANSWER-Men, Materials, Money, and Time
Changing Organizational Paradigms - ANSWER-Global Competition, Higher Ed.
from public good to private good, and profits came from outside the U.S.
What are the components of well stated objectives - ANSWER--Outcomes
-Measures
-Standards
-Constraints
Peter Drucker says management must be.. - ANSWER--Effective
-Efficient
-Economical
Quotes from Peter Drucker - ANSWER-"Do the right things right"
"The first objective of a business is to create a customer"
Robert Katz's model of how managers spend their time - ANSWER--First line: 50%
Human, 45% Technical, 5% Conceptual
-Middle: 50% Human, 25% Technical, 25% Conceptual
-Top: 50% Human, 5% Technical, 45% Conceptual
Pareto's Law - ANSWER-Minority significantly contributes to majority
ANSWERS (GRADED A+)
The average family prior to 1500 lived on how much money? - ANSWER-$300 -
Started economic history
What did the Netherlands introduce? - ANSWER-International trade, the stock
market, and insurance
Joseph Schumpeter - ANSWER--The Central figure of economic history
-The entrepreneur and creative destruction
David L. Birch's Pea gravel analogy - ANSWER-Dynamic small businesses
Asymmetric vs symmetric competition - ANSWER-In symmetric competition
resources are divided equally between the competitors, while in asymmetric
competition the individual with the smallest foraging area gains all the resources.
Management is a process of.. - ANSWER-Planning, Organizing, Directing,
Controlling, and Staffing
What to managers manage? - ANSWER-Men, Materials, Money, and Time
Changing Organizational Paradigms - ANSWER-Global Competition, Higher Ed.
from public good to private good, and profits came from outside the U.S.
What are the components of well stated objectives - ANSWER--Outcomes
-Measures
-Standards
-Constraints
Peter Drucker says management must be.. - ANSWER--Effective
-Efficient
-Economical
Quotes from Peter Drucker - ANSWER-"Do the right things right"
"The first objective of a business is to create a customer"
Robert Katz's model of how managers spend their time - ANSWER--First line: 50%
Human, 45% Technical, 5% Conceptual
-Middle: 50% Human, 25% Technical, 25% Conceptual
-Top: 50% Human, 5% Technical, 45% Conceptual
Pareto's Law - ANSWER-Minority significantly contributes to majority
