TEST BANK
Managerial Economics and Strategy
Jeffrey M. Perloff and James A. Brander
──────────────────────────────────────────────────
ST
3rd Edition
UV
IA
_A
PP
RO
VE
D?
, TABLE OF CONTENTS
R
Managerial Economics and Strategy (3rd Edition) - Test Bank
U
Jeffrey Perloff and James Brander
ST
SE
Chapter 1 Introduction
Chapter 2 Supply and Demand
UV
IS
Chapter 3 Empirical Methods for Demand Analysis
O
Chapter 4 Consumer Choice
Chapter 5 Production
N
IA
Chapter 6 Costs
N
Chapter 7 Firm Organization and Market Structure
O
_A
Chapter 8 Competitive Firms and Markets
C
Chapter 9 Monopoly
ED
Chapter 10 Pricing with Market Power
PP
Chapter 11 Oligopoly and Monopolistic Competition
M
Chapter 12 Game Theory and Business Strategy
Chapter 13 Strategies over Time
RO
Chapter 14 Managerial Decision Making Under Uncertainty
Chapter 15 Asymmetric Information
Chapter 16 Government and Business
VE
Chapter 17 Global Business
D?
, Managerial Economics and Strategy, 3e (Perloff/Brander)
Chapter 1 Introduction
1.1 Managerial Decision Making
ST
1) Microeconomics studies the allocation of
A) decision makers.
B) scarce resources.
UV
C) models.
D) unlimited resources.
Answer: B
Skill: Definition
AACSB: Analytical Thinking
Status: Old
IA
2) Society faces trade-offs because of
A) government regulations.
B) the profit motive.
_A
C) price setting by firms.
D) scarcity.
Answer: D
Skill: Conceptual
AACSB: Analytical Thinking
PP
Status: New
3) Managerial economics
A) describes how pay for managers is set.
B) ensures managers always make good decisions.
RO
C) helps managers make decisions in the face of scarcity.
D) explains which products consumers will buy.
Answer: C
Skill: Conceptual
AACSB: Analytical Thinking
Status: Old
VE
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?
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.
ST
D) the difference between a firm's revenues and its costs.
Answer: D
Skill: Definition
AACSB: Analytical Thinking
UV
Status: Old
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.
IA
D) marginal reasoning leads to uncertainty.
Answer: B
Skill: Conceptual
AACSB: Analytical Thinking
_A
Status: Old
7) A firm's managers are constrained by
A) consumers.
B) workers.
PP
C) government.
D) All of the above.
Answer: D
Skill: Conceptual
AACSB: Analytical Thinking
RO
Status: Old
8) A market
A) always involves the personal exchange of goods for money.
B) allows interactions between consumers and firms.
C) always takes place at a physical location.
VE
D) has no influence on prices.
Answer: B
Skill: Conceptual
AACSB: Analytical Thinking
Status: Old
D?
2
Managerial Economics and Strategy
Jeffrey M. Perloff and James A. Brander
──────────────────────────────────────────────────
ST
3rd Edition
UV
IA
_A
PP
RO
VE
D?
, TABLE OF CONTENTS
R
Managerial Economics and Strategy (3rd Edition) - Test Bank
U
Jeffrey Perloff and James Brander
ST
SE
Chapter 1 Introduction
Chapter 2 Supply and Demand
UV
IS
Chapter 3 Empirical Methods for Demand Analysis
O
Chapter 4 Consumer Choice
Chapter 5 Production
N
IA
Chapter 6 Costs
N
Chapter 7 Firm Organization and Market Structure
O
_A
Chapter 8 Competitive Firms and Markets
C
Chapter 9 Monopoly
ED
Chapter 10 Pricing with Market Power
PP
Chapter 11 Oligopoly and Monopolistic Competition
M
Chapter 12 Game Theory and Business Strategy
Chapter 13 Strategies over Time
RO
Chapter 14 Managerial Decision Making Under Uncertainty
Chapter 15 Asymmetric Information
Chapter 16 Government and Business
VE
Chapter 17 Global Business
D?
, Managerial Economics and Strategy, 3e (Perloff/Brander)
Chapter 1 Introduction
1.1 Managerial Decision Making
ST
1) Microeconomics studies the allocation of
A) decision makers.
B) scarce resources.
UV
C) models.
D) unlimited resources.
Answer: B
Skill: Definition
AACSB: Analytical Thinking
Status: Old
IA
2) Society faces trade-offs because of
A) government regulations.
B) the profit motive.
_A
C) price setting by firms.
D) scarcity.
Answer: D
Skill: Conceptual
AACSB: Analytical Thinking
PP
Status: New
3) Managerial economics
A) describes how pay for managers is set.
B) ensures managers always make good decisions.
RO
C) helps managers make decisions in the face of scarcity.
D) explains which products consumers will buy.
Answer: C
Skill: Conceptual
AACSB: Analytical Thinking
Status: Old
VE
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?
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.
ST
D) the difference between a firm's revenues and its costs.
Answer: D
Skill: Definition
AACSB: Analytical Thinking
UV
Status: Old
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.
IA
D) marginal reasoning leads to uncertainty.
Answer: B
Skill: Conceptual
AACSB: Analytical Thinking
_A
Status: Old
7) A firm's managers are constrained by
A) consumers.
B) workers.
PP
C) government.
D) All of the above.
Answer: D
Skill: Conceptual
AACSB: Analytical Thinking
RO
Status: Old
8) A market
A) always involves the personal exchange of goods for money.
B) allows interactions between consumers and firms.
C) always takes place at a physical location.
VE
D) has no influence on prices.
Answer: B
Skill: Conceptual
AACSB: Analytical Thinking
Status: Old
D?
2
