KIOUSIS MANAGEMENT 100 FINAL EXAM WITH COMPLETE
SOLUTIONS 100% VERIFIED!!!! ALREADY GRADED A+
Knowledge Problem - (answer)Getting goods to people who value them the most forces a central
authority to know everything; this is impossible bc overlooks that model society based on utilization of
widely dispersed knowledge
Specific Knowledge vs. General Knowledge in Hayek's argument - (answer)In the markets, decisions are
decentralized to people who have the knowledge. The information is contained in prices, which
*economize* cost of transferring information
Role of prices in Hayek's argument - (answer)Informatioan and Coordination roles
Jensen/Meckling 5 Models of Man and alternative names - (answer)REMM
(Resourceful/Evaluative/Maximizing)
Economic (Money maximizing)
Sociological (Social victim)
Psychological (Hierarchy of needs)
Political (Perfect agent)
REMM model of man - (answer)"Needs" don't exist because people are willing to make trade-offs.
Therefore, there are only unlimited wants. People search for or invent substitutes/alternatives
Economic Model - (answer)Oversimplification of man as a short run money maximizer; has no core
values
Sociological/Social victim - (answer)Behavior is entirely due to culture and society, man is not to blame
for anything
Psychological model - (answer)Human has (Maslow's) Hierarchy of needs, and there is no substitution.
Must fulfill base layers before moving up in the hierarchy
,KIOUSIS MANAGEMENT 100 FINAL EXAM WITH COMPLETE
SOLUTIONS 100% VERIFIED!!!! ALREADY GRADED A+
Political Model/Perfect Agent - (answer)Maximizes public needs and the needs of others before one's
own
Economic model/REMM model similarity - (answer)No such thing as a need. but economic model says
money is the only "want"
Psychological Model/REMM model similarity - (answer)People have wants. But pyschological model says
people are unwilling to make substitutions
Principle of substitution in predicting human behavior - (answer)No real decisions to make without
substitution. Allows decision makers to evaluate potential outcomes
What determines culture in the Sociological model? - (answer)Rewards and punishments
Specific vs. General knowledge/Knoweldge problem in Jensen and Meckling - (answer)J&M say specific
knowledge is costly to transfer and general knowledge is cheap to transfer. Can move specific knowledge
to those with decision rights or move decision rights to those with specific knowledge
Two kinds of power in Grove's argument - (answer)Power based on position, power based on knowledge
Grove's solution to information conundrum - (answer)Mix people with position power and information
power with an egalitarian culture
Jensen's solution to knowledge and decision rights problem (think: triangle) - (answer)Measure success
based on performance, Power of product mix, ***colocate decision and knowledge rights***
Coordination role of prices - (answer)Activities of decentralized decision-makers are coordinated by
prices
Information role of prices - (answer)Shows who values the product the most
, KIOUSIS MANAGEMENT 100 FINAL EXAM WITH COMPLETE
SOLUTIONS 100% VERIFIED!!!! ALREADY GRADED A+
What is the object of potlatch for the Kwakitutl? How'd interacting with white people change it? -
(answer)Status and prestige, then they started burning shit to the ground just to show off
Importance of competition in potlatch - (answer)forced creation of strategic advantages
Big-man potlatch - (answer)Koaka's version of potlatch which helps the "little guy," increase productivity
Koaka vs Kwakiutl potlatch - (answer)Kaoka was more focused on redistribution
Problems with potlatch - (answer)Reciprocity is a tenuous system, the system is vulnerable to power
seizures, and it's not sustainable enough to scale up
Markets vs Potlatch - (answer)Voluntary vs Obligated
Anonymous vs Conspicuous
Prices vs Ambiguity
Who elects BoD?
What's the Role of BoD - (answer)Elected by shareholders;
Top level decision control, Appoint CEO, set salary+compensation of CEO
Market capitalziation - (answer)= Shares outstanding x Share price
Who has limited liability in a company? - (answer)Shareholders
Small shareholders vs large shareholders (like isntitutions) - (answer)Small shareholders don't have to
challenge management and are incentivized to freeride, large shareholders challenge management
SOLUTIONS 100% VERIFIED!!!! ALREADY GRADED A+
Knowledge Problem - (answer)Getting goods to people who value them the most forces a central
authority to know everything; this is impossible bc overlooks that model society based on utilization of
widely dispersed knowledge
Specific Knowledge vs. General Knowledge in Hayek's argument - (answer)In the markets, decisions are
decentralized to people who have the knowledge. The information is contained in prices, which
*economize* cost of transferring information
Role of prices in Hayek's argument - (answer)Informatioan and Coordination roles
Jensen/Meckling 5 Models of Man and alternative names - (answer)REMM
(Resourceful/Evaluative/Maximizing)
Economic (Money maximizing)
Sociological (Social victim)
Psychological (Hierarchy of needs)
Political (Perfect agent)
REMM model of man - (answer)"Needs" don't exist because people are willing to make trade-offs.
Therefore, there are only unlimited wants. People search for or invent substitutes/alternatives
Economic Model - (answer)Oversimplification of man as a short run money maximizer; has no core
values
Sociological/Social victim - (answer)Behavior is entirely due to culture and society, man is not to blame
for anything
Psychological model - (answer)Human has (Maslow's) Hierarchy of needs, and there is no substitution.
Must fulfill base layers before moving up in the hierarchy
,KIOUSIS MANAGEMENT 100 FINAL EXAM WITH COMPLETE
SOLUTIONS 100% VERIFIED!!!! ALREADY GRADED A+
Political Model/Perfect Agent - (answer)Maximizes public needs and the needs of others before one's
own
Economic model/REMM model similarity - (answer)No such thing as a need. but economic model says
money is the only "want"
Psychological Model/REMM model similarity - (answer)People have wants. But pyschological model says
people are unwilling to make substitutions
Principle of substitution in predicting human behavior - (answer)No real decisions to make without
substitution. Allows decision makers to evaluate potential outcomes
What determines culture in the Sociological model? - (answer)Rewards and punishments
Specific vs. General knowledge/Knoweldge problem in Jensen and Meckling - (answer)J&M say specific
knowledge is costly to transfer and general knowledge is cheap to transfer. Can move specific knowledge
to those with decision rights or move decision rights to those with specific knowledge
Two kinds of power in Grove's argument - (answer)Power based on position, power based on knowledge
Grove's solution to information conundrum - (answer)Mix people with position power and information
power with an egalitarian culture
Jensen's solution to knowledge and decision rights problem (think: triangle) - (answer)Measure success
based on performance, Power of product mix, ***colocate decision and knowledge rights***
Coordination role of prices - (answer)Activities of decentralized decision-makers are coordinated by
prices
Information role of prices - (answer)Shows who values the product the most
, KIOUSIS MANAGEMENT 100 FINAL EXAM WITH COMPLETE
SOLUTIONS 100% VERIFIED!!!! ALREADY GRADED A+
What is the object of potlatch for the Kwakitutl? How'd interacting with white people change it? -
(answer)Status and prestige, then they started burning shit to the ground just to show off
Importance of competition in potlatch - (answer)forced creation of strategic advantages
Big-man potlatch - (answer)Koaka's version of potlatch which helps the "little guy," increase productivity
Koaka vs Kwakiutl potlatch - (answer)Kaoka was more focused on redistribution
Problems with potlatch - (answer)Reciprocity is a tenuous system, the system is vulnerable to power
seizures, and it's not sustainable enough to scale up
Markets vs Potlatch - (answer)Voluntary vs Obligated
Anonymous vs Conspicuous
Prices vs Ambiguity
Who elects BoD?
What's the Role of BoD - (answer)Elected by shareholders;
Top level decision control, Appoint CEO, set salary+compensation of CEO
Market capitalziation - (answer)= Shares outstanding x Share price
Who has limited liability in a company? - (answer)Shareholders
Small shareholders vs large shareholders (like isntitutions) - (answer)Small shareholders don't have to
challenge management and are incentivized to freeride, large shareholders challenge management
