LSUS MBA 701 Exam 1 NEWEST 2026 WITH COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW
VERSION!!
manager - (answer)someone that directs resources to achieve a goal
directs the efforts of others, purchases inputs used in the production of the firms output, directs other
decisions like the product price and quality and construct incentives to induce maximal effort from
employees - (answer)what does a manager do?
economics - (answer)the science of making decisions in the presence of scarce resources
resources - (answer)anything used to produce a good or service or achieve a goal
scarcity implies trade offs - (answer)why are decisions important in economics?
managerial economics - (answer)the study of how to direct scare resources in the way that most
efficiently achieves a managerial goal
how many employees should be hired and how they should be compensated, how many products to
produce and sold at what price, should a firm make or buy components of products - (answer)example
of managerial accounting
identify goals and constraints, recognize the nature and importance of profits, understand incentives,
understand markets, recognize the time value of money, use marginal analysis and make data driven
decisions - (answer)the 7 principles of effective managerial decision making
to maximize profits - (answer)what should a firms overall goal be?
available technology and prices of inputs used in production - (answer)what are examples of some
constraints?
accounting profit - (answer)total amount of money from sales (revenue) minus the dollar cost of
producing the goods or services
, LSUS MBA 701 Exam 1 NEWEST 2026 WITH COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW
VERSION!!
economic profit - (answer)the difference between total revenue and total opportunity cost
opportunity cost - (answer)the explicit cost of a resource plus the implicit cost of giving up its best
alternative
they signal to resource holders where resources are most highly valued by society - (answer)what is the
role of profits
an incentive to alter their use of resources - (answer)what to changes in profits provide to resource
holders?
how resources are used and how hard workers work - (answer)what do incentives impact within a firm?
buyer and seller - (answer)two sides to every market transaction
consumer-producer rivalry, consumer-consumer rivalry and producer-producer rivalry - (answer)what is
the bargaining position of consumers and producers limited by in economic transactions?
True - (answer)T or F: often a gap exists between the time when costs are incurred and when benefits
are received
present value analysis - (answer)used by managers to properly account for the timing of receipts and
expenditures
the present value of a single future value - (answer)what does present value analysis 1 evaluate?
PV = FV / (1+i)^n
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW
VERSION!!
manager - (answer)someone that directs resources to achieve a goal
directs the efforts of others, purchases inputs used in the production of the firms output, directs other
decisions like the product price and quality and construct incentives to induce maximal effort from
employees - (answer)what does a manager do?
economics - (answer)the science of making decisions in the presence of scarce resources
resources - (answer)anything used to produce a good or service or achieve a goal
scarcity implies trade offs - (answer)why are decisions important in economics?
managerial economics - (answer)the study of how to direct scare resources in the way that most
efficiently achieves a managerial goal
how many employees should be hired and how they should be compensated, how many products to
produce and sold at what price, should a firm make or buy components of products - (answer)example
of managerial accounting
identify goals and constraints, recognize the nature and importance of profits, understand incentives,
understand markets, recognize the time value of money, use marginal analysis and make data driven
decisions - (answer)the 7 principles of effective managerial decision making
to maximize profits - (answer)what should a firms overall goal be?
available technology and prices of inputs used in production - (answer)what are examples of some
constraints?
accounting profit - (answer)total amount of money from sales (revenue) minus the dollar cost of
producing the goods or services
, LSUS MBA 701 Exam 1 NEWEST 2026 WITH COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW
VERSION!!
economic profit - (answer)the difference between total revenue and total opportunity cost
opportunity cost - (answer)the explicit cost of a resource plus the implicit cost of giving up its best
alternative
they signal to resource holders where resources are most highly valued by society - (answer)what is the
role of profits
an incentive to alter their use of resources - (answer)what to changes in profits provide to resource
holders?
how resources are used and how hard workers work - (answer)what do incentives impact within a firm?
buyer and seller - (answer)two sides to every market transaction
consumer-producer rivalry, consumer-consumer rivalry and producer-producer rivalry - (answer)what is
the bargaining position of consumers and producers limited by in economic transactions?
True - (answer)T or F: often a gap exists between the time when costs are incurred and when benefits
are received
present value analysis - (answer)used by managers to properly account for the timing of receipts and
expenditures
the present value of a single future value - (answer)what does present value analysis 1 evaluate?
PV = FV / (1+i)^n
