LSUS MBA 701 Exam 1 With 100%
Correct Answers 2024
someone that directs resources to achieve a goal - Correct
Answer-manager
what does a manager do? - Correct Answer-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
the science of making decisions in the presence of scarce
resources - Correct Answer-economics
anything used to produce a good or service or achieve a goal -
Correct Answer-resources
why are decisions important in economics? - Correct Answer-
scarcity implies trade offs
pg. 1 professoraxel
, the study of how to direct scare resources in the way that
most efficiently achieves a managerial goal - Correct Answer-
managerial economics
example of managerial accounting - Correct Answer-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
the 7 principles of effective managerial decision making -
Correct Answer-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
what should a firms overall goal be? - Correct Answer-to
maximize profits
what are examples of some constraints? - Correct Answer-
available technology and prices of inputs used in production
pg. 2 professoraxel
Correct Answers 2024
someone that directs resources to achieve a goal - Correct
Answer-manager
what does a manager do? - Correct Answer-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
the science of making decisions in the presence of scarce
resources - Correct Answer-economics
anything used to produce a good or service or achieve a goal -
Correct Answer-resources
why are decisions important in economics? - Correct Answer-
scarcity implies trade offs
pg. 1 professoraxel
, the study of how to direct scare resources in the way that
most efficiently achieves a managerial goal - Correct Answer-
managerial economics
example of managerial accounting - Correct Answer-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
the 7 principles of effective managerial decision making -
Correct Answer-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
what should a firms overall goal be? - Correct Answer-to
maximize profits
what are examples of some constraints? - Correct Answer-
available technology and prices of inputs used in production
pg. 2 professoraxel
