TEST BANK FOR Managerial Economics, with eBook Access Code: Analysis and Management 10th Edition by William F. Samuelson ISBN:978-1394268108 ALL CHAPTERS COVERED YOUR ULTIMATE GUIDE 100% VERIFIED A+ GRADE ASSURED!!!!! NEW LATEST UPDATE!!!!!!

TEST BANK FOR
SX SX




ManagerialSXEconomics,SX10thSXEditionSXWilliamSXF.SXSamuelson,SXStephenSXG.SXMarks,SXJaySXL.SXZagorskySXChapt
erSX1-17




File:SXCh01;SXCHAPTERSX1:SXIntroductionSXtoSXEconomicSXDecisionSXMa

kingSXMULTIPLESXCHOICE

1-3

,1. ManagerialSXeconomicsSXcanSXbestSXbeSXdefinedSXasSXthe:
a) macroeconomicsSXandSXmicroeconomicsSXforSXmanagers.
b) studySXofSXeconomicSXincentivesSXonSXconsumerSXbehaviorSXandSXdemand.
c) analysisSXofSXtheSXlaborSXmarketSXthroughSXtheSXbehaviorSXofSXworkersSXandSXmanagers.
d) analysisSXofSXmajorSXmanagementSXdecisionsSXusingSXeconomicSXtools.
e) studySXofSXtheSXstrategicSXinteractionSXbetweenSXfirmsSXinSXaSXmarket.

ANSWER:SXd
SECTIONSXREFERENCE:SXIntroductionSX
DIFFICULTYSXLEVEL:SXEasy



2. WhichSXofSXtheSXfollowingSXisSXnotSXoneSXofSXtheSXstepsSXinSXmanagerialSXdecisionSXmaking?
a) PredictingSXtheSXconsequencesSXofSXaSXdecision.
b) ExploringSXtheSXalternativesSXtoSXtheSXdecision.
c) DefiningSXtheSXproblemSXandSXtheSXobjectivesSXofSXtheSXdecision.
d) NegotiatingSXaSXconsensusSXtoSXimplementSXtheSXdecision.
e) PerformingSXsensitivitySXanalysis.

ANSWER:SXd
SECTIONSXREFERENCE:SXSixSXStepsSXtoSXDecisionSXMakingSXDIFFIC
ULTYSXLEVEL:SXEasy



3. ProfitSXmaximizationSXisSXanSXambiguousSXguideSXtoSXdecisionSXmakingSXinSXtheSXprivateSXsectorSXbecause:
a) firmsSXinSXtheSXprivateSXsectorSXusuallySXdoSXnotSXaimSXatSXprofitSXmaximization.
b) theSXgoalSXofSXprofitSXmaximizationSXcontradictsSXtheSXgoalSXofSXsatisfyingSXtheSXfirm’sSXshareholders.
c) ofSXtheSXpresenceSXofSXriskSXandSXuncertainty.
d) profit-maximizationSXignoresSXsocialSXcostsSXandSXbenefits.
e) NoneSXofSXtheSXaboveSXanswersSXisSXcorrect.

ANSWER:SXc
SECTIONSXREFERENCE:SXSixSXStepsSXtoSXDecisionSXMakingSXDIFFIC
ULTYSXLEVEL:SXEasy




1-4

,4. WhichSXofSXtheSXfollowingSXisSXtrueSXofSXeconomicSXmodels?
a) ModelsSXareSXtooSXtheoreticalSXtoSXbeSXapplicableSXinSXrealSXworldSXdecisions.
b) ModelsSXareSXnotSXusefulSXbecauseSXuncertaintySXpreventsSXaccurateSXforecasts.
c) ModelsSXareSXsimplifiedSXdescriptionsSXofSXprocesses,SXrelationships,SXorSXotherSXphenomena.
d) ModelsSXdescribeSXrealSXworldSXsituationsSXinSXcompleteSXdetail.
e) ModelsSXareSXnotSXusefulSXbecauseSXtheySXdoSXnotSXtakeSXintoSXaccountSXcomplicatingSX
andSXlessSXimportantSXfeaturesSXofSXaSXproblem.

ANSWER:SXc
SECTIONSXREFERENCE:SXSixSXStepsSXtoSXDecisionSXMakingSXDIFFIC
ULTYSXLEVEL:SXMedium



5. WhichSXofSXtheSXfollowingSXcorrectlySXdescribesSXaSXdeterministicSXeconomicSXmodel?
a) ASXdeterministicSXmodelSXisSXaSXmodelSXforSXwhichSXtheSXoutcomeSXisSXpredictedSXwithSXcertainty.
b) ASXdeterministicSXmodelSXcanSXonlySXbeSXusedSXtoSXexplainSXshort-runSXeconomicSXphenomena.
c) ASXdeterministicSXmodelSXisSXmostSXusefulSXinSXidentifyingSXlong-termSXtrends.
d) ASXdeterministicSXmodelSXisSXusedSXinSXtheSXstudySXofSXnormativeSXeconomics.
e) TheSXoutcomeSXofSXaSXdeterministicSXmodelSXisSXrandomSXandSXhasSXprobabilitiesSXattached.

ANSWER:SXa
SECTIONSXREFERENCE:SXSixSXStepsSXtoSXDecisionSXMakingSXDIFFIC
ULTYSXLEVEL:SXEasy



6. WhichSXofSXtheSXfollowingSXcorrectlySXexplainsSXaSXprobabilisticSXmodel?
a) ASXprobabilisticSXmodelSXgivesSXaSXdescriptionSXofSXrealSXworldSXeconomicSXphenomena.
b) ASXprobabilisticSXmodelSXshowsSXtheSXpossibilitySXofSXaSXrangeSXofSXoutcomes.
c) ASXprobabilisticSXmodelSXexaminesSXtheSXchangesSXinSXeconomicSXvariablesSXoverSXaSXperiodSXofSXtime.
d) ASXprobabilisticSXmodelSXisSXbasedSXonSXvalueSXjudgments.
e) ASXprobabilisticSXmodelSXisSXusedSXtoSXexplainSXlong-runSXeconomicSXphenomena

ANSWER:SXb
SECTIONSXREFERENCE:SXSixSXStepsSXtoSXDecisionSXMakingSXDIFFIC
ULTYSXLEVEL:SXEasy



7. MaximizingSXprofitSXbySXenumeratingSXtheSXprofitSXoutcomesSXofSXdifferentSXcoursesSXofSXaction
a) IsSXonlySXapplicableSXtoSXproblemsSXwithSXaSXsmallSXnumberSXofSXalternatives.
b) BecomesSXincreasinglySXcostlySXasSXtheSXnumberSXofSXchoicesSXincrease.
c) AlwaysSXdiscoversSXtheSXbestSXpossibleSXchoice.
d) ProvidesSXaSXusefulSXshortcutSXtoSXfindingSXtheSXoptimalSXchoice.
e) AnswersSXbSXandSXcSXareSXbothSXcorrect.


1-5

, ANSWER:SXb
SECTIONSXREFERENCE:SXSixSXStepsSXtoSXDecisionSXMakingSXDIFFI
CULTYSXLEVEL:SXMedium



8. ASXbeveragesSXcompanySXwantsSXtoSXlaunchSXaSXnewSXdietSXsodaSXaimedSXatSXdiabeticsSXandSX
health-SXconsciousSXcustomers.SXItSXwillSXuseSXaSX
economicSXmodelSXtoSXidentifySXitsSXtargetSXcustom
ers.
a) deterministic
b) dynamic
c) qualitative
d) stochastic
e) probabilistic

ANSWER:SXa
SECTIONSXREFERENCE:SXSixSXStepsSXtoSXDecisionSXMakingSXDIFFIC
ULTYSXLEVEL:SXMedium



9. GivenSXthatSXtheSXmarketSXshareSXofSXaSXfirmSXdependsSXonSXmanySXunpredictableSXfactors,SXaSXfir
mSXwillSXuseSXaSX
economicSXmodelSXtoSXestimateSXtheSXmarketSXshareSXforSXoneSXofSXitsSXproducts.
a) deterministic
b) dynamic
c) qualitative
d) probabilistic
e) comparativeSXstatics

ANSWER:SXd
SECTIONSXREFERENCE:SXSixSXStepsSXtoSXDecisionSXMakingSXDIFFIC
ULTYSXLEVEL:SXMedium



10. SensitivitySXanalysisSXisSXusedSXbySXaSXfirmSXto:
a) analyzeSXtheSXimpactSXofSXaSXchangeSXinSXtheSXpriceSXofSXtheSXgoodSXonSXtheSXdemandSXforSXtheSXgood.
b) examineSXtheSXstaticSXeffectsSXofSXanSXeconomicSXdecisionSXonSXtheSXfirm’sSXprofitability.
c) analyzeSXtheSXsocialSXcostsSXandSXbenefitsSXofSXanSXeconomicSXdecision.
d) examineSXtheSXopportunitySXcostsSXofSXanSXeconomicSXdecision.
e) examineSXhowSXanSXoptimalSXdecisionSXisSXaffectedSXifSXkeySXeconomicSXfactsSXvary.

ANSWER:SXe
SECTIONSXREFERENCE:SXSixSXStepsSXtoSXDecisionSXMakingSXDIFFIC
ULTYSXLEVEL:SXEasy


1-6