LSUS MBA 701 Exam 1 NEWEST 2026
WITH COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
manager -CORRECTANSWER 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 -CORRECTANSWER what does a manager do?
economics -CORRECTANSWER the science of making decisions in the presence of
scarce resources
resources -CORRECTANSWER anything used to produce a good or service or achieve
a goal
scarcity implies trade offs -CORRECTANSWER why are decisions important in
economics?
managerial economics -CORRECTANSWER 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 -CORRECTANSWER 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 -CORRECTANSWER the 7
principles of effective managerial decision making
to maximize profits -CORRECTANSWER what should a firms overall goal be?
available technology and prices of inputs used in production -CORRECTANSWER what
are examples of some constraints?
accounting profit -CORRECTANSWER total amount of money from sales (revenue)
minus the dollar cost of producing the goods or services
economic profit -CORRECTANSWER the difference between total revenue and total
opportunity cost
opportunity cost -CORRECTANSWER the explicit cost of a resource plus the implicit
cost of giving up its best alternative
WITH COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
manager -CORRECTANSWER 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 -CORRECTANSWER what does a manager do?
economics -CORRECTANSWER the science of making decisions in the presence of
scarce resources
resources -CORRECTANSWER anything used to produce a good or service or achieve
a goal
scarcity implies trade offs -CORRECTANSWER why are decisions important in
economics?
managerial economics -CORRECTANSWER 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 -CORRECTANSWER 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 -CORRECTANSWER the 7
principles of effective managerial decision making
to maximize profits -CORRECTANSWER what should a firms overall goal be?
available technology and prices of inputs used in production -CORRECTANSWER what
are examples of some constraints?
accounting profit -CORRECTANSWER total amount of money from sales (revenue)
minus the dollar cost of producing the goods or services
economic profit -CORRECTANSWER the difference between total revenue and total
opportunity cost
opportunity cost -CORRECTANSWER the explicit cost of a resource plus the implicit
cost of giving up its best alternative
