LSUS MBA 701 Exam 1 Newest 2026
Questions and Correct Detailed Answers
Already Graded A+
resources - CORRECT ANSWER-anything used to produce a good or service or
achieve a goal
scarcity implies trade offs - CORRECT ANSWER-why are decisions important in
economics?
manager - CORRECT 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 - CORRECT ANSWER-what
does a manager do?
, economics - CORRECT ANSWER-the science of making decisions in the
presence of scarce resources
managerial economics - CORRECT 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 - CORRECT 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 - CORRECT ANSWER-the
7 principles of effective managerial decision making
to maximize profits - CORRECT ANSWER-what should a firms overall goal be?
available technology and prices of inputs used in production - CORRECT
ANSWER-what are examples of some constraints?
Questions and Correct Detailed Answers
Already Graded A+
resources - CORRECT ANSWER-anything used to produce a good or service or
achieve a goal
scarcity implies trade offs - CORRECT ANSWER-why are decisions important in
economics?
manager - CORRECT 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 - CORRECT ANSWER-what
does a manager do?
, economics - CORRECT ANSWER-the science of making decisions in the
presence of scarce resources
managerial economics - CORRECT 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 - CORRECT 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 - CORRECT ANSWER-the
7 principles of effective managerial decision making
to maximize profits - CORRECT ANSWER-what should a firms overall goal be?
available technology and prices of inputs used in production - CORRECT
ANSWER-what are examples of some constraints?
