经济管理10eTBChap01.docx
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经济管理10eTBChap01.docx
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经济管理10eTBChap01
Chapter1:
MANAGERS,PROFITS,ANDMARKETS
MultipleChoice
1-1Economictheoryisavaluabletoolforbusinessdecisionmakingbecauseit
a.identifiesformanagerstheessentialinformationformakingadecision.
b.assumesawaytheproblem.
c.createsarealistic,complexmodelofthebusinessfirm.
d.providesaneasysolutiontocomplexbusinessproblems.
1-2Economicprofit
a.isatheoreticalmeasureofafirm’sperformanceandhaslittlevalueinrealworlddecisionmaking.
b.canbecalculatedbysubtractingimplicitcostsofusingowner-suppliedresourcesfromthefirm’stotalrevenue.
c.isnegativewhencostsexceedrevenues.
d.isgenerallylargerthanaccountingprofit.
1-3Economicprofitis
a.thedifferencebetweentotalrevenueandtheopportunitycostofalloftheresourcesusedinproduction.
b.thedifferencebetweentotalrevenueandtheimplicitcostsofusingowner-suppliedresources.
c.thedifferencebetweenaccountingprofitandtheopportunitycostofthemarket-suppliedresourcesusedbythefirm.
d.thedifferencebetweenaccountingprofitandexplicitcosts.
1-4Wheneconomicprofitispositive,
a.totalrevenueexceedstotaleconomiccost.
b.thefirm’sownershavesuccessfullysolvedtheprinciple-agentproblem.
c.thefirm’sownersexperienceanincreaseintheirwealth.
d.bothaandc
e.alloftheabove
1-5Considerafirmthatemployssomeresourcesthatareownedbythefirm.Whenaccountingprofitiszero,economicprofit
a.mustalsoequalzero.
b.issuretobepositive.
c.mustbenegativeandshareholderwealthisreduced.
d.cannotbecomputedaccurately,butthefirmisbreakingevennonetheless.
1-6Whichofthefollowingstatementsisfalse?
a.Explicitcostsofusingmarket-suppliedresourcesentailanopportunitycostequaltothedollarcostofobtainingtheresourcesinthemarket.
b.Wheneconomicprofitiszero,thefirm’sownerscouldNOThavedonebetterputtingtheirresourcesinsomeotherindustryofcomparablerisk.
c.Ifeconomicprofitispositive,accountingprofitmustalsobepositive.
d.Ifeconomicprofitisnegative,accountingprofitmustalsobenegative.
e.Noneoftheabovestatementsisfalse.
1-7Thevalueofafirmis
a.smallerthehigheristheriskpremiumusedtocomputethefirm’svalue.
b.largerthehigheristheriskpremiumusedtocomputethefirm’svalue.
c.thepriceforwhichthefirmcanbesoldminusthepresentvalueoftheexpectedfutureprofits.
d.bothbandc
1-8SupposeMarv,theowner-managerofMarv’sHotDogs,earned$72,000inrevenuelastyear.Marv’sexplicitcostsofoperationtotaled$36,000.MarvhasaBachelorofSciencedegreeinmechanicalengineeringandcouldbeearning$30,000annuallyasmechanicalengineer.
a.Marv'simplicitcostofusingowner-suppliedresourcesis$36,000.
b.Marv'seconomicprofitis$36,000.
c.Marv’simplicitcostofusingowner-suppliedresourcesis$30,000.
d.Marv'seconomicprofitis$6,000.
e.bothcandd.
1-9Ariskpremiumis
a.ameasurecalculatedtoreflecttheriskinessoffutureprofits.
b.subtractedfromthediscountratewhencalculatingthepresentvalueofafuturestreamofriskyprofits.
c.lowerthemoreriskythefuturestreamofprofits.
d.anadditionalcompensationpaidtotheworkersofabusinessenterprise.
1-10Ownersofafirmwantthemanagerstomakebusinessdecisionsthatwill
a.maximizethevalueofthefirm.
b.maximizeexpectedprofitineachperiodofoperation.
c.maximizethemarketshareofthefirm.
d.bothaandbarecorrectwhenrevenueandcostconditionsinonetimeperiodareindependentofrevenuesandcostsinfuturetimeperiods.
e.choicesaandbaregenerallynotequivalent,somanagersmustalwaysseektomaximizemarketshare.
1-11Theprincipal-agentproblemariseswhen
a.theprincipalandtheagenthavedifferentobjectives.
b.theprincipalcannotenforcethecontractwiththeagentorfindsittoocostlytomonitortheagent.
c.theprincipalcannotdecidewhetherthefirmshouldseektomaximizetheexpectedfutureprofitsofthefirmormaximizethepriceforwhichthefirmcanbesold.
d.bothaandb
e.bothaandc
1-12Moralhazard
a.occurswhenmanagerspursuemaximizationofprofitwithoutregardtotheinterestsofsocietyingeneral.
b.existswheneitherpartytoacontracthasanincentivetocancelthecontract.
c.occursonlyrarelyinmoderncorporations.
d.isthecauseofprinciple-agentproblems.
1-13Aprice-takingfirmcanexertnocontroloverpricebecause
a.thefirm'sdemandcurveisdownwardsloping.
b.ofalackofsubstitutesfortheproduct.
c.thefirm'sindividualproductionisinsignificantrelativetoproductionintheindustry.
d.manyotherfirmsproduceaproductthatisnearlyidenticaltoitsproduct.
e.bothcandd
1-14Whichofthefollowingstatementsistrue?
a.Shareholdersasagrouphavelittleornoabilitytoforcemanagerstopursuemaximizationofthefirm’svalue.
b.Theeffectivenessofaboardofdirectorsinmonitoringmanagerswillbeenhancedbyappointingmembersfromthefirmwhoarewell-informedaboutthemanagementproblemsfacingthefirm.
c.Reducingtheamountofdebtfinancingcanreducethedivergencebetweentheshareholders’interestsandtheowner’sinterests.
d.Equityownershipbymanagersisthoughttobeoneofthemosteffectivecorporatecontrolmechanisms.
e.Alloftheabovearetrue.
1-15Whenafirmisaprice-takingfirm,
a.thepriceoftheproductitsellsisdeterminedbytheintersectionofthemarketdemandandsupplycurvesfortheproduct.
b.raisingthepriceoftheproductabovethemarket-determinedpricewillcausesalestofallnearlytozero.
c.manyotherfirmsproduceaproductthatisidenticaltotheoutputproducedbytherestofthefirmsintheindustry.
d.alloftheabove
1-16Aprice-settingfirm
a.canlowerthepriceofitsproductandsellmoreunits.
b.canraisethepriceofitsproductandsellfewerunitsbutwillnotloseallofitssales.
c.possessesmarketpower.
d.sellsaproductthatissomehowdifferentiatedfromtheproductsoldbyitsrivalsorsellsinalimitedgeographicmarketareawithonlyoneorafewsellers.
e.alloftheabove
1-17Amarket
a.lowersthetransactioncostsofdoingbusiness.
b.isanyarrangementthatbringsbuyersandsellerstogethertoexchangegoodsorservices.
c.isaninstitutionusedexclusivelybycapitalistnations.
d.bothaandb
e.bothbandc
1-18WhichofthefollowingisNOToneoffeaturescharacterizingmarketstructures?
a.thenumberandsizeoffirms
b.thelikelihoodofnewfirm’senteringamarket
c.thelevelofcapitalinvestmentinresearchanddevelopment
d.thedegreeofproductdifferentiation
1-19Inaperfectlycompetitivemarket,
a.allfirmsproduceandsellastandardizedorundifferentiatedproduct.
b.theoutputsoldbyaparticularfirmmaybequitedifferentfromtheoutputsoldbytheotherfirmsinthemarket.
c.firmsareprice-setters.
d.itisdifficultfornewfirmstoenterthemarketduetobarrierstoentry.
1-20WhichofthefollowingisNOTacharacteristicofmonopolymarketstructures?
a.Asinglefirmproducestheentiremarketoutput.
b.Thegreatertheabilityofconsumerstofindimperfectsubstitutesforthefirm’sproductthelowerwillbethefirm’smarketpower.
c.Therearenobarrierstoentry.
d.Noclosesubstitutesfortheproductareavailable.
1-21Inmarketscharacterizedbymonopolisticcompetition,
a.alargenumberofrelativelysmallfirmsselladifferentiatedproduct.
b.asmallnumberofrelativelylargefirmssellastandardizedproduct.
c.entryintothemarketisrelativelyeasysothatprofitinthelongruniszero.
d.entryintothemarketisrestrictedsothatprofitmaybepositiveinthelongrun.
e.bothaandc
1-22Inmarketscharacterizedbyoligopoly,
a.asmallnumberofrelativelylargefirmsselladifferentiatedproduct.
b.asmallnumberofrelativelylargefirmssellastandardizedproduct.
c.mutualinterdependenceoffirmsmeansthatactionsofanyonefirminthemarketwillhaveaneffectonthesalesofallotherfirmsinthemarket.
d.entryintothemarketisrestrictedsothatprofitmaybepositiveinthelongrun.
e.alloftheabove.
1-23Whenafirmearnslessthananormalprofit,
a.therevenuesgeneratedcannotpayallexplicitcostsandtheopportunitycostofusingowner-suppliedresources.
b.accountingprofitisnegative.
c.economicprofitiszero.
d.normalprofitisnegative.
e.alloftheabove
1-24Economicprofitisthebestmeasureofafirm’sperformancebecause
a.normalprofitisgenerallytoodifficulttomeasure.
b.economicprofitfullyaccountsforallsourcesofrevenue.
c.onlyexplicitcostsinfluencemanagerialdecisionssince,ingeneral,onlyexplicitcostscanbesubtractedfromrevenueforthepurposesofcomputingtaxableprofit.
d.theopportunitycostofusingALLresourcesissubtractedfromtotalrevenue.
1-25Amanagerwhodoesnotseehisorhergoalasthemaximizationofprofit
a.mayneverthelessmaximizethevalueofthefirm.
b.representsaprinciple-agentproblem.
c.willlikelybereplacedeitherbyshareholdersorbyatakeoverofthefirm.
d.bothbandc
1-26Whichofthefollowingdevelopmentsencouragedglobalizationofmarketsduringthe1990s?
a.ElevenEuropeancountriesbeganusingthe“euro”asacommoncurrencyforalltransactions.
b.TheabilitytobuyandsellgoodsontheInternet.
c.Numerousbilateralandmultilateraltradeagreementswerereached.
d.bothaandc
e.alloftheabove
1-27Whichofthefollowingisanexampleofanimplicitcostforafirm?
a.thevalueoftimeworkedbytheowner.
b.anywagesandsalariespaidtoemploy
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