Managerial Economics – Trial Exam – Theoretical Questions Part I: Indicate whether each of the following statements is True (T) or False (F). Comment. (5 Questions‚ Choose 4) A The law of diminishing returns takes effect‚ when a firm’s both marginal product and average product decline after the latter reaching its maximum. False: The law of diminishing returns takes effect when MP reaches its maximum value and starts to diminish “decline”; then‚ MP equals AP when the latter reaches its
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STRATEGIC MANAGEMENT CHAPTER 4: OUTLINE Functional – Level Strategies: 1. Efficiency 2. Quality 3. Innovation 4. Customer Responsiveness Economies of Scale are unit cost reductions associated with a large scale of output. Fixed Costs are costs that must be incurred to produce a product whatever the level of output; examples are the cots of purchasing machinery‚ setting up machinery for individual production runs‚ building facilities‚ advertising‚ and R&D. Diseconomies of Scale are
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Chapter 01 Strategic Management: Creating Competitive Advantages True / False Questions 1. Nortel‚ like other firms‚ suffered from a drop in overall industry demand for telecommunications equipment during 2000 and 2001. According to the text‚ this would be an example of the "romantic" perspective of leadership. True False 2. Strategic management consists of the analyses‚ decisions‚ and actions an organization undertakes in order to create and sustain competitive advantages
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Chapter 11 Outline Peoples and Civilizations of the Americas (600-1500) I. Classic-Era Culture and Society in Mesoamerica A. Teotihuacan * The Teotihuacan were located 30 miles from now-day Mexico city and it reached its peak in about 600‚ although its decline came shortly after in 650. * The Teotihucan had a polytheistic society and believed in many gods. They also believed in human sacrifice and they thought that this was necessary in order to lead a good and prosperous life. * The
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CHAPTER 11 THE FRENCH CONNECTION - CONTINUED 1609 The adventures of Samuel de Champlain had a marked effect on the Marceau family in Le Havre‚ France. At the home of Pierre Marceau on December 25‚ 1609‚ Yves and Jacques approached their father who‚ having a relaxing Christmas dinner was savoring a bit of cheese and a glass of wine. “Papa” said Jacques‚ “We have something to tell you.” “Yes. I have been waiting more than two weeks to hear of it. Did you not think all this
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| Chapter 14 Questions | | 3. Many companies take customer orders via Web sites. Put yourself in the place of the person at Ford Motor Company considering this approach to taking customer orders for the Ford Explorer sport utility vehicle. | What information would you need to collect from the customer? | I would collect information on the exact specifications of the Ford Explorer such as Model Year‚ engine capacity‚ interior finishing‚ power windows‚ power steering‚ and any luxury
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Ashley B. Faison MGMT 1100-Princples of Management Chapter 4: Ethics and Social Responsibility Ethics is the set of moral principles or values that define right and wrong. Workplace deviance is behavior that violates organizational norms about right and wrong and harms the organization or its workers. There are four different types of workplace deviance. Production deviance and property deviance harm the company‚ whereas political deviance and personal aggression harm individuals within the
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MANAGEMENT COMMUNICATION IN TRANSITION CHAPTER 1 Communication is the work of managers‚ day in and day out. I. The daily work of managers. A. Managers are in constant action. 1. Switch frequently from task to task. 2. Change their focus of attention to respond to issues as they arise. 3. Engage in a large volume of tasks of short duration. B. Managers spend most of their time interacting with others. 1. Engage in interactions both inside and outside the organization
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discussion aims to introduce a technique which can help you increase the acceptance of your initiative in other geographies‚ as well as resolve any disagreements quickly and with much improved team spirit. No‚ it is not the traditional Project Management methodology: I will not start extolling here the virtues of the “Project Charter”. The magic ingredient in international projects‚ as I have discovered throughout 18 years of successfully deploying such‚ is treating our colleagues from other countries
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Chapter 11 Study Guide Answer Key 1. Why was the location of Arabia important? Scattered oases‚ the highlands of Yemen‚ and interior mountains supported sedentary villagebased agriculture‚ and in the northern and southern regions of Arabia‚ small kingdoms had flourished in earlier times. Arabia also sat astride increasingly important trade routes‚ which connected the Indian Ocean world with that of the Mediterranean Sea and gave rise to cosmopolitan commercial cities‚ whose values and practices were often
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