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Course 371012- Economic Analysis: Business & Strategic Decisions
  Final Exam
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371012v - Economic Analysis: Business & Strategic Decisions

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Management
15 CPE Credit Hours
11/4/2025
Final Exam
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Read 'Chapter 1: Managerial Economics' & answer the following question(s):
1. The concept of “The Time value of Money” refers to:
2. Value maximization is broader than profit maximization because it considers
3. _____________________________ is not one of profit-making motives for companies
4. The role of a firm is to
5. Marginal analysis suggests that business decisions should be taken when
74. The Federal Trade Commission enforces antitrust laws by
75. The Sherman Act specifically prohibits
Read 'Chapter 2: Optimization Techniques' & answer the following question(s):
6. The second derivative is the measure of the rate of change of the first derivative. T F
7. Optimization is not
8. The derivative dy/dx measures
Read 'Chapter 3: Market Forces' & answer the following question(s):
9. Demand analysis is not useful in
10. Price elasticity can be used to answer
11. A shift in the supply of a product is brought about by a change in any factor other than the price of the product. T F
12. Movement along a demand curve is indicated by the quantity effect of a change in
13. A shift in demand is not caused by
14. The demand curve for automobiles will shift to the right if
15. The demand for peanut butter is linear and defined by the function P = $5 - $0.05Q. When quantity is increased from Q1 = 40 to Q2 = 60, the arc price elasticity of demand for peanut butter is
16. Two products are complements if
17. When the point price elasticity of demand equals -2 and the marginal cost per unit is $5, the optimal price is
18. All of the following are complementary goods except
19. An improvement in technology that in turn leads to improved worker productivity would most likely result in
20. If the price elasticity of demand for a normal good is estimated to be 2.5, a 4% reduction in its price causes
21. In any competitive market, an equal increase in both demand and supply can be expected to always
Read 'Chapter 4: Quantitative Demand Analysis' & answer the following question(s):
22. Demand estimation in a controlled environment is possible with
23. A method for predicting buyer response to hypothetical changes in product quality is provided by:
24. A sample of market data taken at a point in time is a
25. The identification problem in demand estimation refers to
Read 'Chapter 5: Business Forecasting' & answer the following question(s):
26. Time-series methods
27. Econometric forecasting methods
28. Which of the following is not a lagging economic indicator?
29. Barometric methods that employ leading economic indicators
30. Which of the following is not a qualitative forecasting method?
31. Input-output forecasting techniques are identified by which of the following?
32. Which of the following is not true regarding the Theil U statistic?
Read 'Chapter 6: Theory Of Production' & answer the following question(s):
33. A production function
34. The marginal rate of technical substitution is:
35. If the output elasticity equals 0.75, returns to scale are
36. The average product
37. A production process uses two inputs, w and r. The cost-minimization input principle is given by which expression?
38. An isoprofit curve reflects the various combinations of products that a firm can sell to earn a given level of profit. T F
39. An example of a perfect substitution is
40. An expansion path is a graphical device used to illustrate the amount of capital and labor a firm will use to
41. According to the law of diminishing returns, over some range of output
Read 'Chapter 7: Multiple Product Planning And Linear Programming' & answer the following question(s):
42. Linear programming assumes
43. An objective function
44. A negative value for a given slack variable implies
45. Applications of Linear Programming (LP) do not include
Read 'Chapter 8: Cost: Theory And Analysis' & answer the following question(s):
46. Relevant costs for managerial decisions are
47. Examples of the learning curve applications do not include
48. _________________________ looks at the effects on profits of changes in such factors as variable costs, fixed costs, selling prices, volume, and mix of products sold.
49. The difference between ATC and AVC is always equal to
50. Costs that vary with a decision is called
51. Costs that involve no cash payment are called
52. Types of functions that have been most commonly employed in fitting statistical cost functions are
Read 'Chapter 9: Pricing And Profit Strategy' & answer the following question(s):
53. In a perfectly competitive market
54. In the long run, firms will exit a perfectly competitive industry if
55. In a monopolistically competitive industry, firms
56. A market characterized by interdependence among sellers is
57. Forms of market structure do not include
58. Two measures describing industry characteristics are
59. The ___________________ measures how much of the total output in an industry is manufactured by the largest firms in that industry.
Read 'Chapter 10: Risk In Project Analysis' & answer the following question(s):
60. Two common pricing policies are market skimming and penetrating. T F
61. The most popular pricing approach is
62. An example of peak-load pricing is
63. The optimal markup on price will fall following an increase in:
64. If marginal cost is $20 and the price elasticity of demand is -5, the optimal price is:
Read 'Chapter 11: Long -Term Investment Decisions (Capital Budgeting)' & answer the following question(s):
65. Firms should finance a project if its
66. How would you define the cost of capital?
67. How is the post-audit determined
Read 'Chapter 12: Risk in Project Analysis' & answer the following question(s):
68. Risk analysis is the process of analyzing unforeseen events. T F
69. Excessive risk avoidance is consistent with:
70. An “expected value” is defined as:
71. A “decision tree” is
Read 'Chapter 13: A Manager's Guide to Government in the Market Place' & answer the following question(s):
72. Government regulation is sometimes justified on the basis of its ability to correct various market imperfections or failures which lead to inefficiency and waste. T F
73. The Federal Trade Commission Act addresses
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