Business Economics
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Course Introduction
Business Economics explores the application of economic principles and methodologies to the decision-making processes within a business context. The course covers essential topics such as demand and supply analysis, cost structures, market competition, pricing strategies, and the impact of government policies on businesses. Students learn how economic theory informs real-world business decisions, resource allocation, and strategic planning, providing a foundation for analyzing market dynamics and addressing complex managerial challenges. Through case studies and practical examples, the course emphasizes critical thinking and problem-solving skills required for effective economic decision-making in a business environment.
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Managerial Economics and Organizational Architecture 6th Edition by James Brickley
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Chapter 1: Introduction
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Sample Questions
Q1) Bloomberg Business sums up the failure of Enron to A)September 11,2001.
B)flawed organizational design.
C)too much debt.
D)risky projects in India and the oil price hikes.
Answer: B
Q2) Which of the following is a benefit of a competitive market structure?
A)efficient decision making
B)a low tax rate
C)high cost of production
D)high market power
Answer: A
Q3) In order to survive in a market,a firm needs to A)make extensive use of available technology.
B)hire more capital and less labor.
C)produce a product demanded by consumers at the lowest possible price while covering costs.
D)charge higher prices for its products than its rivals and revise prices upward periodically.
Answer: A
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Chapter 2: Economists View of Behavior
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Q1) The demand for normal goods follows the law of demand because of A)the substitution effect only.
B)the income effect only.
C)risk-aversion by consumers.
D)both the substitution and income effects.
Answer: D
Q2) Assume Joseph spends his entire income on X and Y,and his indifference curves have the usual convex shape.If Joseph maximizes his utility,then A)he spends his entire available income.
B)there are other bundles that are preferred at the current price ratio.
C)the slope of his indifference curve is greater than the slope of his budget line.
D)the slope of his indifference curve is smaller than the slope of his budget line.
Answer: A
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Chapter 3: Exchange and Markets
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Q1) Which of the following is an advantage of carrying out economic transactions through firms?
A)The number of transactions carried out by a firm is fewer than that carried out in a market,thereby reducing the contracting cost.
B)Firms lack knowledge about the products they produce and distribute in a market.
C)Transactions made by or with a firm involve no opportunity cost.
D)The number of transactions carried out by a firm is more than that carried out in a market,thereby reducing the contracting cost.
Answer: A
Q2) Externalities exist when the actions of one agent
A)benefit or hurt another agent who is not part of the exchange relationship.
B)hurt the agent committing the action.
C)benefit the agent committing the action.
D)benefit or hurt another agent who is a part of the exchange relationship.
Answer: A
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Chapter 4: Demand
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Q1) Suppose that the current market price of VCRs is $300,that the average consumer disposable income is $30,000,and that the price of DVDs (a substitute for VCRs)is $500.Under these conditions annual U.S.demand for VCRs is 5 million per year.Statistical studies have shown that for VCRs the own-price elasticity of demand is -1.3.The income elasticity of demand for VCRs is 1.7.The cross-price elasticity of demand for VCRs with respect to DVDs is 0.8.Use this information to predict the annual number of VCRs sold under the following conditions:
(1)Increasing competition from Asia causes VCR prices to fall to $270 with income and the price of DVDs remaining unchanged.
(2)Income tax reductions raise average disposable personal income to $31,500 with prices unchanged.
(3)An inventor in Menlo Park invents a cheaper way to produce DVDs,reducing the price of a DVD to $400,with the price of VCRs and income unchanged.
(4)All of the events described in parts 1 3 occur simultaneously.
Q2) In the small town of Springfield,Duffman observes that the price of beer has fallen.Duffman concludes that the total amount of money spent buying beer has to fall since the price of beer is lower now.Is he correct? Why or why not? Clearly explain your answer.
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Chapter 5: Production and Cost
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Q1) Bob owns an auto parts firm.He uses a combination of steel and aluminum to produce his auto parts.All of the following combinations will finish the task on time.Steel costs $15 per unit and the aluminum costs $50 per unit.What combination of steel and aluminum should he use?
A)10 units of steel and 10 units of aluminum
B)12 units of steel and 8 units of aluminum
C)15 units of steel and 7 units of aluminum
D)20 units of steel and 6 units of aluminum
Q2) Which of the following is a possible limitation in cost estimation?
A)It is difficult to obtain data on relevant costs from accounting reports that record historical data.
B)It is difficult to get qualified people who can obtain data on costs and can interpret the data.
C)Critics argue that the method used for estimating cost is outdated and does not provide accurate cost estimates.
D)Critics argue that cost estimates do not help managers make efficient decisions.
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Chapter 6: Market Structure
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Q1) If a firm operating in a fairly competitive market earns a large economic profit,then,over time,
A)old firms will exit and prices will rise.
B)old firms will exit and prices will fall.
C)new firms will enter and prices will rise.
D)new firms will enter and prices will fall.
Q2) Economists tend to focus on one structural aspect of market organization that is more important than the others.It is
A)the number of buyers and sellers.
B)product homogeneity or differentiation.
C)the quality of market information.
D)the entry and exit conditions.
Q3) If a firm with monopoly pricing power in the market faces a demand curve of P = 2,000 - 2Q and marginal cost of MC = 1,100 + 2Q,then the firm will produce A)542 units.
B)150 units.
C)200 units.
D)900 units.
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Chapter 7: Pricing With Market Power
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Sample Questions
Q1) A customer pays an admission fee to get into the local YMCA and also a monthly membership fee.This is called
A)bundling.
B)two-part tariff.
C)price discrimination.
D)block pricing.
Q2) ______ extracts the maximum amount each customer is willing to pay for a product.
A)Personalized pricing
B)Group Pricing
C)Two-part tariff
D)Bundling
Q3) The simple case of pricing with market power assumes that (a)all consumers are charged the same price,(b)the firm sells one product,and (c)demand exists in one time period.Discuss what happens when each assumption is relaxed.
Q4) P = 50 - 1/500Q is the demand curve for tickets.MC = $10 per ticket.What is the optimal price? Calculate the consumer surplus at this price.
Q5) Give examples of block pricing,bundling,price discrimination and two-part tariffs.
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Chapter 8: Economics of Strategy: Creating and Capturing Value
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Q1) Successful invention and innovation in the marketplace
A)can create value and are easy to capture.
B)cannot create value and are difficult to capture.
C)can create value but are often difficult to capture.
D)are not important to most company strategies.
Q2) What happens to producer surplus and consumer surplus if transaction costs are reduced?
Q3) As opposed to corporate strategy,business strategy is focused on
A)increasing the elasticity of consumer demand.
B)the type of production technique to use.
C)the type of industry to produce in.
D)how to compete with other firms in the industry.
Q4) Hardware,software,and wetware refer to
A)fixed costs,variable costs,and liabilities.
B)financial resources,buildings,and overhead.
C)buildings,computers,and financial resources.
D)physical assets,"intangible" assets such as its advertising strategies,and human resources.
Page 10
Q5) Many manufacturers attempt to build fairly close relationships with the firms that supply their packaging and boxes.Why?
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Chapter 9: Economics of Strategy: Game Theory
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Q1) Repeated market interaction,particularly when there is no end to the interaction in sight,can
A)change the dominant strategic equilibrium.
B)not change the dominant strategic equilibrium.
C)only change the equilibrium if the first mover changes.
D)result in a mixed,secure strategy.
Q2) Sealed bid construction contracts are examples of market games that are
A)simultaneous and nonrepeated.
B)simultaneous and repeated.
C)sequential and nonrepeated.
D)sequential and repeated.
Q3) You toss two coins and if heads or tails shows up,then I take $1.If only one heads shows up,then you give me $1.We play this game many times.Who comes up ahead at the end of the day?
Q4) Though Nash games are noncooperative,a cooperative outcome is more likely if A)the long-run gains are smaller than the short-run gains.
B)firms can easily monitor the outcomes from a rival's defection.
C)firms expect the market relationship to last a long time.
D)firms expect the market relationship to last only for a short time.
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Chapter 10: Incentive Conflicts and Contracts
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Q1) Which of the following is true of implicit contracts?
A)Enforcement depends on the private incentives of individuals.
B)Agents do not act in the best interest of principals.
C)The gains from trade are low and there are market failures.
D)The opportunity cost of residual loss is low.
Q2) What is an agency relationship? What are agency problems?
Q3) Markets use prices to allocate resources,while firms use:
A)cost-price ratios.
B)managers.
C)the board of directors.
D)random decisions.
Q4) J.T.Smith runs Gamemaker,an equipment producer for gaming service corporations.As CEO,Smith is seemingly worth $2.5 million per year in the marketplace.The directors are attempting to decide how to divide his compensation package between cash salary and perquisites.Using budget constraints and indifference curves,illustrate the potential outcomes for the board of directors.
Q5) While many managers and lawyers might claim that implicit contracts "aren't worth the paper that they are not written on," most understandings between companies and their customers and employees are implicit.Why?
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Chapter 11: Organizational Architecture
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Sample Questions
Q1) One of the mechanisms to replace poor management is to:
A)fire the low-level workers who are inefficient.
B)fire the union leaders who create an environment of mistrust.
C)tender offers and mergers.
D)pay more to the senior management.
Q2) Missy Knowles is in charge of all technical developments at Gumby Polymer Rubber.She makes all the choices concerning product innovations in the company.She finds that she is overworked and that several of her research chemists seem to be spending work hours playing golf.What managerial advice would you provide to Gumby Polymer Rubber (GPR)? Clearly explain your reasoning.
Q3) How do we solve the incentive problem and design optimal architecture?
Q4) Economic theory implies that a mature industry without any significant technological change will tend to have firms with similar architectural structures,similar reward structures,and similar performance systems.Would the power of the marketplace be important in this case?
Q5) What is corporate culture?
Q6) Are organizational changes always needed?
Q7) How is the architecture within firms usually designed?
Page 13
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Chapter 12: Decision Rights: the Level of Empowerment
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Q1) If decision makers do not bear the major wealth effects of their decisions,then:
A)the same person in the management structure must hold decision management and control.
B)separate decision makers must hold decision management and decision control.
C)decision management is clearly integrated with decision control.
D)the same managers hold initiation and ratification of decisions.
Q2) Firms grant decision rights to teams of employees for all of the following reasons except to:
A)manage activities.
B)make products.
C)make basic investment decisions.
D)recommend actions.
Q3) Plain Truth Adverting employs KPR,a large accounting firm,to audit its books each year.This involves considerable expense for the advertising firm,since its sales account managers are very independent and each maintains his separate record-keeping systems.Should the CEO at Plain Truth cancel the audit and rely on a brief year-end summary from each sales account manager? Why or why not?
Q4) Under what conditions will decentralization be beneficial?
Q5) What are some of the demerits of decentralization?
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Chapter 13: Decision Rights: Bundling Tasks Into Jobs and Subunits
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Q1) When a worker specializes in one task,he focuses on that one function in the production process,ignoring the whole system.This is likely to:
A)increase the cross-training costs.
B)eliminate trade-offs since only one task is undertaken by each employee.
C)lead to greater complementarity between one task and another.
D)result in functional myopia that reduces overall productivity.
Q2) Which of the following is true of matrix organizations?
A)Employees are more likely to focus on the overall business process rather than on their functional specialty.
B)Employees have strong incentives to cooperate with other teams within a company.
C)Influence costs are low as there are separate product and functional managers.
D)There are well-defined lines of authority,eliminating scope of interdependence and lack of incentives.
Q3) A matrix organization is organized on the basis of:
A)functional areas of expertise.
B)geographic region.
C)product line.
D)both functional specialty and product line.
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Chapter 14: Attracting and Retaining Qualified Employees
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Q1) The gains from general training in human capital tend to go to the:
A)employing firm and not to the individual.
B)federal government in the form of higher taxes.
C)individual and not to the employing firm.
D)parents since they paid for the education in the first place.
Q2) According to Peter principle,employees:
A)keep getting promoted until they reach the level that they cannot handle.
B)should be promoted till they reach the top management level.
C)do not always value promotions.
D)resort to influencing activities to ensure their promotions.
Q3) The Occupational Safety and Health Administration (OSHA)attempts to stop safety violations in business through inspections and fines.Though workers are supposed to earn a premium wage for working in more risky environment,the OSHA inspections may be a good idea because
A)employees might not have good information about the level of danger.
B)employees may already understand the risks that they are exposed to on the job.
C)inspections and fines may raise the cost of production significantly.
D)there are never any societal costs or externalities to dangerous working conditions.
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Chapter 15: Incentive Compensation
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Sample Questions
Q1) By offering a compensation package rich in fringe benefits and slightly lower pay,a firm is more likely to attract:
A)single employees.
B)married employees.
C)older or senior employees.
D)unskilled employees.
Q2) In the single-period principal-agent model:
A)both the employer and the employee are risk-averse.
B)both the employer and the employee are risk-neutral.
C)the employer is risk-averse but the employee is risk-neutral.
D)the employer is risk-neutral but the employee is risk-averse.
Q3) A compensation program that includes all performance indicators that influence an employee's effort is called the:
A)informativeness principle.
B)incentive coefficient.
C)risk-sharing premium.
D)efficient bargaining solution.
Q4) What are the factors that favor high incentive pay for an employee? Explain which of the five factors is the most important.
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Chapter 16: Individual Performance Evaluation
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Q1) Gaming refers to a situation where:
A)employers fix unachievable output and target levels.
B)employees consistently understate the target levels in order to meet them.
C)employees increase output to gain commissions beyond the firm's capacity.
D)employees inappropriately increase output to gain commissions.
Q2) Give examples of how government intervention helps reduce moral hazard and adverse selection problems in internal labor markets.
Q3) Objective measures included in an evaluation and incentive system might include:
A)improved quality of communications with subordinates.
B)meeting or exceeding sales goals.
C)reorganizing a department for improved human relations.
D)recognition for finding and solving problems.
Q4) If a company wants an employee to average about $14.00 per hour to produce 60 units per hour,in addition to a base salary of $7.00 per hour,what should be the incentive rate per hour?
A)$0.117
B)$8.54
C)$0.333
D)$1.25
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Chapter 17: Divisional Performance Evaluation
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Q1) Which one of the following is not a method used to set transfer prices?
A)Market price method
B)Marginal production cost method
C)Negotiated pricing method
D)Opportunity cost method
Q2) If each division of a company with a monopoly niche is allowed to set its transfer price at the profit-maximizing level for the next division as the product flows toward the consumer (assuming no external market for the product),then prices will:
A)be higher and profits lower than with non-divisional organization.
B)be lower and profits higher than with a non-divisional organization.
C)be the same and profits will be the same as with a non-divisional organization.
D)match the competitive benchmark and profits will be zero.
Q3) Cost center managers are evaluated on their efficiency in using an input-mix to:
A)produce a stipulated level of output.
B)generate a stipulated amount of revenue.
C)produce a pre-decided level of net profit.
D)generate a certain amount of return on investment.
Q4) What are the measures of performance for investment centers? How do they work?
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Chapter 18: Corporate Governance
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Q1) Board members act in the best interests of the firm:
A)because they are legally required to do so.
B)when they do not own stock in the firm.
C)when they take an extremely cautious approach to ratifying decisions.
D)because they wish to maintain a good reputation in order to be offered other board positions.
Q2) Which of these results from the separation of ownership and management in large publicly traded corporations?
A)Corporate managers have stronger incentives to rather quickly transfer control of the firm to less informed management teams.
B)Corporate managers have weaker incentives to transfer control of the firm to less informed management teams.
C)Corporate managers have stronger incentives to rather quickly transfer control of the firm to more informed management teams.
D)Corporate managers have weaker incentives to transfer control of the firm to more informed management teams.
Q3) What is managerial power theory and what are its implications?
Q4) What are the shareholder incentives within a corporation?
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Chapter 19: Vertical Integration and Outsourcing
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Q1) Markets are usually preferred by economists for efficient transactions.However,Ronald Coase noted that administrative solutions may be superior because market transactions are:
A)never achieved at the equilibrium price.
B)not costless.
C)always result in a price that clears the market.
D)hindered by technological change.
Q2) When a firm establishes a long-term contract with another firm whereby it acquires an asset such as a machine or a building through a rental agreement,it is called a:
A)standard supply contract.
B)joint venture.
C)lease contract.
D)franchise agreement.
Q3) Which of these contract terms reduce transfer pricing problems?
A)Double markups and two-part pricing
B)Quotas and double markups
C)Exclusive territories and two-part pricing
D)Two-part pricing and quotas
Q4) What is outsourcing and what forms does it take?
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Chapter 20: Leadership: Motivating Change Within Organizations
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Q1) During the 1990s,Xerox had a problem with quality.CEO Kearns found that to solve the problem,he needed to:
A)lobby the government for tax concessions.
B)change the performance-evaluation and incentive system.
C)invest heavily in research and innovation.
D)hire executives who understood the quality concerns.
Q2) What are the two tasks of good leaders?
Q3) If a senior manager wishes to see her proposal win support,then she should:
A)design a proposal that will yield high returns if successful.
B)likely to design a proposal that can be modified easily.
C)wait for the CEO to change the organizational architecture.
D)wait for the senior management to ask for her proposal.
Q4) The three issues related to proposal design are:
A)commitment,distribution,and marketing.
B)flexibility,marketing,and distribution.
C)flexibility,commitment,and marketing.
D)flexibility,commitment,and distribution.
Q5) What are the three issues related to proposal design?
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Q6) Why is academic decision making different from decision making within firms?
Chapter 21: Understanding the Business Environment: the Economics of Regulation
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Q1) Public goods:
A)are goods for a few,by a few,and of a few.
B)are goods whose consumption imposes a deadweight loss on the entire society.
C)are goods whose consumption by one reduces the amount available to others.
D)are goods whose consumption by one does not diminish the amount available to others.
Q2) In parts of Eastern Europe,companies maintain special guards to protect payday funds,to help move products to market,and to enforce immediate payment for products sold to retailers.All of these features indicate:
A)that property rights are respected and transaction costs are low.
B)that property rights are weak and transaction costs are low.
C)that property rights are weak and transaction costs are high.
D)that property rights are respected and transaction costs are high
Q3) State and federal regulators retain the authority to set or approve public utilities' prices.An important prerequisite for this role is to know the utility's:
A)price elasticity of supply.
B)true cost function.
C)income elasticity of demand.
D)price in other economies.
Page 23
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Chapter 22: Ethics and Organizational Architecture
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Q1) Johnson & Johnson,a personal care products company,has a four-tiered credo or mission.In order,it states its relationship to customers,employees,communities,and finally stockholders.This credo seems to have improved the ethical standards of this corporation.Why doesn't it conflict with wealth creation?
Q2) According to the theory of economic Darwinism,in the absence of barriers to entry,firms that survive in the long run are those that:
A)follow the most ethical practices.
B)provide productivity-based incentives to the employees.
C)deliver products consumers want at the lowest cost.
D)do not compete with other firms in the industry on quality.
Q3) Corporate social responsibility may require changing the mission of the company to a 'constrained' wealth maximization.Is it possible for a few firms in the marketplace to shift their objective functions in this way? Why?
Q4) Identity the correct statement regarding corporate culture and corporate ethics.
A)Corporate culture and corporate ethics are well understood.
B)Corporate ethics can be well articulated,but not corporate culture.
C)Corporate culture can be well articulated,but not corporate ethics.
D)Corporate culture and corporate ethics are elusive.
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Chapter 23: Organizational Architecture and the Process of Management Innovation
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Q1) Which of the following is a key factor that encouraged companies to focus on total quality management in the mid-1980s?
A)Expansion of worldwide competition
B)A fall in the cost of labor
C)An increase in the supply of skilled labor force
D)Enforcement of property rights
Q2) Which of the following is a possible problem faced by potential management innovators?
A)Property rights in management innovations are ill-defined.
B)Companies implementing managerial innovations need to pay higher corporate taxes.
C)Implementation of managerial innovations leads to the entry of new firms in the industry.
D)The supply of skilled workers decreases after the implementation of innovations.
Q3) By creating smaller,flatter organizations,reengineering:
A)reduces outsourcing opportunities.
B)reduces replacement opportunities.
C)increases advancement opportunities.
D)reduces advancement opportunities.
25
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