Managerial Decision Making Exam Preparation Guide
Course Introduction
Managerial Decision Making explores the processes and techniques managers use to make effective organizational decisions. The course covers frameworks for rational and intuitive decision-making, cognitive biases, risk analysis, group dynamics, and ethical considerations. Students will engage in case studies and simulations to analyze real-world scenarios, enhance their problem-solving skills, and develop strategies for making sound decisions under conditions of uncertainty and complexity. Emphasis is placed on the practical application of decision-making tools and the role of data-driven insights in management contexts.
Recommended Textbook
Managerial Economics and Organizational Architecture 5th Edition by James Brickley
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Page 2
Chapter 1: Introduction
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Sample Questions
Q1) Fama and Jensen suggest that "the form of organization that survives in an activity is one that delivers the product demanded by customers at the lowest price while covering costs." This is an example of:
A) market and organizational efficiency.
B) market and organizational equity.
C) economic benchmarking.
D) defective organizational architecture.
Answer: A
Q2) Business Week 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
Q3) Barings Bank failed because of:
A) the free-rider problem.
B) a lack of internal controls.
C) excessive reliance on benchmarking.
D) downsizing of its matrix organizational architecture.
Answer: B
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Chapter 2: Economists View of Behavior
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Q1) Suppose that canned soup is inferior. This means that when:
A) When income rises, more soup will be bought
B) When income rises, less soup will be bought
C) When income falls, less soup will be bought
D) You will never consume canned soup because of its low quality
Answer: B
Q2) What is the relationship between the slope of the budget line to the notion of opportunity cost?
Answer: The slope of the budget line represents the opportunity cost of one good in terms of the other. Suppose we have two goods: fish and chips. If the price of fish (Pf) is $2 and the price of chips (Pc) is $8, then the price ratio -Pc/Pf = -8/2 = -4. This means that if I want one more unit of chips, I have to give up 4 more units of fish. So the opportunity cost of 1 unit of chips is given by the slope, -4, in terms of the number of fish that has to be given up.
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Chapter 3: Markets, Organizations, and the Role of Knowledge
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Q1) Assume the demand function for scooters is given by QD = 20,000 - 10P + 0.2I, where P = price of a scooter, and I = average income of consumers. Also, assume the supply function of scooters is given by QS = 20 P. If the market for scooters is perfectly competitive, and the average income of consumers is $20,000, what are the equilibrium price and quantity in this market?
A) The equilibrium price is $16,000, and 800 scooters are traded.
B) The equilibrium price is $1,600, and 32,000 scooters are traded.
C) The equilibrium price is $800, and 16,000 scooters are traded.
D) The equilibrium price is $800, and 32,000 scooters are traded.
Answer: C
Q2) Many products come with a warning about how to use the product without harming other people. Why?
Answer: The information about how to use this particular product without harming other people is specific knowledge. The warning is a low cost method of transferring this information from the producer of the product to the user of the product.
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Page 5
Chapter 4: Demand
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Q1) Ed<sub>t</sub><sub> </sub>= - 5. This means that if
A) P<sub>t</sub><sub> </sub>increases by 5%, then Qd<sub>t</sub> will decrease by 1%
B) Qd<sub>t</sub><sub> </sub>increases by 5%, P<sub>t</sub> will decrease by 1%
C) P<sub>t</sub> increases by 1%, Qd<sub>t</sub><sub> </sub>will decrease by 5%
D) P<sub>t</sub> decreases by $1.00, Qd<sub>t</sub> will decrease by 5 units
Q2) Fast food is believed to be an inferior good. This means that:
A) the quantity of fast food consumed decreases as income increases.
B) the income elasticity of demand for fast food is positive. C) the quantity of fast food consumed will always be high
D) fast food is really not quality food
Q3) The long-run price elasticity of demand for a product is generally _________ the short-run elasticity for the same product. A) lower than B) equal to C) higher than D) not comparable to
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Chapter 5: Production and Cost
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Q1) If a company has significant economies of scale in the long run - assuming a large market -- the company will tend to:
A) grow larger and have a declining average cost curve.
B) become smaller and have a declining average cost curve.
C) grow larger and have raising average cost curve.
D) become smaller and have a rising average cost curve.
Q2) If a company has a cost curve of TC = 300 + 2Q + Q<sup>2</sup> and it produces 300 units per day, then its average (total) cost is:
A) $1.00.
B) $303.
C) $300.
D) $602.
Q3) The general rule for profit maximization in a firm is to:
A) set average cost at its minimum.
B) reduce fixed costs by expanding output.
C) maximize sales revenue.
D) set marginal revenue to marginal cost.
Q4) Can a production function with two factors, exhibit increasing returns to scale, while at the same time have diminishing returns to each factor?
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Chapter 6: Market Structure
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Q1) Under monopoly we have "unexploited gains from trade" because:
A) if the firm were competitive it would have increased output in the long run
B) if the firm were competitive it would have decreased output in the long run
C) if the firm were competitive it would have not changed output in the long run
D) FCC is always trying to regulate it
Q2) Under monopoly, there are:
A) unexploited gains from trade.
B) many competitors.
C) the advantages of heterogeneous products.
D) problems of easy entry.
Q3) Always Round Tire has been in the tire business since 1963. They have several plants with different levels of technology. They are organized by the United Rubber Workers union. Over the years, the company has worked with its employees to figure out how to produce a tire for less. This incumbent advantage over potential newcomers is the:
A) result of scale economies.
B) impact of licenses and patents.
C) clear threat of using its excess capacity.
D) effect of its learning curve.
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Chapter 7: Pricing With Market Power
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Q1) Many college basketball programs require alumni to join a booster club before they can buy season tickets. This is an example of:
A) a two-part tariff.
B) first degree price discrimination.
C) block pricing.
D) cost-plus pricing.
Q2) Great Nuggets finds that there is a clear gender difference in the demand for their chocolates. Men have very little price sensitivity and tend to buy whatever the sales clerk recommends. Women, on the other hand, tend to ask many questions about product quality and attempt to maximize the quantity available for the price. Great Nuggets would like to implement a two-tier pricing system based on gender. What (non-legal) problems would it encounter?
Q3) Many firms offer substantial rebates by mail or coupons for discounts at the point of sale. The people who use the rebates or coupons have _______ than the people who don't use them.
A) greater price sensitivity
B) the same price sensitivity
C) less price sensitivity
D) inverted price sensitivity
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Page 9
Chapter 8: Economics of Strategy: Creating and Capturing
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Q1) Wal-Mart, like many companies in the new economy, uses a hub-and-spoke distribution system to:
A) increase costs of stocking and inventory .
B) change consumer attitudes toward warehouse shopping.
C) shift consumer demand to the left.
D) decrease costs of stocking and inventory.
Q2) Successful invention and innovation in the marketplace:
A) can create value and is easy to capture.
B) cannot create value and is difficult to capture.
C) can create value but is often difficult to capture.
D) is not important to most company's strategy.
Q3) If consumers find that there are substantial transactions costs to purchasing a product, then:
A) overall consumer demand is greater at each price.
B) overall consumer demand is the same at each price.
C) overall consumer demand is less at each price.
D) equilibrium price and quantity both fall.
Q4) What is the relation between value creation and transactions cost?
Page 10
Q5) What happens to producer surplus and consumer surplus if transactions costs are reduced?
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Chapter 9: Economics of Strategy: Game Theory
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Q1) What impact does excess capacity play on determining the strategic focus of managers toward competitors?
Q2) A and B are going to play a game twice. During both repetitions, if they both select a low price or a high price, their market share stays the same. But if one selects a low price while the other selects a high price, then the only with the low gets more money while the one with the high price loses some market share. Based on this information what is the most likely outcome in both periods.
Q3) Though Nash games are noncooperative, a cooperative outcome is more likely if
A) long run gains are smaller than short run gains.
B) firms can easily monitor the outcomes from 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.
Q4) Risk-averse managers often take the tack of selecting the secure strategy. That is the business decision that provides the:
A) lowest payoff among the best payoffs.
B) highest payoff among the best payoffs.
C) lowest payoff among the worst payoffs.
D) highest payoff among the worst payoffs.
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Chapter 10: Incentive Conflicts and Contracts
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Q1) The firm or corporation is the focal point for a set:
A) explicit contracts.
B) informal contracts.
C) implicit contracts.
D) All of the above.
Q2) Which one of the following is a big problem in large groups?
A) Useless group leader.
B) Adverse selection problem.
C) Free-rider problem.
D) Buyer-supplier conflicts.
Q3) J.T. Smith's company, Gamemaker, sells gambling equipment to gaming service companies. Since the quality of the equipment is difficult to monitor and gamblers are often the source of machine failure, Smith could cheat on the level of machine quality. However, Smith has a strong quality assurance program. A primary reason for that may be:
A) cost containment.
B) company reputation.
C) the need for reinforcement.
D) the asymmetric information Smith holds on quality.
Q4) What are some ways of reducing adverse selection in the insurance market?
Page 12
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Chapter 11: Organizational Architecture
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Q1) Role models, company folklore, and rituals are:
A) key components of corporate culture.
B) not part of most companies' corporate culture.
C) not a consideration in an economic analysis of organizational architecture.
D) typical of village economies, but not corporate economies.
Q2) One of the following is an important element of corporate culture:
A) establish dress code and political correctness in the work place.
B) establish social rituals and voices within an organization.
C) establish expectations.
D) establish female participation in decisions.
Q3) Slogans, company parties, rituals, role models are all aspects of:
A) Benchmarking
B) Expectations
C) Empowerment
D) Communication
Q4) The movement of goods and resources within the corporation is done by:
A) market allocation.
B) administrative decisions.
C) technological importance.
D) government regulation.
Page 13
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Chapter 12: Decision Rights: The Level of Empowerment
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Q1) 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 maintain 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?
Q2) Always Round Tire has service stores in many parts of the country. The stores in Tennessee have petitioned for local store manager independence. The managers claim that since Memphis, Nashville, and Knoxville are hundreds of miles apart that each manager is really in a separate market and needs to deal with local marketing, sales, and pricing issues. What issues would need to be considered before giving these local managers the authority that they are requesting?
Q3) Jobs have at least two important dimensions:
A) tasks and uncertainty.
B) tasks and decision authority.
C) uncertainty and decision control.
D) decision authority and decision control.
Q4) Under what conditions will decentralization be beneficial?
Q5) What are influence costs, and why do they inhibit efficient organizational design?
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Chapter 13: Decision Rights: Bundling Tasks Into Jobs and Subunits
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Q1) What do we mean by the M-form?
Q2) What do we mean by U-form?
Q3) Why did the initial companies in 1800s fail from following the design of the railroad system?
A) global competition in terms of cheaper labor abroad.
B) monitoring costs increased rapidly.
C) managers became greedy and workers began to shirk.
D) managers could not handle the complexities.
Q4) In the Bagby Copy Company case study, the executives are faced with wiring ten different copiers that they make in five separate European countries. They must choose between specializing by country or specializing by manufacturing of copier type. The executives hire a lobbyist to work for a standard regulatory and sales environment across the entire European Union. Why?
Q5) The most famous story about organizing tasks into jobs comes from Adam Smith's tale of the pin factory. In that story, he argues that:
A) specialization of jobs into simple tasks increases productivity.
B) cross training is critical for productivity.
C) coordination is the biggest problem of factory efficiency.
D) one worker should be assigned all tasks in pin construction.
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Chapter 14: Attracting and Retaining Qualified Employees
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Q1) The gains from specific training goes to:
A) neither to the firms, nor to the employees, but to the training institute.
B) both firms and employees.
C) firms, not employees.
D) employees, not firms.
Q2) If a firm is inundated by qualified employees when it advertises a job opening and the firm's quit rate is unusually low, then the firm is probably paying:
A) a below market wage.
B) a market wage.
C) an above market wage.
D) no wage at all.
Q3) In an internal labor market, employees often spend too much time lobbying for promotions or for preferred job assignments. This is called:
A) an administrative cost.
B) market costs.
C) influence costs.
D) human capital costs.
Q4) Explain the effect of self-selection on compensating wage differential.
Q5) What are efficiency wages and why are they important in internal labor markets?
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Chapter 15: Incentive Compensation
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Q1) It is better to pool risks because :
A) you can increase your income.
B) you can reduce your expected income but increase its standard deviation.
C) you can reduce the variability of expected income.
D) you can increase your expected income.
Q2) The basic incentive problem is that owners and:
A) employees have similar objectives.
B) employees have fundamentally different objectives.
C) employees need government assistance to solve differences.
D) banks provide funding for growth.
Q3) There is scientific evidence to suggest that:
A) agents respond to incentives.
B) agents do not respond to incentives.
C) agents respond to piece rates but not bonus plans.
D) agents respond to incentives only if they can cheat.
Q4) The DuPont case is a good example of an incentive package gone awry. In review, it placed a portion of employee's pay into an "at-risk pool." If the division had exceeded expectations, the employees would have received a bonus from the pool. How would a "relative performance contract" have saved the DuPont bonus system?
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Chapter 16: Individual Performance Evaluation
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Q1) Give examples of how government intervention helps reduce moral hazard and adverse selection problems in internal labor markets.
Q2) 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.
Q3) The old saying is "Be careful what you pay for, because you may get it." Discuss commission based salaries and gaming in light of the saying.
Q4) The larger the number tasks and the greater the authority required in a job, then the evaluation of the person in the job will move from ____ to ____.
A) subjective; objective
B) subjective; risk based
C) objective; subjective
D) objective; risk based
Q5) Make a case for 360-degree performance evaluation based on the informativeness principle. What problems may be encountered from implementation of such a system?
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Page 18
Chapter 17: Divisional Performance Evaluation
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Q1) If a company adds up all the costs of producing an intermediate product - direct labor, materials, and overhead - to establish a transfer price, then it is using:
A) market-based transfer prices.
B) marginal cost transfer prices.
C) full-cost transfer prices.
D) success monopoly transfer prices.
Q2) Full-cost transfer pricing creates an incentive for:
A) distribution to be inefficient.
B) distribution to be over-efficient.
C) manufacturing to be over-efficient.
D) manufacturing to be less efficient.
Q3) Transfer prices or charge-back prices are ________ of most businesses.
A) required by federal law
B) typical
C) unusual
D) only part of the international component
Q4) What are the measures of performance for investment centers? How do they work?
Q5) What is transfer pricing?
Q6) What are the common transfer pricing methods?
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Chapter 18: Corporate Governance
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Q1) Closely held corporations are characterized by:
A) a small number of shareholders each holding on to lots of shares for a long time.
B) a large number of shareholders each holding on to a few shares for a long time.
C) stock that is freely traded only among a few shareholders.
D) stock that is not freely traded and often held by a few shareholders.
Q2) For a large corporation, what does 'going private' mean? Why can't all corporations be privately held from a practical point of view?
Q3) Bebchuk and Fried's managerial power theory states that:
A) the typical corporate board is not captured by managers.
B) all firms have about the same quality of governance.
C) product, labor, and takeover markets help limit executive pay but do not work perfectly.
D) managers want performance-based pay.
Q4) The S corporation is:
A) identical to the C corporation.
B) identical to the proprietorship or the general partnership.
C) designed to provide limited liability to small closely-held companies.
D) too complex a business structure to be attractive to small businesses.
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Chapter 19: Vertical Integration and Outsourcing
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Q1) The case of the Kodak - IBM outsourcing agreement for payroll software indicates that ________ can cause significant long-term holdup problems.
A) Competitive markets
B) Technological change
C) Specific assets
D) Quality control issues
Q2) Specific assets can create problems for a company. If a supplier invests in new machinery to deliver a part useful only to its biggest and best customer, it can find itself with:
A) a low cost delivery output.
B) a holdup problem.
C) significant externalities.
D) an outsourcing dilemma.
Q3) When a corporation participates in more than one successive stage in a multi-stage production process it is said to be:
A) vertically integrated.
B) completely outsourced.
C) engaged in preliminary contracts.
D) functionally organized.
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Page 21
Chapter 20: Leadership: Motivating Change Within Organizations
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Q1) In the 2001-2003 period, US airlines had a difficult time earning a positive net income. Terrorism, war, disease, and a weak economy all combined to reduce both business and tourist travel. In addition, the major airlines faced competition from the cut-rate airlines. Most airlines began a change in organizational architecture. All major airlines are organized by trade unions for pilots, clerks, mechanics, and flight attendants. What major leadership issues need to be addressed as these companies reorganize?
Q2) As Henry Ford built his automobile company, he was famous for his industrial leadership but also for his harsh behavior towards managers and employees. He paid ___________ of $5.00 per day to entice his employees to stay with Ford.
A) an efficiency wage
B) a bribe
C) a renewal life insurance premium to promote worker safety
D) a commuting fee
Q3) What are the two tasks of good leadership?
Q4) Economists are often defined as people with good mathematical skills but without the personality of accountants. If leadership is so important, why do economists often rise to the top of organizations?
Q5) What are the three issues related to proposal design?
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Chapter 21: Understanding the Business Environment: The Economics of Regulation
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Q1) If property rights are very hard to assign and transactions costs are particularly high, then, given the Coase Theorem, externalities:
A) may reduce the efficiency of resource allocation.
B) would leave resource efficiency unchanged.
C) allow resource allocations to remain efficient.
D) have not relationship to efficiency.
Q2) Informational deficits of producers or consumers, plus problems of externalities, can:
A) cause market failure.
B) always be solved by alternative dispute resolution (ADR).
C) improve free trade.
D) restrict the use of property rights in a market economy.
Q3) The economic theory of regulation treats politicians as:
A) publicly spirited individuals who work for the public welfare.
B) corrupt individuals who sell contracts to the highest bidders.
C) self-interested individuals who benefit themselves by supplying legislation.
D) people who only represent the small segment of the population that elects them.
Q4) Describe the lemons problem.
Q5) Explain how Coase's theorem is implemented by the EPA.
Page 23
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Chapter 22: Ethics and Organizational Architecture
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Q1) In the United States, there are numerous organizations - some sponsored by business and others that are independent of business - that monitor the behavior, the product quality, and the service provided by businesses. What role do these organizations have in the process of promoting ethical behavior?
Q2) Incentive problems in a business can easily cause:
A) wealth maximization.
B) employees enhancement.
C) risk reduction.
D) ethical problems.
Q3) That corporations have obvious and simplistic written code of honor only to defend themselves from legal action is:
A) the correct view.
B) the most common view.
C) a perfectly understandable view.
D) a cynical view.
Q4) Economist Milton Friedman argued that the goal of corporations should be "to make as much money for its owners as possible while conforming to the basic rules of society." What does this mean in terms of corporate ethical behavior?
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Chapter 23: Organizational Architecture and the Process of Management Innovation
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Q1) JIT stands for:
A) juried information technology systems.
B) just improved transportation systems.
C) just in time production/inventory control systems.
D) justice, integrity, and transcendence in management ethics.
Q2) TQM and other management innovations fail because:
A) workers don't underestimate the costs of change.
B) management estimates the costs of change correctly but workers don't.
C) management overestimates the costs of change.
D) management underestimates the costs of change.
Q3) The relation between quality and firm value is:
A) a vertical line.
B) a flat line.
C) an inverted U-shape.
D) U-shaped.
Q4) The text makes it clear that the management innovations of the 1980s and 1990s:
A) were almost all instant successes.
B) waxed and waned in use and popularity.
C) were instantly mostly failures.
D) were creations of the press and were never implemented in business.
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