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Question
If a firm is producing as efficiently as it knows how, then how will the total cost function slope?a) Upward
b) Downward
c) No Slope
d) Downward until an output threshold value, then upward
e) Upward until an output threshold value, then downward
Answer
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Related questions
Q:
Which of the following terms is not the exercise or use of power by an individual?
a) Control
b) Influence
c) Culture
d) a and b
e) a and c
Q:
What term best refers to interrelated beliefs, values, material practices, and norms of behavior that exist in an industry at any given time?
a) Institutional elements
b) Institutional standards
c) Institutional influences
d) Institutional logics
e) Institutional ideas
Q:
Which of the following statements is least true regarding the costs that regulation imposes on firms?
a) Regulation costs include lower prices for goods that consumers pay
b) Regulation costs include costs of compliance
c) Regulation costs include increased business costs due to noncompliance
d) Regulation costs include the costs of strategic options that must be forgone because of regulations
e) Regulation costs include potential distortions to a market that may result from the imperfections of a given regulatory regime
Q:
Which of the following is true about culture?
a) Culture increases agency costs
b) Culture reduces bargaining costs
c) Culture reduces transactions costs
d) Culture increases economic costs
e) culture has no effect on costs
Q:
What term does Ronald Burt use to describe a valued relationship between two unconnected parties with a strategy involving spanning a structural hole and bargaining with parties on either side for the most favorable terms?
a) Mavens
b) Nodes
c) Second who benefits
d) Tertius gaudens
e) Brokers
Q:
Individuals and firms that seek to gain power by reducing dependence on other actors while increasing the dependence of others on themselves are creating which of the following?
a) Implicit dependence
b) Explicit dependence
c) Resource dependence
d) Formal Dependence
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Q:
Which of the following refers to when a firm with a patent uses its market power to set a high price - cost margin?a) Cost powerb) Pricing powerc) Legal powerd) Limiting powere) Structural power
Q:
Which of the following terms best describes an individual actor's ability to accomplish his or her goals by using resources obtained through non-contractual exchange relationships?
a) Power
b) Authority
c) Culture
d) Influence
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Q:
Which of the following is the most visible example of a firm's social context?
a) Employment practices
b) Contracting
c) Regulation
d) Entry-deterring behaviors
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Q:
What term best defines a complex set of behavior patterns that Nelson and Winter view the actions of firms to be a result of?
a) Routines
b) Decisions
c) Heuristics
d) Relationships
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Q:
When firms encounter problems that differ according to their difficulty and frequency it is known as:
a) A problem set
b) Knowledge hierarchy
c) Agency collection
d) Organizational collection
e) None of the above
Q:
Which of the following terms best describes a type of network structure that involves relatively self-contained organizational subunits tied together through a technology that focuses on standardized linkages?
a) Unitary functional organization
b) Multidivisional organization
c) Matrix organization
d) Modular organization
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Q:
What type of organizational structure is one that is comprised of a set of autonomous divisions led by a corporate headquarters office, assisted by a corporate staff that provides information about the internal and external business environment?
a) Unitary functional structure
b) Multidivisional structure
c) Matrix structure
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Q:
In departmentalization, which of the following is a required step?
a) Specifying relationships between chosen dimensions
b) Allocating costs across departments
c) Creating agency alignment between departments
d) Identifying principals
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Q:
Which of the following structures best describes a small group of people where the members of the work group are paid based on individual actions?
a) Complex hierarchy
b) Individual
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d) Hierarchy of authority
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Q:
Relative performance is best described as which of the following??a) The excess of a firm's revenue over its costsb) How a firm performs based on a comparison to another firm in its peer set within an industryc) The average compensation of employees compared to the average at other firmsd) The percentage of output attributed to fixed versus variable costse) How a firm compares in number employees to another frim in its peer set within an industry
Q:
Which of the following is least likely a technique firms can use to mitigate the free-rider problem?a) Firms can reduce the repeated interactions among team members so that actions depend less on what other members may have done in the pastb) Firms can keep teams smallc) Firms can allow employees to work together for long periodsd) Firms can structure teams so that their members can monitor one another's actionse) Firms can use future periods of interaction and let natural team dynamics of peer pressure and social isolation take place as punishment for team members who have failed to contribute in the past
Q:
What is a benefit of the de-centralized organization coordination solution?a) Ensures no coordination opportunities are missedb) Makes the organization more hierarchicalc) Takes advantage of localized informationd) Improves communicatione) Always encourages collaboration
Q:
Which of the following is a tool a firm can use to combat agency problems?
a) Monitoring
b) Performance-Based Incentives
c) Bureaucracy
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e) None of the above
Q:
Under what circumstance would it be logical to leave contracts vague and open-ended?
a) When performance may be ambiguous or difficult to measure.
b) When one of the firms in the contract is much larger than the other firm
c) If there are many other firms that can provide the same service or product
d) When the cost of writing the contract is too high
e) If the smaller of the two contracting firms is the upstream firm
Q:
What are influence costs?
a) Costs associated with slack effort and with the administrative controls to deter it
b) The cost of activities aimed at affecting the distribution of benefits in an organization
c) Costs related to the negotiation of external contracts
d) Costs of recruiting ("buying") outside employees with a particular skill set
e) The costs of advertising to customers
Q:
Which of the following issues makes it difficult for to managers to reign in dedicated "cost centers" in a firm?
a) Cost centers have no dedicated "customer"
b) Cost centers are easy to judge against market counterparts performing similar functions
c) Firms are unwilling to endure the ill will generated by firing unproductive elements in an organization
d) Firms are always looking to cut costs when they retain an advantage insulting it from the market
e) Managers of costs centers have significant latitude to complete their jobs
Q:
What is a reason that companies might want to "buy" instead of "make" talent from the market when looking to acquire employees with a particular skill set?
a) External training methods are better than internal ones
b) Companies are always willing to pay more for external employees
c) External training is more advanced (up-to-date) than internal
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e) Externally trained employees are more likely to become better business leaders
Q:
Which of the following processes is most representative of a less integrated firm on the "buy" end of the make-or-buy continuum?
a) Arm's length market transactions
b) Long-term contracts
c) Strategic alliances and joint ventures
d) Parent/subsidiary relationships
e) Perform activity internally
Q:
If a firm enjoys lower costs due to a complex labor-intensive process, which of the following statements would then be true?
a) Cutbacks in volume will always raise unit costs
b) The firm is unconcerned with labor turnover
c) An example of this process could be the practice of anti-trust law
d) The firm's average cost rises due to moving down the learning curve
e) The process is likely a repetitive manufacturing process such as two-piece aluminum can manufacturing
Q:
Why might a large firm actually be at an advantage over a smaller firm with respect to labor?
a) Large generally pay a compensating differential to attract workers
b) Worker turnover is generally lower
c) Large firms enjoy better scale economies when negotiating with health insurance companies for health benefits
d) Large firms are generally less attractive to qualified, upward mobile workers
e) Large firms often have to draw workers from a greater distance to fill their ranks
Q:
Which of the following is a source of diseconomies of scale at a large firm?
a) Labor costs
b) Spreading specialized resources too thin
c) Conflicts of interest
d) Incentive processes
e) All of the above
Q:
Which of the following is not a reason a supplier might seek to sell in bulk?
a) Each sale incurs a fixed cost in writing a contract
b) The purchaser is likely to switch over a small price due to the gains over the large number of units ordered
c) Each sale involves setting up a different production run
d) The cost of delivery is a fixed on a per unit basis
e) The supplier fears uneven sales
Q:
What force does Manne indicate constrains the actions of managers so that they stay focused on the goals of owners?
a) Market for corporate control
b) SEC
c) Corporate board
d) Corporate governance
e) CEO
Q:
What is the gaizhi process?
a) Valuing assets according to their earnings
b) A state-owned enterprise and private enterprise entering a joint venture
c) An increase of profitability prior to sale
d) Acquisition of large firms by private organizations
e) Restructuring whereby small firms are leased or sold