Chapter 1: The Power of Principles: an Historical Perspective
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Q1) Which of the following facets of modern financial infrastructure came as a result of deregulation in the 1970s and 1980s?
A) Separation of commercial and investment banking
B) Enhanced role of central banks
C) Increased regulation of securities markets
D) Supply of debt and equity funding for firms that could not fund themselves through retained earnings
E) The availability of large investment funds facilitating M&A to flourish
Answer: E
Q2) Which of the following did not contribute to the high transaction related risks for U.S.potato sales in 1840?
A) Infrequency of transactions
B) Changing transaction partners
C) Lack of availability of sales and prices for comparable goods
D) Competition from European merchants
E) Geographic distance between buyers and sellers
Answer: D
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3
Chapter 4: Integration and Its Alternatives
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Q1) What type of strategic alliance involves two or more firms creating and together owning a new independent organization?
A) Partnership
B) Tapered integration
C) Close-knit semi-formal relationship
D) Mutual agreement
E) Joint venture
Q2) Which of the following is true with regard to the difference in exchange costs between an item produced internally firm and an item purchased from an outside supplier through an arm's length market transaction as the level of asset specificity increases?
A) The cost difference is positive for both low and high levels of specificity
B) The cost difference is negative for both low and high levels of specificity
C) The cost difference is negative for low and positive for high levels of specificity
D) The cost difference is positive for low and negative for high levels of specificity
E) As asset specificity increases, the transaction costs of the market exchange decrease
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Chapter 5: Competitors and Competition
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Q1) Which of the following market structures generally has a Herfindahl index at .6 and above (usually having light competition,unless threatened by entry)?
A) Perfect competition
B) Monopolistic competition
C) Oligopoly
D) Monopoly
E) N-firm
Q2) What kind of competition is generally described as quantity competition?
A) Bertrand competition
B) Cournot competition
C) Perfect competition
D) Chamberlin competition
E) Monopolistic competition
Q3) What kind of competition is generally described as price competition?
A) Bertrand competition
B) Cournot competition
C) Perfect competition
D) Chamberlin competition
E) Monopolistic competition
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Page 7
Chapter 6: Entry and Exit
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Q1) What is the typical "capacity use" ratio as reported by plant managers to the U.S.Census of Manufacturers annually?
A) 40%
B) 50%
C) 60%
D) 70%
E) 80%
Q2) What type of entry exists if structural entry barriers are low,and either (1)entry-deterring strategies will be ineffective or (2)the cost to the incumbent of trying to deter entry exceeds the benefits it could gain from keeping the entrant out?
A) Deterred Entry
B) Judo Entry
C) Stealth Entry
D) Accommodated Entry
E) Blockaded Entry
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