Microeconomics for Managers
Test Preparation
Course Introduction
Microeconomics for Managers provides a foundational understanding of microeconomic principles tailored to the business context. The course examines how individuals and firms make decisions regarding the allocation of limited resources, focusing on supply and demand, market equilibrium, production and cost analysis, market structures, and pricing strategies. Emphasis is placed on applying economic reasoning to real-world managerial problems, enabling students to critically analyze business scenarios, identify optimal strategies, and anticipate the effects of policy changes or market shifts. This course equips future managers with practical economic tools to improve decision-making within competitive environments.
Recommended Textbook
Managerial Economics and Organizational Architecture 6th Edition by James Brickley
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23 Chapters
932 Verified Questions
932 Flashcards
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Chapter 1: Introduction
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Sample Questions
Q1) "Subprime mortgages" refer to
A)interest rates that are over and above the prime rate to risky borrowers.
B)mortgages made to credit-worthy borrowers at low interest rates.
C)mortgages made to borrowers who do not usually qualify for loans.
D)mortgage brokers making huge commissions on volume.
Answer: C
Q2) Identify a critical aspect of corporate organization.
A)the assignment of decision rights within a company
B)the cost structure of the firm
C)the pricing strategies of the rival firms
D)the capita to labor ratio
Answer: A
Q3) 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
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3
Chapter 2: Economists View of Behavior
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Sample Questions
Q1) Marginal costs
A)are the incremental costs associated with making a decision.
B)are the expenditures already made that can't be recovered.
C)are not relevant when making an economic decision.
D)are costs that are usually classified under "miscellaneous."
Answer: A
Q2) Assume Barbara likes driving fast,but hates getting injured.If Congress passes a law for mandatory airbags,Barbara is likely to experience an increased number of accidents.Why?
A)The benefits of driving fast increase.
B)The expected cost of an accident at any given speed decreases.
C)Barbara will defy the law and not have airbags,since she thinks no one is going to enforce installing airbags in cars.
D)Barbara is confident that she can drive flawlessly since others will have airbags.
Answer: B
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4
Chapter 3: Exchange and Markets
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Sample Questions
Q1) Assume Pollutex Inc.produces paper in its plant located on Lake Ontario,half a mile away from CleanAir Camping.Pollutex employs an obsolete production process,dumping pollutants in the lake.The camp has experienced a steady decline in the number of attendees since Pollutex moved nearby.In particular,the owners forecast that CleanAir Camping will generate a profit of only $50,000 a year in the future,which is $150,000 less than the one generated before Pollutex moved nearby.A cleaner production process is available,which would not require dumping the pollutants in the lake.However,converting the plant would increase yearly costs by $100,000.Is the current situation Pareto efficient?
A)Yes,since there is no alternative that would make CleanAir better off without hurting Pollutex,and vice versa.
B)No,as Pollutex could convert its plant and make CleanAir better off by $200,000.
C)No.In fact,CleanAir owners could pay Pollutex a sum between $100,000 and $150,000 a year to convert its plant and increase profits between $0 and $50,000.
D)No.In fact,Pollutex owners could pay CleanAir a sum between $0 and $150,000 to move to a different location.
Answer: C
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Page 5
Chapter 4: Demand
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Sample Questions
Q1) Assume Pyrotex Inc.estimates the demand for its fireworks to be linear.If the current price charged by Pyrotex is such that the elasticity of demand is equal to 2.5,which of the following statements is true?
A)Pyrotex will increase its revenues by decreasing the price of fireworks.
B)Pyrotex will increase its revenues by increasing the price of fireworks.
C)Pyrotex cannot increase its revenues by changing the price of fireworks.
D)Not enough information is provided to determine whether or not Pyrotex is currently maximizing its revenues.
Q2) A demand function depicts how consumer demand for a product varies with A)income.
B)the cost of raw materials.
C)the price of oil.
D)quantity of goods available in the market.
Q3) Goods and services for which network concerns are important have ______ demand.
A)relatively inelastic
B)relatively elastic
C)perfectly inelastic
D)unitary elastic
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Page 6
Chapter 5: Production and Cost
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Sample Questions
Q1) If the price of a variable input increases,then
A)the total cost curve will shift up.
B)the average total cost curve will shift down.
C)the marginal cost curve will shift down.
D)the fixed cost curve will shift up.
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 marginal cost is A)$1.
B)$600.
C)$602.
D)$2.02.
Q3) In general,which of the following implies that a marginal cost curve will eventually increase as a firm produces more output?
A)Profit maximizing behavior by the firm
B)A production function displaying increasing returns to scale
C)The law of diminishing returns
D)The law of equimarginal returns
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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Sample Questions
Q1) Which of the following is the most important factor influencing the decision of a firm to enter a new market?
A)The effect of the firm's entry on product prices
B)The effect of the firm's entry on the interest rate
C)The prevailing tax rate
D)The type of government in power
Q2) 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 at a price of A)$16.
B)$1,400.
C)$1,700.
D)$1,600.
Q3) The market environment heavily influences corporate decision-making ability.Discuss the differences in executive decisions concerning pricing,product design,and advertising between a company that exists in a perfectly competitive market and a company in a monopolistically competitive market.
Q4) Explain why OPEC cannot always maintain a high price of oil by restricting production?
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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) Price discrimination is usually defined as selling a product to different customers at A)the same price even though costs of service are different.
B)different prices as costs of service are different.
C)the same price as costs of service are the same.
D)different prices even though costs of service are the same.
Q3) If Tiger Toys faces a demand curve of P = 85 0.25Q and a MC = ATC = 20,then the markup would be
A)$52.50.
B)$20.00.
C)$32.50.
D)$65.00.
Q4) 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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Sample Questions
Q1) Paul Romer argues that "what underlies this process [economic success] ...are instructions,formulas,recipes,and methods of doing things." He is referring to A)hardware or tangible assets.
B)software or intangible assets.
C)wetware.
D)hardware or human resources.
Q2) A firm can capture value through market power or through superior factors of production.The rent earned through the use of superior factors of production is A)housing rent.
B)monopoly rent.
C)Ricardian rent.
D)Bushian rent.
Q3) Beside barriers to entry,what are some of the other reasons for incumbents to maintain their profits?
Q4) What is the relation between value creation and transactions cost?
Q5) What happens to producer surplus and consumer surplus if transaction costs are reduced?
Page 10
Q6) What are the key components for creating market power in order to capture value?
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Chapter 9: Economics of Strategy: Game Theory
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Sample Questions
Q1) Though Nash games are noncooperative,a cooperative outcome is more likely if A)the long-run gains are greater than the short-run gains.
B)firms can easily monitor the outcomes from rivals' defection.
C)firms expect the market relationship to last only for a short time.
D)the long-run gains are smaller than the short-run gains.
Q2) Negotiations and binding contracts are not possible between rivals in A)noncooperative games.
B)cooperative games.
C)perfect competition
D)single-firm monopolies.
Q3) A moves first and can go L or R.B moves second and can go R or L.If both of them end up at L or at R,A gets $1 and B gets $0.If one ends up at L and the other at R,then B gets $1 and A gets $0.What will be the equilibrium in this game?
Q4) We have two players A and B,where A can go L or R,and B can go T,B,or R.The payoffs are decided after this.Which of the following is a characteristic of such games?
A)Dominant strategies
B)Simultaneous moves
C)Sequential moves
D)Backward induction
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Chapter 10: Incentive Conflicts and Contracts
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Sample Questions
Q1) An informal understanding about the quality of product components supplied is a key to the relationship between most companies and their suppliers.This is a good example of:
A)an implicit contract.
B)an explicit contract.
C)a principal-agent conflict resolution.
D)an adverse selection problem.
Q2) Which one of the following is a source of conflict between owners and managers?
A)A manager's effort leaves the firm's value and the manager's utility unchanged.
B)A manager's effort decreases the firm's value and the manager's utility.
C)A manager's effort increases the firm's value but decreases the manager's utility.
D)A manager's effort increases the firm's value and the manager's utility.
Q3) ______ makes designing efficient contracts costly.
A)Signaling
B)Self-selection
C)Huge monitoring costs for the principal
D)Huge monitoring costs for the agent
Q4) What is an agency relationship? What are agency problems?
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Page 12
Chapter 11: Organizational Architecture
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Sample Questions
Q1) Which of the following is a rare occurrence in case of poor performance by a company?
A)Firing a few managers from the senior management
B)Firing the lower level management
C)Firing the middle management
D)Firing the CEO
Q2) Organizational architecture varies from firm to firm.The three important external determinants of a firm's administrative structure are:
A)decision rights,rewards,and technology.
B)government regulation,technology,and decision rights.
C)government regulation,technology,and markets.
D)decision rights,rewards,and evaluation systems.
Q3) How do we solve the incentive problem and design optimal architecture?
Q4) Slogans,company parties,rituals,and role models are all aspects of:
A)benchmarking.
B)rational expectations.
C)empowerment.
D)enhancing communication.
Q5) What is corporate culture?
Q6) Are organizational changes always needed?
Page 13
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Chapter 12: Decision Rights: the Level of Empowerment
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Sample Questions
Q1) Centralized decision making is most commonly found in:
A)firms that are expanding into other geographical areas.
B)stable industrial environments.
C)emerging economies and industries.
D)highly vertically-integrated firms.
Q2) Which of the following is not a benefit of decentralization?
A)Effective use of local knowledge
B)Possibility to shirk and enjoy credits from free riding
C)Conservation of management time
D)Possibility to increase motivation and productivity
Q3) What are influence costs,and why do they inhibit efficient organizational design?
Q4) One of the benefits of decentralization is that:
A)it lowers the opportunity cost of the time of the higher management.
B)local managers have a strong incentive to maximize a firm's value.
C)there are economies of scale if local managers take pricing decisions.
D)full use can be made of the central manager's knowledge and expertise.
Q5) Under what conditions will decentralization be beneficial?
Q6) 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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Sample Questions
Q1) Large multinational corporations are usually set up as:
A)U form of business organizations.
B)M form of business organizations.
C)network organizations.
D)mixed designs.
Q2) What is a matrix organization?
Q3) Dan Unowsky assigns his computer repairers four tasks: customer service,replacement of broken parts,clean-up of equipment,and sale of used equipment to customers.If the company provides a 10% commission for all sales made by employees,then:
A)employees will clearly emphasize the clean-up task.
B)employees may ignore other tasks when faced with a potential sale.
C)replacement of broken parts will clearly be favored by employees.
D)the entire production process will be speeded up by the sales incentive.
Q4) Starting from the 1990s there was a significant shift toward:
A)granting employees broader decision authority and more specialized functions.
B)granting employees narrower decision authority and more specialized functions.
C)granting employees narrower decision authority and less specialized functions.
D)granting employees broader decision authority and less specialized functions.
Q5) What do we mean by the U form?
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Chapter 14: Attracting and Retaining Qualified Employees
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Sample Questions
Q1) The two defects of cafeteria benefit plans are:
A)the high cost of administration and wrong employee decisions.
B)the high cost of administration and adverse selection.
C)employee decision making and adverse selection.
D)employee decision making and free riding.
Q2) What roles do human capital and compensating differentials play in shaping the wage that a firm will pay a new employee?
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.
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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Page 16
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) Some industrial psychologists suggest that,"pay is not a motivator".How do they support the argument and what are the limitations of that argument?
Q3) One possible solution to an incentive problem arising under unobservable actions is:
A)to pay more and make the worker efficient.
B)to be the boss and fire the inefficient worker and send a signal to others.
C)to buy the agent's right to his total output.
D)to sell the agent the right to the total production.
Q4) What are the factors that favor high incentive pay for an employee? Explain which of the five factors is the most important.
Q5) What is the role of the "informativeness principle" in designing a compensation package for an individual in a corporate environment?
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Page 17
Chapter 16: Individual Performance Evaluation
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Sample Questions
Q1) If TruLite's management studied the light fabrication department and found that the department should assemble 25 lamps per hour per worker and set its piece rate to get workers to meet output level,then this standard is called the:
A)risk premium.
B)benchmark.
C)incentive adjustment.
D)random element of production.
Q2) 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.
Q3) Employee performance evaluation is needed because:
A)it justifies the incredibly high wages of the CEOs.
B)it justifies the incredibly high fringe benefits of the CEOs.
C)it minimizes the risks faced by employees for putting in their effort.
D)it determines rewards and sanctions-wages,raises,bonuses,and dismissals.
Q4) 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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Chapter 17: Divisional Performance Evaluation
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Sample Questions
Q1) If there exists an external market for an intermediate good produced by a company,then an easy way to set a transfer price would be to use a:
A)market-based transfer price.
B)marginal-cost transfer price.
C)full-cost transfer price.
D)monopoly transfer price.
Q2) The choice of transfer-pricing method:
A)merely reallocates total company profits among its smaller units.
B)does nothing to profits of sub-units.
C)merely reallocates total company profits among its bigger units.
D)affects the firm's total profits.
Q3) Consider a particular division that earns an after-tax profit of $40 million and has total assets worth $120 million.The residual income of the division is ______ if its required cost of capital is 20%.
A)$16 million
B)$40 million
C)$24 million
D)$8 million
Q4) What are the common transfer pricing methods?
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Chapter 18: Corporate Governance
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Sample Questions
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) In the United States,the board of directors of corporations have a fiduciary responsibility to:
A)set the prices of the products the corporation produces.
B)raise investment capital in their spare time.
C)operate the company on a day-to-day basis.
D)represent the interest of its shareholders.
Q3) Which of these is an external control mechanism faced by corporate boards and executives?
A)The market for lemons
B)The managerial labor market
C)The foreign exchange market
D)The stock market
Q4) What is managerial power theory and what are its implications?
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Page 20
Chapter 19: Vertical Integration and Outsourcing
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Q1) Agri-Tech makes machinery for chicken slaughterhouses.Agri-Tech has developed a de-boning technique specifically for Tasty Chicken.It is likely that Agri-Tech will desire:
A)a detailed long-term contract with Tasty Chicken.
B)an open market arrangement with Tasty Chicken.
C)a patent that excludes use by Tasty Chicken.
D)a contract without any price guarantees.
Q2) 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.
Q3) Tasty Chicken Inc.has worked hard to develop its brand name.Its motto "Absolutely Tasty" has become a common term used for good food.But the company finds that grocery stores do not feature their products in high visibility areas.Further,restaurants never tell their patrons they are eating food manufactured by Tasty Chicken.What needs to be done?
Q4) What is outsourcing and what forms does it take?
Q5) Why aren't all economic transactions conducted through markets?
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Chapter 20: Leadership: Motivating Change Within Organizations
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Sample Questions
Q1) Mahatma Gandhi,John F.Kennedy,Martin Luther King Jr.are all cited as charismatic leaders.Economics tells us that charisma can be learned.What is the inconsistency in the economic argument?
Q2) 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.
Q3) Which one of the following is a source of organizational power?
A)Vision setting
B)Work experience
C)Risk appetite
D)Control of budgets and resources
Q4) If a manager maintains flexibility while designing a proposal,she may risk:
A)being seen as uncommitted to the proposal.
B)being the first employee to present the proposal.
C)losing her place in the internal labor market.
D)increasing the benefits beyond the costs of the proposal.
Page 22
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Chapter 21: Understanding the Business Environment: the Economics of Regulation
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Q1) The idea that resource allocation can remain efficient,even in the presence of externalities,as long as property rights are clearly assigned and transaction costs are low is referred to as the:
A)law of demand.
B)Black/Schloes formula.
C)Coase Theorem.
D)law of diminishing returns.
Q2) In some industries,pollution rights are sold from one company that does not need them to another that does.In recent years,conservation groups have purchased pollution rights so they cannot be exercised.Companies in need of pollution rights will find that:
A)the supply of pollution rights has increased.
B)the prices of pollution rights have fallen.
C)the relative costs of pollution control equipment has gone up.
D)the prices of pollution rights have gone up.
Q3) The transaction costs of writing and enforcing contracts are higher in:
A)countries with poorly enforced property rights.
B)countries with stringent trade restrictions.
C)all countries with good court systems.
D)countries without political risks of property confiscation.
Page 23
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Chapter 22: Ethics and Organizational Architecture
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Q1) Which of the following is true of warranties?
A)They are not important costs in the business world.
B)They leave contracting costs unchanged in the business world.
C)They increase contracting costs in the business world.
D)They reduce contracting costs in the business world.
Q2) Ralph Nader has long argued that large corporations in oligopolistic markets should use their vast productive powers to redress social ills.Implementing this policy may put companies:
A)in conflict with the government.
B)in conflict with its trade unions.
C)in conflict with the process of wealth maximization.
D)in conflict with their international policies.
Q3) 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?
Q4) 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?
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Chapter 23: Organizational Architecture and the Process of Management Innovation
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Q1) In pushing decision rights down to the people with the knowledge about processes or customer preferences,it is important that companies:
A)use their reward systems to reinforce their performance or evaluation systems.
B)integrate production management with production control.
C)keep their reward systems independent of other factors.
D)keep issues of organizational architecture out of the picture.
Q2) Monetary and non-monetary incentives are:
A)basically the same.
B)perfect substitutes.
C)mutually exclusive.
D)not mutually exclusive.
Q3) JIT stands for:
A)juried information technology systems.
B)just improved transportation systems.
C)just-in-time production or inventory control systems.
D)justice,integrity,and transcendence in management ethics.
Q4) Why do innovations in management techniques fail so often?
Q5) Phillip Crosby asserts that quality is free.Is he right?
Page 25
Q6) "Market forces determine the success of any management innovation".Do you agree?
Q7) Provide some examples of management innovations that have lost their popularity.
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