Microeconomics for Managers
Textbook Exam Questions
Course Introduction
Microeconomics for Managers explores foundational microeconomic concepts and their practical application in managerial decision-making. The course covers topics such as supply and demand analysis, consumer and producer behavior, market structures, pricing strategies, and the impact of government regulation. Through case studies and real-world examples, students learn how to use microeconomic reasoning to solve business problems, optimize resource allocation, and make strategic choices that enhance organizational performance in competitive environments.
Recommended Textbook
Managerial Economics and Organizational Architecture 6th Edition by James Brickley
Available Study Resources on Quizplus
23 Chapters
932 Verified Questions
932 Flashcards
Source URL: https://quizplus.com/study-set/2718 Page 2
Chapter 1: Introduction
Available Study Resources on Quizplus for this Chatper
29 Verified Questions
29 Flashcards
Source URL: https://quizplus.com/quiz/54222
Sample Questions
Q1) DHL,a successful European company,is attempting to overcome various legal problems in order to enter the U.S.market of overnight package delivery.Its two major competitors would be FedEx and UPS.As DHL looks to set up a U.S.subsidiary,it wishes to benchmark its organizational architecture.What should it do?
Answer: DHL should realize that a successful organizational architecture is more than a collection of good ideas or good parts.A successful organization should be carefully coordinated to align individuals' incentives with the firm's goals.DHL's organizational architecture has survived in a European legal and regulatory environment.In contrast,FedEx's and UPS's architectures have survived under the U.S.legal system in the market for overnight delivery.There is no single "best" organizational form for all firms in all external legal and market environments.Instead,the best organizational form for a firm depends critically on its current business environment.DHL should be aware of possible unintended side effects of changing one component of organizational architecture without considering its effects on the other parts of organizational architecture.
To view all questions and flashcards with answers, click on the resource link above.
Page 3
Chapter 2: Economists View of Behavior
Available Study Resources on Quizplus for this Chatper
45 Verified Questions
45 Flashcards
Source URL: https://quizplus.com/quiz/54221
Sample Questions
Q1) A risk-averse agent
A)only cares about expected payoff.
B)cares about expected payoff as well as the variability of a payoff.
C)only cares about the variability of a payoff.
D)does not care about expected payoff.
Answer: B
Q2) 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
Q3) Marginal utility is the
A)total happiness obtained from a consumption bundle.
B)additional utility obtained by a fall in the price of a good.
C)additional utility obtained by consuming one additional unit of a good.
D)total amount spent to purchase one additional unit of a good.
Answer: C
To view all questions and flashcards with answers, click on the resource link above.
4
Chapter 3: Exchange and Markets
Available Study Resources on Quizplus for this Chatper
47 Verified Questions
47 Flashcards
Source URL: https://quizplus.com/quiz/54220
Sample Questions
Q1) 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
Q2) Assume the current market price of candles is such that there is a surplus (i.e.,excess supply).Which of the following best describes the adjustment process in a competitive market?
A)As the price increases,the quantity demanded and the quantity supplied decrease.
B)As the price increases,the quantity demanded decreases while the quantity supplied increases.
C)As the price decreases,the quantity demanded increases while the quantity supplied decreases.
D)As the price decreases,the quantity demanded decreases while the quantity supplied increases.
Answer: C
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: Demand
Available Study Resources on Quizplus for this Chatper
43 Verified Questions
43 Flashcards
Source URL: https://quizplus.com/quiz/54219
Sample Questions
Q1) Let Ed<sub>GI</sub><sub> </sub>refer to the income elasticity for gasoline.Suppose Ed<sub>GI</sub>= 2; then this means that if income
A)increases by 2 percent,Qd<sub>G</sub><sub> </sub>will increase by 1 percent.
B)decreases by 1 percent,Qd<sub>G</sub><sub> </sub>will decrease by 2 percent.
C)increases by $1,Qd<sub>G</sub><sub> </sub>will decrease by 2 percent.
D)decreases by 2 percent,Qd<sub>G</sub><sub> </sub>will decrease by 1 percent.
Q2) ALC,Inc.,has,in recent years,opened large markets of new customers,experienced strong competition from substitutes,and survived a nasty national recession.When the chief economist statistically estimated the company's product demand using data from the past five years,she found a statistically significant positive (direct)relationship between price and quantity.What according to you led to this finding?
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
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Production and Cost
Available Study Resources on Quizplus for this Chatper
42 Verified Questions
42 Flashcards
Source URL: https://quizplus.com/quiz/54218
Sample Questions
Q1) Which of the following statements about the average total cost curve is false?
A)It is initially downward sloping because increases in quantity make the average fixed cost smaller.
B)It eventually becomes upward sloping because the law of diminishing returns sets in.
C)It is always downward sloping because the average fixed costs will always decrease as quantity increases.
D)The marginal cost curve crosses the average total cost curve at the point at which average total cost is minimized.
Q2) The marginal product curve of input Y shows
A)how the quantity of output produced changes for each amount of input Y,whether or not all other inputs are held constant.
B)how the quantity of output produced changes for each amount of input Y,holding all other inputs constant.
C)how the average quantity of output produced varies with input Y,whether or not all other inputs are held constant.
D)how the average quantity of output produced varies with input Y,holding all other inputs constant.
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Market Structure
Available Study Resources on Quizplus for this Chatper
45 Verified Questions
45 Flashcards
Source URL: https://quizplus.com/quiz/54217
Sample Questions
Q1) Currently,a monopolist's MR = $5 and its MC = $10 and it serves 10 consumers.An 11<sup>th</sup> consumer walks in.Should the company provide service to the additional customer?
A)Yes,MC is equal to the number of customers,so it should provide service to the additional customer.
B)Yes,MR < MC,so it should provide service to the additional customer.
C)No,MR is less than the number of customers,so it should not provide service to the additional customer.
D)No,MR < MC,so it should not provide service to the additional customer.
Q2) Under what market structure do we have strategic play?
A)Perfect Competition
B)Monopoly
C)Monopolistic Competition
D)Oligopoly
Q3) Manifold Manufacturing,a large producer of motorcycle parts,is accused of monopolizing the market for a particular motorcycle part.Why would its legal defense team be so interested in a statistical estimate that the price elasticity of demand for its motorcycle part was 0.62?
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Pricing With Market Power
Available Study Resources on Quizplus for this Chatper
46 Verified Questions
46 Flashcards
Source URL: https://quizplus.com/quiz/54216
Sample Questions
Q1) A firm with market power in pricing faces a
A)flat demand curve.
B)supply curve parallel to the horizontal axis.
C)downward-sloping supply curve.
D)downward-sloping demand curve.
Q2) Disney sold The Little Mermaid for $20 with a $5 mail in rebate.The rebate should have
A)reduced overall customer demand.
B)stabilized overall customer demand.
C)increased overall customer demand.
D)inverted overall customer demand.
Q3) Using cost plus pricing,what is the price if ATC = $14.50 and the target rate of return is 4 percent?
A)$15.10
B)$49.34
C)$14.5
D)$22.10
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.
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 8: Economics of Strategy: Creating and Capturing Value
Available Study Resources on Quizplus for this Chatper
42 Verified Questions
42 Flashcards
Source URL: https://quizplus.com/quiz/54215
Sample Questions
Q1) 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.
Q2) Beside barriers to entry,what are some of the other reasons for incumbents to maintain their profits?
Q3) The fast-food industry,from Back Yard Burgers to KFC,promises good food delivered quickly.The value of the consumer's time
A)is less important than production costs.
B)is a key component in creating value for the firm and the consumer.
C)is usually so low that fast food is unimportant in the marketplace.
D)must be discounted to make sure it is negative.
Q4) Many manufacturers attempt to build fairly close relationships with the firms that supply their packaging and boxes.Why?
Q5) What are the key components for creating market power in order to capture value?
Page 10
Q6) What is the relation between value creation and transactions cost?
To view all questions and flashcards with answers, click on the resource link above.
Chapter 9: Economics of Strategy: Game Theory
Available Study Resources on Quizplus for this Chatper
35 Verified Questions
35 Flashcards
Source URL: https://quizplus.com/quiz/54214
Sample Questions
Q1) A display of a game in a tree diagram with nodes for every move by the players is a(n)
A)part of strategic moves.
B)representation of Prisoner's Dilemma.
C)simultaneous-move game.
D)extensive-form game.
Q2) 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?
Q3) 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
Q4) What are the key managerial insights derived from game theory? Which one is the most important?
To view all questions and flashcards with answers, click on the resource link above.
11
Chapter 10: Incentive Conflicts and Contracts
Available Study Resources on Quizplus for this Chatper
43 Verified Questions
43 Flashcards
Source URL: https://quizplus.com/quiz/54213
Sample Questions
Q1) The firm or corporation is the focal point for:
A)a set of contracts.
B)the interaction of demand and supply.
C)dealing with asymmetric information.
D)value minimization.
Q2) ______ makes designing efficient contracts costly.
A)Signaling
B)Self-selection
C)Huge monitoring costs for the principal
D)Huge monitoring costs for the agent
Q3) 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?
Q4) Incentive problems in contractual relationships generate:
A)revenues that increase value.
B)revenues that decrease value.
C)costs that increase value.
D)costs that decrease value.
Q5) What are some ways of reducing adverse selection in the insurance market?
Page 12
Q6) What is an agency relationship? What are agency problems?
To view all questions and flashcards with answers, click on the resource link above.
Chapter 11: Organizational Architecture
Available Study Resources on Quizplus for this Chatper
43 Verified Questions
43 Flashcards
Source URL: https://quizplus.com/quiz/54212
Sample Questions
Q1) A household-products manufacturing firm was required to examine its organizational architecture in order to survive in the market.The three aspects of its organization that it looked into 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.
Q2) Economic analysis on empowerment has shown that most firms have:
A)increased profits by delegating decision-making rights to lower-level employees.
B)used benchmarking to arrive at erroneous conclusions.
C)failed to delegate decision-making rights to lower-level employees.
D)failed to use corporate culture to enhance communication and build employee expectations.
Q3) Slogans,company parties,rituals,and role models are all aspects of:
A)benchmarking.
B)rational expectations.
C)empowerment.
D)enhancing communication.
Q4) How do we solve the incentive problem and design optimal architecture?
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: Decision Rights: the Level of Empowerment
Available Study Resources on Quizplus for this Chatper
43 Verified Questions
43 Flashcards
Source URL: https://quizplus.com/quiz/54211
Sample Questions
Q1) Incentive problems are usually:
A)larger when the decision rights are placed higher in the organization.
B)larger when the decision rights are placed lower in the organization.
C)smaller when the decision rights are placed lower in the organization.
D)large regardless of where the decision rights are placed.
Q2) Bob is given the right to make all the important decisions in an organization.This is an example of:
A)decentralized decision making.
B)centralized decision making.
C)bundling.
D)a nonstandard practice within a hierarchy.
Q3) If D represents the level of decentralization of corporate decision making,and A and C are positive constants,then Benefits = B × D and Costs = A × D + C × D<sup>2</sup>.The optimal level of decentralization occurs where:
A)benefits equal costs.
B)costs are equal to zero.
C)D = BD - AD - CD<sup>2</sup>
D)D = (B - A)/ 2C
Q4) Under what conditions will decentralization be beneficial?
To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 13: Decision Rights: Bundling Tasks Into Jobs and Subunits
Available Study Resources on Quizplus for this Chatper
40 Verified Questions
40 Flashcards
Source URL: https://quizplus.com/quiz/54210
Sample Questions
Q1) The choice between specialized and broad task assignments depends on:
A)politicking and other influencing activities carried on within an organization.
B)the principle of separation of decision management and control.
C)the principle of comparative advantage to increase the output level.
D)technological,informational,and incentive issues.
Q2) A disadvantage associated with grouping jobs on the basis of functional specialty is that:
A)managers rely on implicit understanding and informal relationships.
B)managers tend to ignore the interdependencies among units that might lower a firm's value.
C)employees concentrate more on achieving departmental goals rather than customer satisfaction.
D)employees have to seek ratification from managers for initiation and implementation of decisions.
Q3) Which of the following is not a type of an organization?
A)The U form
B)The M form
C)Mixed design
D)Trade-off free bundled mixed design
Page 15
To view all questions and flashcards with answers, click on the resource link above.
Chapter 14: Attracting and Retaining Qualified Employees
Available Study Resources on Quizplus for this Chatper
47 Verified Questions
47 Flashcards
Source URL: https://quizplus.com/quiz/54209
Sample Questions
Q1) If a firm in a competitive labor market offers less than the market wage rate,it will:
A)be able to attract a large number of employees because the marginal revenue product is low.
B)find that it has broken a federal wage law.
C)attract too few employees.
D)find that the supply is greater than the demand.
Q2) Fred Powell of TruLite makes a verbal pledge to every new employee that he will not lay off employees after they have worked for TruLite for two years and that TruLite will make all promotions internally.Why would Powell make such a pledge? Why is the pledge oral?
Q3) Which of the following is not a lower-cost benefit of an internal labor market?
A)Promoting only insiders to higher-level jobs
B)The development of firm-specific human capital
C)The cultivation of long-term employee motivation
D)Management's ability to learn about employees' best attributes
Q4) Draw a graph showing the trade-off between salary and benefits.Show an employee's indifference and a firm's isocost curve.Label the equilibrium salary/benefits combination.Discuss what would happen as individual taxes fall or as firm payroll taxes rise.
To view all questions and flashcards with answers, click on the resource link above. Page 16
Chapter 15: Incentive Compensation
Available Study Resources on Quizplus for this Chatper
40 Verified Questions
40 Flashcards
Source URL: https://quizplus.com/quiz/54208
Sample Questions
Q1) 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?
Q2) Compared to owners,employees receive a large fraction of their incomes from their employers and are consequently dependent on the fortunes of that company in the marketplace.From a 'risk-sharing' perspective,an employee tends to prefer: A)a flat salary.
B)output-based incentive pay.
C)year-end based performance pay.
D)commission-based incentive pay.
Q3) Consider the salary of Mary Sue Nelson,a sales agent for Plain Truth Advertising.She has an effort cost of C = e<sup>2</sup> and a reservation wage of $1,500 so that wage package is W = 1,500 + 0.2 Q where the CEO sets the incentive at 0.2 and Q = 200 e.If the CEO increases the incentive from 0.2 to 0.25,what happens to Nelson's effort? Will profits rise or fall?
Q4) Why do many firms base incentive pay on group performance?
To view all questions and flashcards with answers, click on the resource link above.
17
Chapter 16: Individual Performance Evaluation
Available Study Resources on Quizplus for this Chatper
37 Verified Questions
37 Flashcards
Source URL: https://quizplus.com/quiz/54207
Sample Questions
Q1) Which of these is a subjective evaluation method used for assessing an employee's compensation?
A)Output-based system
B)Ratcheting up of standards
C)Across-firm performance benchmarking
D)Goal-based system
Q2) Identify the correct statement related to objective and subjective performance measures.
A)Subjective measures are used in explicit formal contracts.
B)Subjective measures induce dysfunctional behaviors while objective measures do not.
C)Objective measures are more accurate than subjective measures.
D)Objective measures can create incentives for gaming.
Q3) In a very basic principal-agent model,output is contractible if:
A)output can be observed with some positive cost.
B)the employee produces many products.
C)the employee works in a team.
D)output can be observed at zero cost.
Q4) Give examples of how government intervention helps reduce moral hazard and adverse selection problems in internal labor markets.
To view all questions and flashcards with answers, click on the resource link above. Page 18
Chapter 17: Divisional Performance Evaluation
Available Study Resources on Quizplus for this Chatper
35 Verified Questions
35 Flashcards
Source URL: https://quizplus.com/quiz/54206
Sample Questions
Q1) Marginal-cost transfer-pricing creates incentives for manufacturing to distort MC:
A)upward and then downward.
B)downward and then upward.
C)downward.
D)upward.
Q2) In general,the use of accounting-based performance analysis is more effective in:
A)decision management.
B)decision control.
C)audit review of failed enterprises.
D)residual income.
Q3) What are the measures of performance for investment centers? How do they work?
Q4) The accounting-based performance analysis:
A)provides aggregate level data that is insufficient for decision making.
B)is completely under the control of the operating managers.
C)is a true reflector of a particular management center's functioning.
D)provides inexpensive information on opportunity costs.
Q5) What is transfer pricing?
Q6) What are the common transfer pricing methods?
To view all questions and flashcards with answers, click on the resource link above. Page 19
Chapter 18: Corporate Governance
Available Study Resources on Quizplus for this Chatper
34 Verified Questions
34 Flashcards
Source URL: https://quizplus.com/quiz/54205
Sample Questions
Q1) Advancement opportunities for high level executives through tournament-type processes ("horse races"):
A)motivate greater executive effort.
B)encourage cooperation among executives.
C)provide benefits that outweigh their incentive costs.
D)thwart innovative activities.
Q2) Explain how each of the following market forces helps reduce incentive conflicts between shareholders and management: a)the market for corporate control,b)the managerial labor market,and c)the product market.
Q3) The Wall Street Journal ("Boards Tie CEO Pay More Tightly to Performance," 2/21/06,p.A1)reports an increase in the number of major U.S.corporations that tie the CEO's stock options to performance targets.Comment on the wisdom of this trend,given the separation of ownership and control in U.S.corporations.
Q4) Provide an economic critique of the statement "U.S.corporate governance is overly focused on shareholders at the expense of employees and other corporate stakeholders."
Q5) The Sarbanes-Oxley Act of 2002 attempts to reduce corporate fraud among top-level executives.Comment on the strengths and weaknesses of this act.
To view all questions and flashcards with answers, click on the resource link above. Page 20
Chapter 19: Vertical Integration and Outsourcing
Available Study Resources on Quizplus for this Chatper
43 Verified Questions
43 Flashcards
Source URL: https://quizplus.com/quiz/54204
Sample Questions
Q1) A firm that produces its own output is engaging in ______ integration,while a firm that markets its own good is engaging in ______ integration.
A)vertical; horizontal
B)downstream; upstream
C)forward; backward
D)backward; forward
Q2) AutoCorp is a dealership that has a contract that prevents the main company from opening another dealership within a 30-mile radius.This is an example of:
A)a local monopoly.
B)branding.
C)an exclusive territory right.
D)a double markup.
Q3) AutoCorp faces a demand of P = $30,000 - 5 Q for its primary line of sporty mini-cars in Little Rock.The marginal cost of producing the car is $8,000.Discuss the implications of selling the new mini-car through its own dealership or through the local dealer: MiniMart.
Q4) What is outsourcing and what forms does it take?
Q5) Why aren't all economic transactions conducted through markets?
To view all questions and flashcards with answers, click on the resource link above. Page 21
Chapter 20: Leadership: Motivating Change Within Organizations
Available Study Resources on Quizplus for this Chatper
38 Verified Questions
38 Flashcards
Source URL: https://quizplus.com/quiz/54203
Sample Questions
Q1) During the period 2001-2003,airlines in the U.S.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 rivals who could lower ticket prices.Most airlines began a change in organizational architecture.All major jobs in airlines are unionized.What major leadership issues needed to be addressed as these companies reorganized?
Q2) Why is academic decision making different from decision making within firms?
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 has the right to fire,promote,and compensate an employee,the employee obviously has an economic incentive to comply with the manager's wishes.Which of the following potential sources of power is described by this statement?
A)Having friends and allies
B)Control of information
C)Control of budgets and resources
D)Formal authority
Page 22
To view all questions and flashcards with answers, click on the resource link above.
Chapter 21: Understanding the Business Environment: the Economics of Regulation
Available Study Resources on Quizplus for this Chatper
40 Verified Questions
40 Flashcards
Source URL: https://quizplus.com/quiz/54202
Sample Questions
Q1) Which of the following is true in a regulatory environment?
A)The number of consumers is large,and their individual payoffs from successful lobbying are also large.
B)The number of consumers is large,and their individual payoffs from successful lobbying are small.
C)The demand for regulation is perfectly inelastic.
D)The supply of regulation is usually tied to another industry's success.
Q2) Which of the following results in the transfer of wealth from consumers to producers?
A)Provision of efficiency wages
B)Licensing of doctors and dentists
C)Provision of compensating wage differentials
D)Internalization of externalities
Q3) The 1890 Sherman Act was legislated by the:
A)Securities and Exchange Board (SEC).
B)Environment Protection Agency (EPA).
C)Food and Drug Administration (FDA).
D)Federal Trade Commission (FTC).
Q4) Describe the lemons problem.
Page 23
To view all questions and flashcards with answers, click on the resource link above.
Chapter 22: Ethics and Organizational Architecture
Available Study Resources on Quizplus for this Chatper
34 Verified Questions
34 Flashcards
Source URL: https://quizplus.com/quiz/54201
Sample Questions
Q1) For some products,quality is virtually impossible to determine prior to purchase.If sellers of such commodities are rational,they will cheat or engage in unethical behavior only when:
A)laws allow unethical behavior.
B)the expected gains are greater than the expected costs.
C)production exhibits positive externalities.
D)the expected gains are equal to the expected costs.
Q2) The text notes that many firms that use animals in production or advertising adopt the animal treatment standards of the American Society for Prevention of Cruelty to Animals.Why do companies adopt a professional group's standard of behavior?
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) The expected level of shirking or opportunistic behavior by an agent:
A)can always be determined accurately.
B)is always less than zero.
C)is always zero.
D)is always greater than zero.
To view all questions and flashcards with answers, click on the resource link above.
Page 24
Chapter 23: Organizational Architecture and the Process of Management Innovation
Available Study Resources on Quizplus for this Chatper
41 Verified Questions
41 Flashcards
Source URL: https://quizplus.com/quiz/54200
Sample Questions
Q1) Evidence suggests that many businesses may waste millions of dollars a year on quality-improvement strategies that don't improve their performance and may even hamper it.Based on this,evaluate the practice of management innovation in architecture critically.
Q2) Economic Value Added:
A)is used to reduce inventory expenditure.
B)is used to reward the small shareholders fairly.
C)can backfire if top-level managers do not add any value.
D)can backfire if it fails to take into account the limited decision rights of lower-level employees.
Q3) 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 indispensable for improving returns on business investments.
D)were creations of the press and were never implemented in business.
Q4) A key factor in TQM is the:
A)reduction of defects.
B)reliance on unskilled workers.
C)reduction in the prices of supplies.
D)reliance on simple production techniques.
To view all questions and flashcards with answers, click on the resource link above. Page 25